Vermont § 309 - Capital budget report

§ 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.)