Vermont Statutes Title 24 Sec. 4430
Terms Used In Vermont Statutes Title 24 Sec. 4430
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Legislative body: means the selectboard in the case of a town, the trustees in the case of an incorporated village, and the mayor, alderpersons, and city council members in the case of a city, and the supervisor in the case of an unorganized town or gore. See
- Municipality: means a town, a city, or an incorporated village or an unorganized town or gore. See
- Plan: means a municipal plan adopted under section 4385 of this title. See
- Planning commission: means a planning commission for a municipality created under subchapter 2 of this chapter. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 4430. Capital budget and program
(a) A capital budget shall list and describe the capital projects to be undertaken during the coming fiscal year, the estimated cost of those projects, and the proposed method of financing. A capital program is a plan of capital projects proposed to be undertaken during each of the following five years, the estimated cost of those projects, and the proposed method of financing. A capital project is any one or more of the following:
(1) Any physical betterment or improvement, including furnishings, machinery, apparatus, or equipment for that physical betterment or improvement when first constructed or acquired.
(2) Any preliminary studies and surveys relating to any physical betterment or improvement.
(3) Land or rights in land.
(4) Any combination of subdivisions (1), (2), and (3) of this subsection.
(b) The capital budget and program shall be arranged to indicate the order of priority of each capital project and to state for each project all the following:
(1) A description of the proposed project and the estimated total cost of the project.
(2) The proposed method of financing, indicating the amount proposed to be financed by direct budgetary appropriation or duly established reserve funds; the amount, if any, estimated to be received from the federal or State governments; the amount, if any, to be financed by impact fees; and the amount to be financed by the issuance of obligations, showing the proposed type or types of obligations, together with the period of probable usefulness for which they are proposed to be issued.
(3) An estimate of the effect, if any, upon operating costs of the municipality.
(c) The planning commission may submit recommendations annually to the legislative body for the capital budget and program, that shall be in conformance with the municipal plan. (Added 2003, No. 115 (Adj. Sess.), § 97.)