Vermont Statutes Title 32 Sec. 308a
Terms Used In Vermont Statutes Title 32 Sec. 308a
- 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.
- 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
§ 308a. Transportation Fund Budget Stabilization Reserve; creation and purpose
(a) It is the purpose of this section to reduce the effects of annual variations in State revenues upon the Transportation Fund budget of the State by reserving certain surpluses in Transportation Fund revenues that may accrue for the purpose of offsetting deficits or reducing Transportation Fund bonds.
(b) There is hereby created a Transportation Fund Budget Stabilization Reserve determined on a budgetary basis and administered by the Commissioner of Finance and Management. Any budgetary basis undesignated Transportation Fund surplus occurring at the close of a fiscal year shall be reserved within the Transportation Fund Budget Stabilization Reserve, provided that the balance reserved shall not exceed five percent of the appropriations from the Transportation Fund for the prior fiscal year, and any additional amounts as may be authorized by the General Assembly. Any undesignated Transportation Fund surplus remaining after the Transportation Fund Budget Stabilization Reserve has been brought to the maximum authorized level shall remain in the Transportation Fund. When the General Assembly next meets, it may specifically appropriate the use of the undesignated Transportation Fund surplus for the reduction of Transportation Fund bonds authorized but yet to be issued by the Treasurer, a reduction of revenues, or for other needs as the General Assembly may determine.
(c) In any fiscal year, if the Transportation Fund is found to have an undesignated fund deficit, the Transportation Fund Budget Stabilization Reserve shall be used by the Commissioner of Finance and Management to the extent necessary to offset the undesignated Transportation Fund deficit as determined by Generally Accepted Accounting Principles.
(d) Determination of the amount of the undesignated Transportation Fund surplus or Fund deficit in any fiscal year for the purposes of this section shall be made by the Commissioner of Finance and Management. Adjustments shall be made to the amounts authorized in subsections (b) and (c) of this section upon receipt of the final audited annual report of the Commissioner of Finance and Management.
(e) Commencing in fiscal year 2007, interest earned on funds in the Transportation Fund Budget Stabilization Reserve shall be credited to the Transportation Fund. (Added 1993, No. 25, § 75, eff. May 18, 1993; amended 1997, No. 61, § 260c; 2005, No. 80, § 62.)