Vermont § 308a - Transportation Fund Budget Stabilization Reserve; creation and purpose

§ 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.)