Vermont Statutes Title 24. Municipal and County Government, § 4595. Annual budget

(a) On or before December 1 in each year, the Bank shall adopt an annual budget for the succeeding year. The budget shall set forth the general categories of expected expenditures and the amount on account of each and shall include a provision or reserve for contingencies or over expenditures as well as any additional material as the Bank may determine. Copies of the annual budget certified by the Chair of the Bank shall be promptly filed with the State Treasurer and the Director of Budget and Management and the annual budget shall not be effective until it is so filed.

(b) If for any reason the Bank does not adopt the annual budget on or before December 1, the budget for the preceding year shall be in effect for that year until the annual budget for the year is adopted.

(c) The Bank may at any time adopt an amended annual budget for the current calendar year, but the amended annual budget may not supersede any prior budget until it is approved by the State Treasurer as reasonable and necessary, and filed as required in the case of the annual budget.