Title 32, Title 32: Taxation and Finance

§ 305. Power to revise estimates In making up the budget, the Governor-elect shall have the power to revise, increase, decrease, or eliminate the sum estimated to be needed for or by each activity hereinbefore referred to and shall include in the message dealing with the budget, …

§ 305a. Official State revenue estimate (a) On or about January 15 and again by July 31 of each year, and at such other times as the Emergency Board or the Governor deems proper, the Joint Fiscal Office and the Secretary of Administration shall provide to the Emergency Board thei…

§ 305b. Education property tax increment; Emergency Board estimate Annually, at the January meeting of the Emergency Board held pursuant to section 305a of this title, the Joint Fiscal Office and the Secretary of Administration shall provide to the Emergency Board a consensus est…

§ 306. Budget report (a) The Governor shall submit to the General Assembly, not later than the third Tuesday of every annual session, a budget that shall embody the Governor’s estimates, requests, and recommendations for appropriations or other authorizations for expenditures fro…

§ 306a. Purpose of the State budget (a) The State budget, consistent with Chapter I, Article 7 of Vermont’s Constitution, should “be instituted for the common benefit, protection, and security of the people, nation, or community . . .” The State budget should be designed to addre…

§ 307. Form of budget (a) The budget shall be arranged and classified so as to show separately the following estimates and recommendations: (1) expenses of State administration; (2) deficiencies, overdrafts, and unexpended balances in appropriations of former years; (3) bonded de…

§ 308. General Fund Budget Stabilization Reserve; creation and purpose (a) It is the purpose of this section to reduce the effects of annual variations in State revenues upon the General Fund budget of the State by reserving certain surpluses in General Fund revenues that may acc…

§ 308a. Transportation Fund Budget Stabilization Reserve; creation and purpose (a) It is the purpose of this section to reduce the effects of annual variations in State revenues upon the Transportation Fund budget of the State by reserving certain surpluses in Transportation Fund…

§ 308b. Human Services Caseload Reserve (a) There is created within the General Fund a Human Services Caseload Reserve. Expenditures from the Reserve shall be subject to an appropriation by the General Assembly or approval by the Emergency Board. Expenditures from the Reserve sha…

§ 308c. General Fund and Transportation Fund Balance Reserves (a) There is hereby created within the General Fund a General Fund Balance Reserve, also known as the “Rainy Day Reserve.” After satisfying the requirements of section 308 of this title, and after other reserve require…

§ 308e. 27/53 Reserve (a)(1) There is hereby created within the General Fund the 27/53 Reserve. The purpose of this reserve is to meet the liabilities of the recurring 27th State payroll and the 53rd week of Medicaid payments. These liabilities will be funded by reserving a prora…

§ 309. Capital budget report (a) Consolidated capital budget request. In addition to the general operating budget request to be submitted by the Governor to the General Assembly pursuant to this chapter, the Governor shall submit to the General Assembly, not later than the third …

§ 310. Form of annual capital budget and 10-year capital program plan (a) Each biennial capital budget request submitted to the General Assembly shall be accompanied by, and placed in the context of, a 10-year State capital program plan to be prepared, and revised annually, by th…

§ 311. Retirement funds integrity report (a) The Governor shall include, as a part of the annual budget report required by section 306 of this title, a statement of the extent by which the recommended appropriations to the Teachers’ Retirement Funds and to the Vermont Employees’ …

§ 311a. Public retirement benefits; unfunded liability; findings; purpose; intent (a) Findings. The General Assembly finds: (1) The actuarially determined employer contribution (ADEC) for the Vermont State Employees’ Retirement System (VSERS) has increased by an annual growth rat…

§ 312. Tax expenditure report (a) As used in this section, “tax expenditure” shall mean the actual or estimated loss in tax revenue resulting from any exemption, exclusion, deduction, credit, preferential rate, or deferral of liability applicable to the tax. Tax expenditures shal…

§ 314. Grant report (a) Annually, beginning January 31, 2015, the Department of Finance and Management shall publish on its website a report on all grants of federal and State monies made by each Executive Branch agency in the preceding State fiscal year. The report shall be form…