Vermont § 168 - Adoption of budget

§ 168. Adoption of budget

• (a)(1) Said Board shall annually be responsible for the preparation and adoption of a budget,
  which shall include a detailed estimate of revenues and expenditures for the ensuing
  July 1 to June 30 fiscal year. The budget shall be formally adopted no later than
  January 20 of the fiscal year prior to its applicability, but it may be amended by
  the Board from time to time thereafter. (2) The Board shall, not earlier than 21 days prior to its formal action to adopt a budget,
  make a formal presentation to the City Council, at a City Council meeting to be called
  for this purpose, concerning its proposed budget. At such meeting, the City Council
  will also allocate time to receive public commentary on the proposed budget. The Board
  shall also present information concerning its purposed budget, the status of the current
  fiscal year to date, its educational goals and outcomes, its strategies for improvement,
  and other pertinent information. (b)(1) Annually, immediately following the formal adoption of its budget, the Board shall
  pass a resolution placing before the voters at the annual City meeting the question
  of whether the education spending portion of the Board-adopted budget will be approved.
  The City’s Chief Administrative Officer shall place such budget approval question
  upon the ballot of the annual City meeting. (2) Should a majority of the voters present and voting approve the presented education
  spending portion of the budget, it shall be considered approved. If such portion of
  the Board-adopted budget is not approved at the annual City meeting, the Board may
  make alterations thereto which it deems appropriate, if any, and thereafter resubmit
  such portion of the budget to the voters at a special City meeting to be arranged
  for such purpose by the Chief Administrative Officer. This sequence may be repeated
  until the voters approve the education spending portion of the budget presented to
  them or until July 1 of any year, whichever sooner occurs. Should such portion of
  the budget not be approved by the voters by July 1 of any year, the Board shall amend
  its budget and may permit education spending for that fiscal year in an amount that
  does not exceed the education spending last duly approved by the legal voters adjusted
  by the total dollar amount change in the base education payment for the budget year
  multiplied by the equalized pupil count for the budget year. No question that is
  submitted to the voters on or after May 20 of any year shall be subject to a petition
  for reconsideration or rescission under any provision of this charter or under 17
  V.S.A. chapter 55.