Finances

V.S.A. tit. 24 Appendix, ch. 107, subch. 7

in effect

24 App. V.S.A. ch. 107, § 7.1 Capital expenditures

7.1. Capital expenditures (a) The Selectboard and the school directors shall submit to the annual Representative Town Meeting a list of possible capital expenditures for the next five years for the guidance and information of Representative Town Meeting, which shall not be binding on either the Selectboard or the school directors. Such list, which shall not be regarded as indicative of intent, should specify possible and preferred methods of financing such capital expenditures and the estimated annual cost of operating and maintaining the facilities to be constructed or acquired. It may be revised and expanded each year with regard to capital improvements still pending or in process of construction or acquisition. (b) No capital expenditure by the Town shall be made or submitted for action at Representative Town Meeting without prior consideration of the Selectboard. (c) No capital expenditure by the Town School District shall be made or submitted for action at a Town School District Meeting without prior consideration of the school directors. Amended 2003, No. M-6, § 2; 2011, No. M-10 (Adj. Sess.), § 2, eff. April 27, 2012.

24 App. V.S.A. ch. 107, § 7.2 Capital Grant Review Board

7.2. Capital Grant Review Board A Capital Grant Review Board shall be established to study and evaluate all requests made on behalf of the Town or its boards for grants or loans for capital expenditures. The Board shall consist of two representatives appointed annually by the Selectboard, two representatives appointed annually by the school directors, and two representatives appointed annually by the Representative Town Meeting. The Board shall submit its recommendations in writing to the Selectboard or the school directors, as the case may be. Its recommendations are advisory only. Amended 2003, No. M-6, § 2; 2011, No. M-10 (Adj. Sess.), § 2, eff. April 27, 2012.

24 App. V.S.A. ch. 107, § 7.3 Revenue

7.3. Revenue (a) The Town may levy local taxes in such form as authorized by the General Assembly. Any such taxes must first be considered by the Selectboard or the school directors and then approved by the Representative Town Meeting. (b) Special tax districts, for the purpose of raising revenue for specific projects, may be established and special taxes may be levied upon the taxpayers in those districts. (See 24 V.S.A. chapter 87.) (c) The Selectboard or school directors may establish user fees for specific services provided by it and for the use of its facilities. User fees shall be based on the cost and value of services provided or on the extent of use of facilities and may take into consideration prior subsidy through taxation. Amended 2003, No. M-6, § 2; 2011, No. M-10 (Adj. Sess.), § 2, eff. April 27, 2012.

24 App. V.S.A. ch. 107, § 7.4 Reappraisal of property

7.4. Reappraisal of property Taxable property within the Town may be reappraised from time to time as may be deemed expedient by the Representative Town Meeting on recommendation of the Selectboard when advised by the Board of Listers that the State Division of Property Valuation and Review has determined that the common level of assessment has dropped below 80 percent or the coefficient of dispersion has exceeded 20 percent. In the event that a sufficient sum is not appropriated or existing in any reserve fund designated for reappraisals to defray the expense of such reappraisal, the Selectboard shall impose a special assessment on the grand list in addition to all others approved by the voters or as provided by law. Amended 2003, No. M-6, § 2; 2011, No. M-10 (Adj. Sess.), § 2, eff. April 27, 2012.

24 App. V.S.A. ch. 107, § 7.5 Lapse of appropriation

7.5. Lapse of appropriation Every appropriation, except for a capital expenditure, shall lapse at the close of the fiscal year following the appropriation to the extent it has not been expended or encumbered. An appropriation for a capital expenditure shall not lapse until its purpose has been accomplished or abandoned, or until three years pass without any substantial disbursement or encumbrance. Duly approved sinking funds are exempt from this provision.

24 App. V.S.A. ch. 107, § 7.6 Independent audit

7.6. Independent audit The Selectboard and the school directors shall provide for an independent audit of all Town and Town School District accounts when necessary or as directed by Representative Town Meeting. Such audit shall be made by a certified public accountant or firm of accountants having no direct or indirect personal interest in the fiscal affairs of the Town or the School District or any of their officers. Amended 2003, No. M-6, § 2; 2011, No. M-10 (Adj. Sess.), § 2, eff. April 27, 2012.

24 App. V.S.A. ch. 107, § 7.7 Borrowing in anticipation of taxes

7.7. Borrowing in anticipation of taxes The Selectboard and the school directors may borrow money, at the most favorable rate of interest they can obtain, in anticipation of Town and School District revenues to be collected within the fiscal year. Amended 2003, No. M-6, § 2.

24 App. V.S.A. ch. 107, § 7.8 Office of Assessment

7.8. Office of Assessment (a) Taxable property within the Town may be reappraised from time to time as may be deemed expedient by the Representative Town Meeting pursuant to a duly warned article. (b) There shall be an Office of Assessment headed by a professionally qualified assessor or equivalent hereafter known as the Town Assessor, who shall be appointed by the Town Manager. (c) Except for the duties set forth in subsection (e) of this section, the Town Assessor shall have the authority and shall exercise all powers and shall be responsible to fulfill all duties assigned to the listers in the Vermont Statutes Annotated and case law, including appraisal of all real and business property for the purpose of establishing the grand list, as set forth in 32 V.S.A. § 3431. Appraisals shall be reviewed periodically and kept up to date. (d) Neither the Town Assessor nor any employee of the Office of Assessment staff, nor any independent contractor directly or indirectly providing services for the tax assessing function of the Town, may simultaneously serve as a lister for the Town. (e) The Board of Listers, elected at large under the authority of subdivision 2.2(5) of this charter, having no appraisal power, shall function as a Board of Appeals with the authority to hear and adjudicate all appeals by citizens disputing Office of Assessment appraisals and perform other advisory and educational functions for the Office of Assessment. Added 2013, No. M-7, § 2, eff. May 24, 2013.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/24APPENDIX/107Fetched: 10/21/2026