2005 Vermont Code - § 13-1309.3. — Definitions

§ 13-1309.3. Definitions

(a) Bonded debt is that indebtedness having an original maturity in excess of one year for which bonds have been authorized and includes temporary notes issued in anticipation of the money to be derived from the sale of such bonds.

(b) Budget surplus is the unexpended appropriation for the net cost of operation or the surplus of revenue over expenditure.

(c) Current fiscal year means the fiscal year in effect at the time that the proposed budget for the next fiscal year is in the process of preparation and adoption.

(d) Expenditure deficit occurs under the circumstance described in section 1308. Such a deficit is to be made up in the amount to be raised by taxes in the next fiscal year.

(e) Federal and state aid designated for special programs include:

(1) School district: Special education, driver education and like items.

(2) City: Federal Employment Act, and like items.

(f) General federal and state aid is revenue which may be used for whatever legal purposes the local legislative body may choose.

(g) Grand list for the purpose of this charter (section 1309) shall mean the grand list as originally estimated by the department of assessment in accordance with section 1309.4.

(h) Revenue deficit occurs when taxes or other revenue anticipated at the time the budget was approved fails to materialize in whole or in part, and which is to be made up in the amount to be raised by taxes in the next fiscal year.

(i) Special appropriation is an expenditure which is separately authorized by the voters at an annual or special meeting of the city or school district. The warning for such meeting shall state by separate article the amount, purpose and number of years that such special appropriation shall be authorized, as well as the method of funding. These appropriations and the taxes to support them shall be outside the limits on expenditures and tax rates.

(j) Transfer payments are those in which the city collects money which is transferred immediately to other units of government, such as Food Stamps and Old Age Assistance Tax.