Our mission as an instrumentality of the state is to finance social and physical infrastructure for municipalities, school districts, and public bodies with affordable, innovative, and appropriate capital.

Staff

Michael Gaughan VMBB
Michael Gaughan
Executive Director & Secretary
Michael Gaughan VMBB
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Michael Gaughan
Executive Director & Secretary

Michael became the Executive Director and Secretary of the Bond Bank and Executive Director of the Vermont Educational and Health Buildings Financing Agency in 2018. He also sits on the State of Vermont’s Capital Debt Affordability Advisory Committee as the Bond Bank’s representative. 

Michael was previously a Director and a Public-Private Partnerships Manager for a national community development finance nonprofit. He also has related experience as a public finance banker focused on governmental, housing, and community facilities transactions. 

Michael earned a Bachelor of Arts degree from Middlebury College and a Master of City Planning degree from the University of Pennsylvania. 
 

Ashley Lucht VMBB
Ashley Lucht
Director of Capital Planning
Ashley Lucht VMBB
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Ashley Lucht
Director of Capital Planning

Ashley graduated from Hartwick College in Oneonta, NY studying Anthropology and Geology hoping to become the next Indiana Jones, but ended up in infrastructure financing.  Of the many hats she has worn over the years, working with small, volunteer governing bodies to address their aging infrastructure and encouraging them to establish any kind of reserve fund is what she is most proud of. She is a graduate of the Vermont Public Manager Program and chair of Vermont’s Drinking Water Week Committee. In her spare time she keeps herself busy with endless house projects and occasionally, ice hockey.

Board of Directors

David Kimel
Chair
David Kimel
Chair

Mr. Kimel is a resident of the City of St. Albans, Vermont. He is a retired broadcast group owner and business consultant. He is a member of the Vermont Association of Broadcasters Hall of Fame. He is currently the Manager of the Collins Perley Center. Mr. Kimel also sits on the District Six Environmental Board. He holds a Bachelor of Science degree in Business Administration.

Debbie Winters
Treasurer
Debbie Winters
Treasurer

Ms. Winters is a resident of Swanton, Vermont and an owner of Firetech Sprinkler Corp. She is a member of the board of Directors of the Champlain Valley Exposition. She holds a Bachelor of Science degree in Civil Engineering and Operations Research from Princeton University and a Master of Business Administration from Boston University.

Mary Alice McKenzie
Mary Alice McKenzie

Ms. McKenzie is a resident of Colchester, Vermont and is a consultant. She was formerly the Executive Director of the Boys and Girls Club of Burlington, General Counsel to the Vermont State Colleges, and CEO of McKenzie of Vermont. Ms. McKenzie holds a Bachelor of Arts degree in Business Administration from St. Mary’s College and a Juris Doctor degree from Valparaiso University School of Law.

David Coates
David Coates

Mr. Coates is a resident of Colchester, Vermont and a retired partner in the Burlington office of KPMG. He is a past president of the Vermont Society of CPA’s and currently serves on the Governor’s Council of Economic Advisors. He is a member of the Board of Directors of Green Mountain Power and is also on the Board of Directors of National Life of Vermont.

Elizabeth Pearce
Ex-Officio
Elizabeth Pearce
Ex-Officio

Treasurer Pearce is a resident of Barre, Vermont and has more than 30 years of experience in government finance at both the state and local levels. She served as Vermont’s Deputy Treasurer for more than seven years before assuming her current role as Treasurer. Prior to joining the Vermont State Treasurer’s Office, she served as Deputy Treasurer for Cash Management at the Massachusetts State Treasurer’s Office from 1999-2003; Deputy Comptroller for the Town of Greenburgh, New York; and Accounting Manager and Financial Operations Manager for the Town of West Hartford, Connecticut. In addition, she has served as a fiscal officer with the Massachusetts Department of Social Services and as a project director for the Massachusetts Executive Office of Human Services. Ms. Pearce has a Bachelor of Arts degree from the University of New Hampshire.