Vermont § 310 - Form of annual capital budget and 10-year capital program plan

§ 310. Form of annual capital budget and 10-year capital program plan

• (a) Each biennial capital budget request submitted to the General Assembly shall be accompanied
  by, and placed in the context of, a 10-year State capital program plan to be prepared,
  and revised annually, by the Governor and approved by the General Assembly. The 10-year
  plan shall include a list of all projects that will be recommended for funding in
  the current and ensuing nine fiscal years. The list shall be prioritized based on
  need. (b) The capital budget request for the following biennium shall be presented as the next
  increment of the 10-year plan. Elements of the plan shall include: (1) Assessment and projection of need. (A) Capital needs and projections shall be based upon current and projected statistics
  on capital inventories and upon State demographic and economic conditions. (B) Capital funding shall be categorized as follows: (i) State buildings, facilities, land acquisitions, major maintenance, renewable energy
  sources, and conservation; (ii) higher education; (iii) aid to municipalities for education, environmental conservation, including water,
  sewer, and solid waste projects, and other purposes; and (iv) transportation facilities. (C) Capital needs and projections shall be for the current and the next nine fiscal years,
  with longer-term projections presented for programs with reasonably predictable longer-term
  needs. (D) Capital needs and projections shall be presented independently of financing requirements
  or opportunities. (E) Capital needs and projections shall include an estimated cost of deferred infrastructure
  maintenance in State buildings and facilities. (2) Comprehensive cost and financing assessment. (A) Amounts appropriated and expended for the current fiscal year and for the preceding
  fiscal year shall be indicated for capital programs and for individual projects. For
  the five fiscal years preceding these, the assessment shall include the aggregate
  amounts appropriated and expended for individual projects, which amounts shall be
  categorized by funding type and presented in a format that concisely displays the
  funding stream and project phases for each individual project over time. The assessment
  shall indicate further the source of funds for any project that required additional
  funding and a description of any authorized projects that were delayed. (B) Amounts proposed to be appropriated for the following fiscal year and each of the
  nine years thereafter shall be indicated for capital programs and for individual projects
  and shall be revised annually to reflect revised cost estimates and changes made in
  allocations due to project delays. (C) The capital costs of programs and of individual projects, including funds for the
  development and evaluation of each project, shall be presented in full for the entire
  period of their development. (D) The operating costs, both actual and prospective, of capital programs and of individual
  projects shall be presented in full for the entire period of their development and
  expected useful life. (E) The financial burden and funding opportunities of programs and of individual projects
  shall be presented in full, including federal, State, and local government shares,
  and any private participation. (F) Alternative methods of financing capital programs and projects should be described
  and assessed, including debt financing and use of current revenues. (Added 1989, No. 258 (Adj. Sess.), § 3; amended 2011, No. 104 (Adj. Sess.), § 32, eff. May 7, 2012; 2013, No. 51, § 34; 2019, No. 42, § 26, eff. May 30, 2019; 2025, No. 33, § 21, eff. May 22, 2025.)