Vermont Statutes Title 24 (Appendix). Municipal Charters, App. c. 19 § 704. Budget

(a) Budget.Notwithstanding any prior acts of the voters, the General Fund budget for the ensuing fiscal year submitted by the Manager shall clearly define all anticipated operational expenditures for all City departments, offices, or agencies and a sum sufficient to pay the interest and principal for all obligations of the City. The budget shall also include the estimated revenues from taxation, fines, and all other lawful sources necessary to meet the anticipated expenditures. The General Fund budget shall not include enterprise or special revenue funds.

(b) Estimated tax. The budget shall include an estimate of the tax to be levied and assessed upon the grand list of the City for the ensuing fiscal year.

(c) Budget summary.The budget shall include a three-year summary comparison by departments, offices, or agencies that clearly defines the previous fiscal year's budget and actual expenditures, the current fiscal year's budget and anticipated expenditures, and the ensuing fiscal year's budget.

(d) Surplus/deficit.Fund balances shall be carried forward in the next fiscal year. Fund deficits shall be liquidated in the manner provided by general law.

(e) Reports. The budget shall be prepared and managed by the Manager, who shall issue an annual report on all City budgets, in accordance with section 504 of this charter. The budget shall be monitored by the City Treasurer who shall make timely periodic reports thereof to the Council.

(f) Enterprise and special revenue budgets. The Manager shall submit enterprise and special revenue budgets to the Council. The Council may amend and shall approve the enterprise and special revenue budgets prior to the start of each fiscal year.