Vermont Statutes Title 30 Sec. 3075
Terms Used In Vermont Statutes Title 30 Sec. 3075
- board: means the governing board of the communications union district as established under this chapter. See
- Communications plant: means any and all parts of any communications system owned by the district, whether using wires, cables, fiber optics, wireless, other technologies, or a combination thereof, and used for the purpose of transporting or storing information, in whatever forms, directions, and media, together with any improvements thereto hereafter constructed or acquired, and all other facilities, equipment, and appurtenances necessary or appropriate to such system. See
- district: means a communications union district formed under this chapter. 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.
§ 3075. Budget
(a) Annually, on or before October 21, the board shall approve and cause to be distributed to the legislative body of each district member for review and comment an annual report of its activities, together with a financial statement, a proposed district budget for the next fiscal year, and a forecast presenting anticipated year-end results. The proposed budget shall include reasonably detailed estimates of:
(1) deficits and surpluses from prior fiscal years;
(2) anticipated expenditures for the administration of the district;
(3) anticipated expenditures for the operation and maintenance of any district communications plant;
(4) payments due on obligations, long-term contracts, leases, and financing agreements;
(5) payments due to any sinking funds for the retirement of district obligations;
(6) payments due to any capital or financing reserve funds;
(7) anticipated revenues from all sources; and
(8) such other estimates as the board deems necessary to accomplish its purpose.
(b) Coincident with a regular meeting thereof, the board shall hold a public hearing on or before November 15 of each year to receive comments from the legislative bodies of district members and hear all other interested persons regarding the proposed budget. Notice of such hearing shall be given to the legislative bodies of district members at least 15 days prior to such hearing. The board shall give consideration to all comments received and make such changes to the proposed budget as it deems advisable.
(c) Annually, on or before December 15, the board shall adopt the budget and appropriate the sums it deems necessary to meet its obligations and operate and carry out the district’s functions for the next ensuing fiscal year.
(d) Actions or resolutions of the board for the annual appropriations of any year shall not cease to be operative at the end of the fiscal year for which they were adopted. Appropriations made by the board for the various estimates of the budget shall be expended only for such estimates, but by majority vote of the board the budget may be amended from time to time to transfer funds between or among such estimates. Any balance left or unencumbered in any such budget estimate, or the amount of any deficit at the end of the fiscal year, shall be included in and paid out of the operating budget and appropriations in the next fiscal year. All such budget amendments shall be reported by the district treasurer to the legislative bodies of each district member within 14 days of the end of the fiscal year.
(e) Financial statements and audit results shall be delivered to the legislative bodies of each district member within 10 days of delivery to the board. (Added 2015, No. 41, § 20, eff. June 1, 2015; amended 2015, No. 130 (Adj. Sess.), § 5e, eff. May 25, 2016.)