2005 Vermont Code - § 4426. — Capital budget and program

§ 4426. 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 thereof, 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 thereof and the proposed method of financing. A capital project is:

(1) any physical betterment or improvement including furnishings, machinery, apparatus or equipment for such physical betterment or improvement when first constructed or acquired; or

(2) any preliminary studies and surveys relating to any physical betterment, or improvement; or

(3) land or rights in land; or

(4) any combination of paragraphs (1), (2), and (3) of this subsection.

(b) The capital budget and program shall be arranged in such manner as to indicate the order of priority of each capital project, and to state for each project:

(1) a description of the proposed project and the estimated total cost thereof;

(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; and

(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, which shall be in conformance with the municipal development plan. (Added 1967, No. 334 (Adj. Sess.), § 1, eff. March 23, 1968; amended 1975, No. 164 (Adj. Sess.), § 12; 1989, No. 280 (Adj. Sess.), § 11b.)