Budget

V.S.A. tit. 24 Appendix, ch. 117, subch. 7

in effect

24 App. V.S.A. ch. 117, § 701 Fiscal year

701. Fiscal year The fiscal year of the Town shall begin on the first day of July of each calendar year. The fiscal year shall constitute the budget and accounting year as used in this charter. Amended 2023, No. M-19 (Adj. Sess.), § 2, eff. Mar. 29, 2024.

24 App. V.S.A. ch. 117, § 702 Preparation and submission

702. Preparation and submission (a) The Town Manager, at least 50 days before annual Town meeting, or at such previous time as the Town Manager may be directed by the Selectboard, shall submit to the Selectboard a budget containing: (1) An estimate of the financial condition of the Town as of the end of the fiscal year. (2) 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 actual appropriations and expenditures for the immediate preceding fiscal year. (3) An itemized statement of estimated revenues from all sources, other than taxation, for the next fiscal year; and comparative figures of tax and other sources of revenue for the current and immediate preceding fiscal years. (4) A capital budget for the next five fiscal years, showing anticipated capital expenditures, financing, and tax requirements. (5) Such other information as may be required by the Selectboard. (b) The budget shall be published not later than two weeks after its preliminary adoption by the Selectboard. The Selectboard shall fix the time and place for holding a public hearing for the budget and shall give a public notice of such hearing. The Selectboard shall then review the budget and recommend it, with or without change, to the annual Town meeting. Amended 2025, No. M-6 (Adj. Sess.), § 2, eff. Mar. 16, 2026.

24 App. V.S.A. ch. 117, § 703 Budget

703. Budget An annual budget shall be adopted at Town meeting by the vote of a majority of those eligible to vote present at the meeting. If, after the total budget has been appropriated, the Selectboard finds additional appropriations necessary, the appropriations shall be made and reported at the next Town meeting as a specific item. The appropriations shall only be made in special circumstances or situations of an emergency nature. No specific explanation need be given for any normal annual operating expense in any office, department, or agency that may be increased over the budget amount by an amount not more than 10 percent of the office’s, department’s, or agency’s budget. Renumbered from 24A V.S.A. § 117-303 by 2023, No. M-19 (Adj. Sess.), § 3, eff. Mar. 29, 2024.

24 App. V.S.A. ch. 117, § 704 Appropriation

704. Appropriation From the effective date of the budget, the several amounts stated therein, as approved by the annual town meeting, become appropriated to the several agencies and purposes therein named.

24 App. V.S.A. ch. 117, § 705 Amount to be raised by taxation

705. Amount to be raised by taxation Upon passage of the budget by the annual Town meeting, the amounts stated therein as the amount to be raised by taxes shall constitute a determination of the amount of the levy for the purposes of the Town in the corresponding tax year and the Selectboard shall levy such taxes on the grand list by the Assessor for the corresponding tax year.

24 App. V.S.A. ch. 117, § 706 [Reserved.]

24 App. V.S.A. ch. 117, § 707 Transfers of appropriations

707. Transfers of appropriations (a) The Manager may at any time transfer an unencumbered appropriation balance or portion thereof between general classifications of expenditures within an office, department, or agency. (b) At the request of the Manager, the Selectboard may, by resolution, transfer any unencumbered appropriation balance or portion thereof within the Selectboard’s budget from one department, office, or agency to another. Notwithstanding the above, no unexpended balance in any appropriation not included in the Selectboard’s budget shall be transferred or used for any other purpose.

Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/chapter/24APPENDIX/117Fetched: 10/21/2026