Budgets and Taxation

V.S.A. tit. 24 Appendix, ch. 129, subch. 10

in effect

24 App. V.S.A. ch. 129, § 1001 Fiscal year

1001. Fiscal year The fiscal year shall commence on the first day of July and end on the last day of June of the following calendar year, unless the Town or School District at their annual meeting shall determine otherwise. Amended 2021, No. M-16 (Adj. Sess.), § 2, eff. May 31, 2022.

24 App. V.S.A. ch. 129, § 1002 Preparation and submission of general budget

1002. Preparation and submission of general 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. Not less than 60 days prior to the annual meeting, each department or commission head shall submit a written report to the Town Manager or Superintendent of the School District to be included in the Town or School District report. (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 budget shall contain: (1) Appropriations and expenditures. An itemized statement of appropriations recommended for current expenses and for capital improvements during the next fiscal year with comparative statements in parallel columns of appropriations and estimated expenditures for the current fiscal year and the actual appropriations and expenditures for the immediate preceding fiscal year. (2) Revenue. (A) Comparative figures of tax and other sources of revenue for the current and the immediate preceding fiscal year. (B) An itemized statement of estimated revenues from all sources, other than taxation, for the next fiscal year. (C) A statement of taxes required for the next fiscal year. (3) Other. Such other information as may be required by the Selectboard or School Board of Trustees. (c) The Selectboard’s or School Board of Trustees’ budget, in its final form, and the warning for the annual meeting shall be printed under the direction of the Town Manager, in the case of the Town, and the Superintendent of the School District, in the case of the School District, and shall be made available at least 10 days prior to the annual meeting. (d) The annual audit of Town and School District shall be published at least 60 days prior to the annual town meeting and included in the Annual Town Report. Amended 2021, No. M-16 (Adj. Sess.), § 2, eff. May 31, 2022.

24 App. V.S.A. ch. 129, § 1003 Preparation and submission of the capital budget

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.

24 App. V.S.A. ch. 129, § 1004 Savings clause

1004. Savings clause Failure to perform any of the duties specified in section 1002 or 1003 of this charter or failure to perform any such duties within the time limits specified in section 202, 805, 1002, or 1003 of this charter shall not invalidate any action taken at a properly warned annual meeting. Amended 2021, No. M-16 (Adj. Sess.), § 2, eff. May 31, 2022.

24 App. V.S.A. ch. 129, § 1005 Appropriations

1005. Appropriations The Town and School District shall vote to adopt a budget that shall include the proposed expenditures by each department, in case of the Town, and by State guidelines, in the case of the School District, for the coming fiscal year. Amended 2021, No. M-16 (Adj. Sess.), § 2, eff. May 31, 2022.

24 App. V.S.A. ch. 129, § 1006 Amount to be raised by taxation

1006. Amount to be raised by taxation (a) Upon passage of the budget by vote of the Town, the amounts stated therein as the amounts to be raised by property taxes shall constitute determination of the amount of the levy for the purpose of the Town in the corresponding tax year and the Selectboard shall levy such taxes on the grand list furnished by the assessor for the corresponding tax year. (b) If the voters do not approve a Town budget by the first day of the next fiscal year, the tax rate of the previous year will prevail. Amended 2013, No. M-14 (Adj. Sess.), § 2, eff. May 9, 2014.

24 App. V.S.A. ch. 129, § 1007 Budget limitations—Borrowing

1007. Budget limitations—Borrowing (a) The incurring of bonded indebtedness, the issuing of bonds, the making of temporary loans in anticipation of bond sales, and all other matters pertaining to bonded indebtedness shall be controlled by 24 V.S.A. chapter 53 as applicable. (b) The Town, through the Selectboard, and the School, through the School Board of Trustees, may borrow money in anticipation of taxes. The total amount so borrowed shall not exceed the largest cumulative deficit plus the next month’s expenses for the fiscal year. (c) In case of emergency, the Selectboard or School Board of Trustees may borrow money in the name of the Town or the School District. The emergency borrowing in any year shall not exceed five percent of the total amount voted at the annual meeting for the Town or School District budget. If the Town or School District fails to adopt a budget, the emergency borrowing shall not exceed five percent of the amount that the previous year’s tax rate would raise. (d) Notes and orders for anticipated and emergency borrowing shall mature not more than one year from the date of issuance and shall not thereafter be renewed unless the Town or School District so votes. (e) The amount, terms, and conditions of all borrowing except as specified in subsections (a), (b), and (c) of this section shall be by vote of the Town or School District. Amended 2021, No. M-16 (Adj. Sess.), § 2, eff. May 31, 2022.

24 App. V.S.A. ch. 129, § 1008 Transfers of appropriations

1008. Transfers of appropriations The Town Manager, in the case of the Town, and the Superintendent, in the case of the School District, may at any time transfer an unencumbered appropriation, balance, or portion between general classifications or expenditures within an office, department, or agency. The Selectboard or School Board of Trustees may, by resolution, transfer any unencumbered appropriation balance or portion within their respected budgets. Notwithstanding the above, no unexpended balance in any appropriation not included in the Selectboard’s or the School Board of Trustees’ budget shall be transferred or used for any other purpose. Amended 2021, No. M-16 (Adj. Sess.), § 2, eff. May 31, 2022.

24 App. V.S.A. ch. 129, § 1009 Taxation

1009. Taxation Town and School Tax Collection. (1) Commencing on July 1 in all subsequent years, taxes on real and personal property may be paid and shall be accepted in three equal installments payable on the following dates: September 15, February 15, and due in full on May 15. (2) A penalty of eight percent shall be assessed on all delinquent taxes on the day following the due date of May 15. Interest of one percent per month shall be assessed on all outstanding balances beginning 30 days from the due date. Amended 2021, No. M-16 (Adj. Sess.), § 2, eff. May 31, 2022.

24 App. V.S.A. ch. 129, § 1010 Investments

1010. Investments The Town and School District may invest its money in savings accounts, money market funds, certificates of deposits, U.S. Treasury notes, repurchase agreements, and any other investment to the extent at the time not prohibited by applicable laws. Amended 2021, No. M-16 (Adj. Sess.), § 2, eff. May 31, 2022.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/24APPENDIX/129Fetched: 10/21/2026