Vermont Statutes Title 32 Sec. 309
Terms Used In Vermont Statutes Title 32 Sec. 309
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
§ 309. Capital budget report
(a) Consolidated capital budget request. In addition to the general operating budget request to be submitted by the Governor to the General Assembly pursuant to this chapter, the Governor shall submit to the General Assembly, not later than the third Tuesday of every annual session, a consolidated capital budget request. In the first year of the biennium, the budget shall relate to the next two fiscal years. In the second year of the biennium, the budget shall relate primarily to the next fiscal year but may request amendments to the current or to previous fiscal years or refer to requests for future fiscal years. The request shall encompass all undertakings that may require State general obligation debt financing, including transportation projects as follows:
(1) Activities proposed for funding by general obligation debt financing shall be restricted to tangible capital investments, but may include the planning and design directly associated with a tangible capital investment.
(2) Proposed activities shall be further restricted to those capital expenses allowed under federal laws governing the use of State bond proceeds.
(3) The capital budget request shall be segmented by the expected functional life of proposed activities, and thus by a corresponding prudent use of either long-term bond issues with a customary 20-year payback period or shorter-term bond issues with a lesser payback period.
(4) The capital budget shall not include requests for debt financing of State agency operating expenses not directly related to a capital investment as required under this subsection (a). The latter operating expenses shall be accounted for in the Governor’s annual general operating budget request.
(b) Affordable bond authorization proposal. In the first year of the biennium, the annual capital budget request of the Governor shall include a statement of the total amount of new State tax supported general obligation debt the Governor considers advisable for the General Assembly to authorize for the next two fiscal years, after having considered the maximum amount recommended for the following fiscal year by the Capital Debt Affordability Advisory Committee as provided by chapter 13, subchapter 8 of this title.
(c) Women employed on State capital construction projects. This State shall encourage an increase in workforce participation rates for women in all aspects of publicly funded capital construction projects for which monies are requested under this section and authorized by the General Assembly in the Capital Construction Act pursuant to section 701a of this title, including projects of the Vermont Housing and Conservation Trust.
(d) [Repealed.]
(e) Report duration. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to any report to be made under this section. (Added 1989, No. 258 (Adj. Sess.), § 2; amended 1991, No. 256 (Adj. Sess.), § 31, eff. June 9, 1992; 1993, No. 59, § 21, eff. June 3, 1993; 1999, No. 29, § 42, eff. May 19, 1999; 2009, No. 161 (Adj. Sess.), § 45, eff. June 4, 2010; 2011, No. 40, § 35, eff. May 20, 2011; 2011, No. 104 (Adj. Sess.), § 31, eff. May 7, 2012; 2013, No. 1, § 96, eff. March 7, 2013; 2013, No. 1, § 97, eff. June 30, 2022; 2013, No. 142 (Adj. Sess.), § 57; 2019, No. 14, § 72, eff. April 30, 2019; 2021, No. 105 (Adj. Sess.), § 445, eff. July 1, 2022.)