Vermont § 4430 - Capital budget and program

§ 4430. Capital budget and program

• (a) A capital budget shall list and describe the capital projects to be undertaken during
  the coming fiscal year, the estimated cost of those projects, and the proposed method
  of financing. A capital program is a plan of capital projects proposed to be undertaken
  during each of the following five years, the estimated cost of those projects, and
  the proposed method of financing. A capital project is any one or more of the following: (1) Any physical betterment or improvement, including furnishings, machinery, apparatus,
  or equipment for that physical betterment or improvement when first constructed or
  acquired. (2) Any preliminary studies and surveys relating to any physical betterment or improvement. (3) Land or rights in land. (4) Any combination of subdivisions (1), (2), and (3) of this subsection. (b) The capital budget and program shall be arranged to indicate the order of priority
  of each capital project and to state for each project all the following: (1) A description of the proposed project and the estimated total cost of the project. (2) The proposed method of financing, indicating the amount proposed to be financed by
  direct budgetary appropriation or duly established reserve funds; the amount, if any,
  estimated to be received from the federal or State governments; the amount, if any,
  to be financed by impact fees; and the amount to be financed by the issuance of obligations,
  showing the proposed type or types of obligations, together with the period of probable
  usefulness for which they are proposed to be issued. (3) An estimate of the effect, if any, upon operating costs of the municipality. (c) The planning commission may submit recommendations annually to the legislative body
  for the capital budget and program, that shall be in conformance with the municipal
  plan. (Added 2003, No. 115 (Adj. Sess.), § 97.)