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Code · Vermont · Vermont Statutes

§ 1003.

366 words·~2 min read·/vt/1003-7

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§ 1003. Preparation and submission of the capital budget
(a)At least 120 days before the date of the regular annual Town and School District meeting, each department or commission head shall submit to the Town Manager, in the case of the Town, and the Superintendent of the School District, in the case of the School District, a proposed budget for their review and revision.
(b)The Town Manager, in the case of the Town, and the Superintendent, in the case of the School District, at least 60 days before the date of the regular annual meeting, shall submit to the Selectboard or School Board of Trustees a budget that, except as required by law or this charter, shall be in such form as the Town Manager or Superintendent deems desirable and the Selectboard or School Board of Trustees may require. The capital budget shall contain:
(1)Appropriations and expenditures. An itemized statement of appropriations recommended for capital improvements during the fiscal year with comparative statements in parallel columns of appropriations and estimated expenditures for the current fiscal year and the actual appropriation and expenditures for the immediate preceding fiscal year.
(2)Revenue. An itemized statement of estimated revenues from all sources, including taxes for funding the capital budget.
(3)Other. Such other information as may be required by the Selectboard or School Board of Trustees.
(c)Capital Improvement Plan. A Capital Improvement Plan shall be implemented for the collection of impact fees. This plan shall be implemented by the creation of a Town ordinance adopted by the Selectboard to include School District capital improvements.
(1)The Capital Improvement Plan shall show anticipated capital expenditures, financing, and tax requirements for the next five fiscal years.
(2)In the event a Capital Improvement Plan is implemented and impact fees are collected, the most current fiscal year of the Capital Improvement Plan shall become the capital budget to be submitted to the voters.
(3)In the event a Capital Improvement Plan is implemented and impact fees are collected, subsections
(a)and
(b)of this section shall be followed to create year five of the capital plan. (Amended 2021, No. M-16 (Adj. Sess.), § 2, eff. May 31, 2022.)
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