Vermont § 7 - Annual budget and assessments

§ 7. Annual budget and assessments

• (a) On or before February 15 in each year, the Board of Commissioners shall prepare a
  budget for the Authority for the next fiscal year, which shall include an estimate
  of the revenue of the Authority from fares and other sources, except membership assessments,
  and the expenses for the next fiscal year, including debt service, and at such time
  the Board of Commissioners shall call a meeting of the residents of its members for
  the purpose of presenting the proposed budget and inviting discussion thereon. The
  meeting shall be held at a place within the County and shall be warned by a notice
  published in a newspaper of general circulation in the County at least 15 days prior
  to the meeting. The notice shall contain a copy of the proposed budget, and members
  of the legislative body of each member municipality shall be notified of the meeting
  by certified mail. (b) Annually, following the meeting provided in subsection (a) of this section, the Board
  of Commissioners shall review the proposed budget of the Authority in light of any
  discussion thereon at the meeting and shall then adopt the budget with or without
  changes. (c) The Treasurer of the Authority, following adoption of the budget, shall apportion
  the sums required to be contributed by each member municipality according to the formula
  for apportionment. The formula for apportionment may be changed by the Board of Commissioners
  with the concurrence of the legislative bodies of at least three-quarters of the member
  municipalities. (d) The Treasurer of the Authority shall immediately notify the treasurer of each member
  municipality and the chair of the legislative body in each member municipality of
  the amount of such assessment, and the member municipality shall add such assessment
  to its own budget and shall assess such tax as is necessary to raise the amount of
  the assessment. The amount of the assessment in each member municipality shall be
  paid to the Treasurer of the Authority on or before July 15 in each year. (e) In the event that the budget of the Authority in any year becomes insufficient to
  support the operations of the Authority, the Board of Commissioners may assess the
  member municipalities for additional sums, apportioned in the manner provided in this
  section, but such additional assessment shall require the approval of all the legislative
  bodies in the member municipalities. (Added 1973, No. 122, § 7, eff. Feb. 2, 1973; amended 2009, No. 71 (Adj. Sess.), § 2, eff. July 1, 2011.)