2005 Vermont Code - § 4025. — Education fund

§ 4025. Education fund

(a) An education fund is established to be comprised of the following:

(1) All revenue paid to the state from the statewide education tax on nonresidential and homestead property under chapter 135 of Title 32.

(2) Funds appropriated or transferred by the general assembly, and in fiscal year 2006 and thereafter there is appropriated and transferred from the general fund to the education fund the amount appropriated and transferred in the prior fiscal year adjusted by the percentage change in general fund base spending in the current fiscal year. For each fiscal year, the governor shall present a budget to the legislature providing for a general fund appropriation and transfer to the education fund in this amount, and the legislature shall appropriate and transfer this amount adjusted as necessary to reflect the actual amount of general fund base spending enacted by the legislature for that fiscal year.

(3) Revenues from state lotteries under chapter 14 of Title 31, and from any multijurisdictional lottery game authorized under that chapter.

(4) Revenue from the electric generating plant education property tax under section 5402a of Title 32.

(5) One-third of the revenues raised from the purchase and use tax imposed by chapter 219 of Title 32, notwithstanding 19 V.S.A. § 11(1).

(6) One-third of the revenues raised from the sales and use tax imposed by chapter 233 of Title 32.

(7) Medicaid reimbursement funds pursuant to subsection 2959a(f) of this title.

(b) Moneys in the education fund shall be used for the following:

(1) To make payments to school districts and supervisory unions for the support of education in accordance with the provisions of section 4028 of this title, other provisions of this chapter, and the provisions of chapter 135 of Title 32.

(2) To cover the cost of short term borrowing to meet fund cash flow requirements.

(3) To make payments required under subdivisions 6066(a)(1) and (2) of Title 32 and only that portion attributable to education taxes, as determined by the commissioner of taxes, of payments required under subdivisions 6066(a)(3) and 6066(b) of Title 32.

The state treasurer shall withdraw funds from the education fund upon warrants issued by the commissioner of finance and management based on information supplied by the commissioner of taxes. The commissioner of finance and management may draw warrants for disbursements from the fund in anticipation of receipts. All balances in the fund at the end of any fiscal year shall be carried forward and remain a part of the fund. Interest accruing from the fund shall remain in the fund.

(c) An equalization and reappraisal account is established within the education fund. Moneys from this account are to be used by the division of property valuation and review to assist towns with maintenance or reappraisal on a case-by-case basis; and for reappraisal payments pursuant to section 4041a of Title 32.

(d) Upon withdrawal of funds from the education fund for any purpose other than those authorized by this section, chapter 135 of Title 32 (education property tax) is repealed. (Added 1997, No. 60, § 18, eff. July 1, 1998; amended 1997, No. 71 (Adj. Sess.), § 4, eff. March 11, 1998, § 68; No. 147 (Adj. Sess.), § 159(a); 1999, No. 1, § 102, eff. March 31, 1999; 1999, No. 62, § 127; 1999, No. 66 (Adj. Sess.), § 52, eff. Feb. 8, 2000; No. 152 (Adj. Sess.), § 166b; 2001, No. 63, § 277; 2001, No. 102 (Adj. Sess.), § 35a, eff. May 15, 2002; 2003, No. 19, § 50, eff. May 6, 2003; 2003, No. 68, § 36, eff. July 1, 2004; 2005, No. 38, § 4a, eff. June 2, 2005; 2005, No. 215 (Adj. Sess.), § 285.)