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Title 32: Taxation and Finance

Chapter 003: FISCAL OFFICERS AND COMMISSIONS

  • Subchapter 001: TREASURER
  • § 101. Communications to Governor and Assembly

    The Treasurer shall prepare an annual financial report and shall submit to the Governor and either house of the General Assembly: abstracts; copies of accounts or official documents of any kind; and information relating to revenue, official transactions, and the Department of the Treasury. (Amended 1965, No. 158, § 2; 1971, No. 13, § 1, eff. Feb. 25, 1971; 2017, No. 74, § 131.)

  • § 102. Embezzlements

    If the Treasurer diverts, misapplies, or conceals the public treasure, he or she shall be fined double the amount so diverted, misapplied, or concealed and shall be imprisoned not more than 10 years nor less than two years.

  • § 103. Account with successor

    If the Treasurer goes out of office, he or she shall exhibit to his or her successor a true and particular account of the money received and paid out since the last examination of his or her books and accounts as provided in section 801 of this title, and, within 10 days after his or her successor is declared elected or is appointed, with such successor and the Auditor, he or she shall adjust and strike the balance found against him or her within such time as is prescribed by the Auditor, or be liable therefor to the State in a civil action.

  • § 104. Balance due retiring Treasurer

    Upon such adjustment, if it appears that a balance is due to the retiring Treasurer, it shall be reported to the General Assembly and discharged as it directs.

  • § 105. Settlement upon death of Treasurer

    If a person dies while holding such office, the settlement provided for in sections 103 and 104 of this title shall be made with his or her executor or administrator.

  • § 106. Penalty for refusal to settle

    After demand made by the Auditor, if such retiring Treasurer refuses to exhibit and settle his or her account, he or she shall be fined $2,000.00 for each month's refusal.

  • § 107. Books and records delivered to successor

    At the time of adjusting his or her account or within 10 days after his or her term of office expires, such retiring Treasurer shall deliver to his or her successor the books of account, memorandum or registry, the bonds, bills, notes, obligations, contracts, securities, and other instruments or papers belonging to the State Treasury and, for each month's default thereof, shall be fined $2,000.00.

  • § 108. Repealed. 1999, No. 71 (Adj. Sess.), § 1.

  • § 109. Solicitations and contributions prohibited

    (a) As used in this section:

    (1) "Firm" means any person or entity that provides investment services and includes the owner of the firm, excluding those shareholders owning less than one percent holdings in the firm's outstanding shares, and all managers, officers, directors, partners or employees who have managerial or discretionary responsibility to invest funds, manage funds or provide investment services.

    (2) "Investment services" means legal services, investment banking services, investment advisory services, underwriting services, financial advisory services or brokerage firm services for brokerage, underwriting and financial advisory activities which are within the statutory purview of the Treasurer.

    (3) "Treasurer" means the Treasurer of the State of Vermont.

    (b) A firm that currently has a contract with the State Treasurer or a political committee established by that firm shall not make a contribution to, or solicit contributions on behalf of, a candidate for the Office of Treasurer. A violation of this subsection shall be considered a material breach and a default by the firm of any contract issued to it by the Treasurer. Upon the occurrence of such a material breach and default, the Treasurer shall notify the firm of the State's intention to terminate the firm's contract. The Treasurer shall forthwith seek to reissue the contract to another person or entity in accordance with existing law and procedures. This subsection shall not preclude the payment of compensation, expenses or fees to a firm that has violated this subsection regarding work performed or expenses incurred prior to the date the contract is terminated.

    (c) The Treasurer shall not enter into any contract with any firm if the firm or a political committee established by that firm has made a contribution or solicited contributions on behalf of a candidate for the Office of Treasurer after July 1, 1997 and within five years of the date of the contract. (Added 1997, No. 64, § 26.)

  • § 110. Reports

    (a) The Treasurer shall prepare and submit, consistent with 2 V.S.A. § 20(a), reports on the following subjects:

    (1) The Vermont Higher Education Endowment Trust Fund, pursuant to 16 V.S.A. § 2885(e).

    (2) [Repealed.]

    (3) The Trust Investment Account, pursuant to subdivision 434(a)(5) of this title.

    (4), (5) [Repealed.]

    (b) Reports required to be submitted to the General Assembly annually by January 15 shall be consolidated in a single document. (Added 2003, No. 122 (Adj. Sess.), § 294b; amended 2009, No. 33, § 83(m)(1); 2011, No. 139 (Adj. Sess.), § 31, eff. May 14, 2012.)

  • § 111. Financial Literacy Trust Fund

    (a) There is hereby established and created a Fund entitled the Financial Literacy Trust Fund to be administered by the State Treasurer. The purpose of the Fund is to promote the adoption of fiscally sound money management practices by Vermonters through education and outreach efforts that raise awareness of the need for and benefits of practicing such skills; and to create opportunities to build and encourage the development of new financial literacy activities and educational products for Vermont citizens.

    (b) The Fund may receive State appropriations, gifts, grants, federal funds, and any other funds, both public and private, consistent with this section. The Funds may be expended for financial literacy projects as the Treasurer may direct, in accordance with the trust fund provisions of section 462 of this title.

    (c) The Treasurer may invest monies in the Fund in accordance with the provisions of section 434 of this title. All balances in the Fund at the end of the fiscal year shall be carried forward and shall not revert to the General Fund. Interest earned shall remain in the Fund. The Treasurer's annual financial report to the Governor and the General Assembly shall contain an accounting of receipts, disbursements, and earnings of the Fund. (Added 2007, No. 192 (Adj. Sess.), § 6.009.)


  • Subchapter 002: EMERGENCY BOARD
  • § 131. Composition

    There shall be an Emergency Board to consist of the Governor, the Chair of the Senate Committee on Finance, the Chair of the Senate Committee on Appropriations, the Chair of the House Committee on Ways and Means, and the Chair of the House Committee on Appropriations; but the Chair of any one of such committees may designate a member of his or her committee who shall be a member of such Board in lieu of the Chair. The Board shall meet at the call of the Governor or a majority of the legislative members of the Board. (Amended 2017, No. 85, § C.116, eff. June 28, 2017.)

  • § 132. Chair and Secretary

    The Governor shall be Chair, and the Secretary of Civil and Military Affairs shall be Secretary of the Board. The Secretary shall keep the minutes of each meeting of the Board in a book kept for that purpose, and such minutes shall be a public record, and certified copies of such record shall be furnished the Auditor and the Treasurer.

  • § 133. Duties

    (a) The Board shall have authority to make expenditures necessitated by unforeseen emergencies, and may draw on the State's General Fund for that purpose.

    (b) Pursuant to section 706 of this title, the Board shall also have authority to transfer appropriations made to other agencies, and to use the transferred amounts to make expenditures necessitated by unforeseen emergencies.

    (c) In a fiscal year, the sum of the Board's expenditures under subsections (a) and (b) of this section shall not exceed two percent of the total General Fund appropriation for the year of the expenditures. (Amended 2007, No. 65, § 287.)

  • § 134. Insurance Reserve Fund

    The Insurance Reserve Fund is hereby created. All funds paid to the State under property insurance policies for the benefit of the State for losses to real and personal property shall be paid into the Insurance Reserve Fund. (Amended 1961, No. 64, § 1, eff. April 7, 1961; 1995, No. 178 (Adj. Sess.), § 422, eff. May 22, 1996.)

  • § 135. Use of Fund

    When any building or property of the State is damaged by fire or other hazard, notwithstanding subdivision 588(4) of this title, the Board, or for amounts under $10,000.00, the Secretary of Administration, may at their discretion transfer from the Insurance Reserve Fund amounts for the purpose of replacing, repairing, or rebuilding the same, and for related losses. (Amended 1961, No. 64, § 2, eff. April 7, 1961; 1995, No. 178 (Adj. Sess.), § 423, eff. May 22, 1996.)

  • §§ 136-138. Repealed. 1995, No. 178 (Adj. Sess.), § 424, eff. May 22, 1996.


  • Subchapter 003: AUDITOR OF ACCOUNTS
  • § 161. Oath

    The Auditor shall take the oath of office prescribed by law.

  • § 162. Repealed. 1959, No. 328 (Adj. Sess.), §§ 17, 35(f).

  • § 163. Duties of the Auditor of Accounts

    In addition to any other duties prescribed by law, the Auditor of Accounts shall:

    (1) Annually perform or contract for the audit of the basic financial statements of the State of Vermont and, at his or her discretion, conduct governmental audits as defined by governmental auditing standards issued by the U.S. Government Accountability Office (GAO), of every department, institution, and agency of the State, including trustees or custodians of retirement and other trust funds held by the State or any officer or officers of the State, and also including every county officer who receives or disburses funds of the State or for the benefit of the State or any county.

    (2) In his or her discretion, conduct a continuing post audit of all disbursements made through the Office of the Commissioner of Finance and Management or the Office of the State Treasurer, including disbursements to a municipality, school supervisory union, school district, or county.

    (3)(A) Prominently post and retain on his or her official State website, and update at least annually on or before July 1, the following information:

    (i) All reports with findings that result from audits conducted under subdivision (1) of this section.

    (ii) A summary of significant recommendations contained in audit reports issued since January 1, 2012 arising from audits conducted under subdivision (1) of this section, and the dates on which corrective actions were taken related to those recommendations.

    (iii) A summary of all embezzlement convictions, and false claim convictions as described in 13 V.S.A. § 3016, against any agency or department of the State, since July 1, 2007. The summary shall include the names of all persons convicted of those offenses.

    (B) Follow up on recommendations described in subdivision (A)(ii) of this subdivision (3) at least biennially and for at least four years from the date of the audit report.

    (4) From time to time, as audits are completed, report his or her audit findings first to the Speaker of the House of Representatives and the President Pro Tempore of the Senate, then to the Governor, the Secretary of Administration, the Commissioner of Finance and Management, and the head of the department, institution, or agency covered by the report. The audit reports shall be public records and a copy of each report shall be furnished to and kept in the State Library for public use. Draft audit reports, working papers, correspondence, and other materials relied on by the Auditor of Accounts to produce the draft audit report shall be confidential and exempt from public inspection and copying under the Public Records Act until the audit is completed, but shall be provided to the audited entity upon request unless the record is exempt from public inspection and copying under another provision of law. Draft audit reports, working papers, correspondence, and other materials received by an audited entity prior to completion of the audit shall remain confidential until completion of the audit, and shall not be further disclosed by the audited entity until completion of the audit.

    (5) Make special audits of any department, institution, and agency as the governor may from time to time require.

    (6) [Repealed.]

    (7) Subject to the provisions of 3 V.S.A. chapter 13, employ and set the compensation of such assistants, clerical or otherwise, as he or she deems necessary for the proper and efficient administration of his or her office. However, he or she shall not expend or authorize expenditure of funds for his or her office in excess of the amount appropriated for his or her office in any fiscal year.

    (8) Require all State departments and agencies to file with the Auditor of Accounts all audit reports and reports of findings and recommendations received as a result of audits and examinations conducted by or for any federal agency.

    (9) Perform, or contract with independent public accountants licensed in the State of Vermont to perform, financial and compliance audits as required by the Federal Single Audit Act of 1984, 31 U.S.C. § 7501 et seq. This subdivision shall not apply to the University of Vermont and the Vermont State Colleges.

    (10) [Repealed.]

    (11) Make available to all counties, municipalities, and supervisory unions as defined in 16 V.S.A. § 11(23) and supervisory districts as defined in 16 V.S.A. § 11(24) a document designed to determine the internal financial controls in place to assure proper use of all public funds. The Auditor shall consult with the Vermont School Boards Association, the Vermont Association of School Business Officials, and the Vermont League of Cities and Towns in the development of the document. The Auditor shall strive to limit the document to one letter-size page. The Auditor shall also make available to public officials charged with completing the document instructions to assist in its completion.

    (12) Make available to all county, municipality, and school district officials with fiduciary responsibilities an education program. The program shall provide instruction in fiduciary responsibility, faithful performance of duties, the importance and components of a sound system of internal financial controls, and other topics designed to assist the officials in performing the statutory and fiduciary duties of their offices. The Auditor shall consult with the Vermont School Boards Association, the Vermont Association of School Business Officials, and the Vermont League of Cities and Towns in the development of the education program. (Added 1959, No. 328 (Adj. Sess.), § 17; amended 1967, No. 91, § 1; 1969, No. 219 (Adj. Sess.), §§ 2, 4, eff. March 27, 1970; 1971, No. 32, eff. July 1, 1971; 1977, No. 146 (Adj. Sess.), § 4; 1983, No. 195 (Adj. Sess.), § 5(b); 1985, No. 122 (Adj. Sess.), § 1, eff. April 17, 1986; 1999, No. 159 (Adj. Sess.), § 15; 2003, No. 67, § 13c; 2005, No. 184 (Adj. Sess.), § 15; 2007, No. 121 (Adj. Sess.), §§ 23, 32; 2011, No. 155 (Adj. Sess.), § 23; 2013, No. 108 (Adj. Sess.), § 2, eff. April 22, 2014.)

  • § 164. Certified copies

    The Auditor shall be a certifying officer, and a certified copy of a record or paper belonging to his or her Department or which is lodged there by law shall be admitted as evidence by the courts in any cause, civil or criminal. He or she shall furnish copies of records or papers upon being paid the legal fees therefor by the person requesting the same.

  • § 165. Repealed. 1961, No. 40, § 2.

  • § 166. Payments to towns; returns by Commissioner of Finance and Management

    On or before January 10 of each year, the Commissioner of Finance and Management shall transmit to the auditors of each town a statement showing the amount of money paid by the State to the town and the purpose for which paid during the year ending December 31 preceding the date of such statement, the date of such payments and purpose for which made, unless the Commissioner of Finance and Management is requested to send such statement at some other date to conform to the fiscal year of such municipality. (Added 1961, No. 40, § 1; amended 1969, No. 301 (Adj. Sess.), § 2, eff. April 9, 1970; 1983, No. 195 (Adj. Sess.), § 5(b); 2013, No. 142 (Adj. Sess.), § 55; 2015, No. 131 (Adj. Sess.), § 31.)

  • § 167. Records to be available for audit

    (a) For the purpose of examination and audit authorized by law, all the records, accounts, books, papers, reports, and returns in all formats of all departments, institutions, and agencies of the State, including the trustees or custodians of trust funds and all municipal, school supervisory union, school district, and county officers who receive or disburse funds for the benefit of the State, shall be made available to the Auditor of Accounts. It shall be the duty of each officer of each department, institution, and agency of the State or municipality, school supervisory union, school district, or county to provide the records, accounts, books, papers, reports, returns, and such other explanatory information when required by the Auditor of Accounts.

    (b) In connection with any of his or her duties, the Auditor of Accounts may administer oaths and may subpoena any person to appear before him or her. Such persons shall testify under oath and be subject to the penalties of perjury, and may be examined concerning any matter relating to the statutory duties of the Auditor provided by section 163 of this title. Nothing in this subsection shall limit a person's Fifth Amendment rights against self-incrimination. (Added 1959, No. 328 (Adj. Sess.), § 19; amended 1969, No. 219 (Adj. Sess.), § 3, eff. March 27, 1970; 1971, No. 149 (Adj. Sess.); 2007, No. 121 (Adj. Sess.), § 24; 2007, No. 169 (Adj. Sess.), § 6.)

  • § 168. Single Audit Revolving Fund

    (a) A Single Audit Revolving Fund is established within the State Treasury, to be administered by the Auditor of Accounts, from which payments may be made for the costs of audits performed pursuant to subdivisions 163(1) and (9) of this title. All monies received from charges made for audit services under the provisions of subsection (b) of this section and sums which may be appropriated to the Fund shall be deposited in the Fund. Any balance remaining in the Fund at the end of any fiscal year shall be carried forward and remain a part of the Fund.

    (b) The Auditor of Accounts shall charge the State department, agency, commission or State-created authority audited for the direct and indirect costs of an audit performed pursuant to subdivisions 163(1) and (9) of this title. Costs shall be determined by the Auditor of Accounts and approved by the Secretary of Administration. (Added 1985, No. 122 (Adj. Sess.), § 2, eff. April 17, 1986; amended 2005, No. 215 (Adj. Sess.), § 288.)


  • Subchapter 004: FINANCE AND MANAGEMENT DEPARTMENT
  • § 181. Repealed. 1987, No. 243 (Adj. Sess.), § 52(1), eff. June 13, 1988.

  • § 182. Duties of Commissioner

    (a) In addition to the duties expressly set forth elsewhere by law, the Commissioner of Finance and Management shall:

    (1) Prescribe appropriate systems for all State departments and agencies to use in accounting and each department and agency shall keep their accounts in accordance with a system prescribed by the Commissioner. The Commissioner may review and examine any accounting system to determine its compliance with the prescribed system.

    (2) Maintain a system of central accounting of income and disbursement so as to enable fiscal officers of the State at any time to provide an evaluation and analysis of the status of State finances.

    (3) Coordinate the fiscal procedures of the State, including all departments, institutions, and agencies with the controlling accounts kept under this section.

    (4) Maintain a system of encumbrance accounting to control expenditures within budget appropriations.

    (5) In the Commissioner's discretion, pre-audit receipts, expenditures, and encumbrances.

    (6) Draw warrants on the Treasurer for all valid and legal payroll disbursements certified by voucher.

    (7) Draw warrants on the Treasurer for all disbursements.

    (8) Prepare monthly revenue reports for the Governor, Secretary of Administration, and other officials and for release to the general public, and a comprehensive annual financial report in accordance with generally accepted accounting principles which shall be distributed to the Chairs of the House Committees on Appropriations, on Corrections and Institutions, and on Ways and Means and to the Senate Committees on Appropriations, on Finance, and on Institutions on or before December 31 of each year. The provisions of 2 V.S.A. § 20(d) (expiration of required reports) shall not apply to the required report to be made under this subdivision.

    (9) Make available monthly reports of appropriations, expenditures, encumbrances, and balances for all operating departments.

    (10) Maintain a standard chart of accounts structure pertaining to appropriation, revenue, and expenditure codes.

    (11) [Repealed.]

    (12) Exercise central management of the appropriation act.

    (13) Maintain the general control ledger of State accounts.

    (14) Manage special funds in accordance with this section and with chapter 7, subchapter 5 of this title.

    (b) Nothing in this section shall be interpreted to allow the Commissioner to expend money, except in accordance with the provisions of section 462 of this title. (Added 1959, No. 328 (Adj. Sess.), § 7; amended 1965, No. 158, § 3; 1971, No. 13, § 2, eff. Feb. 25, 1971; 1975, No. 118, § 86, eff. April 30, 1975; 1977, No. 113, § 351; 1983, No. 195 (Adj. Sess.), § 3; 1987, No. 243 (Adj. Sess.), §§ 52(2), 53, eff. June 13, 1988; 1989, No. 210 (Adj. Sess.), § 8a; 1991, No. 226 (Adj. Sess.), § 1, eff. May 28, 1992; 1995, No. 123 (Adj. Sess.), § 4, eff. June 6, 1996; 1997, No. 66 (Adj. Sess.), § 64, eff. Feb. 20, 1998; 2001, No. 149 (Adj. Sess.), § 92, eff. June 21, 2002; 2003, No. 156 (Adj. Sess.), § 15; 2007, No. 7, § 3; 2007, No. 65, § 391; 2015, No. 131 (Adj. Sess.), § 6.)

  • § 183. Financial and Human Resource Information Internal Service Fund

    (a) There is established in the Department of Finance and Management a Financial and Human Resource Information Internal Service Fund, to consist of revenues from charges to agencies, departments, and similar units of Vermont State government, and to be available to fund the costs of the Division of Financial Operations in the Department of Finance and Management, and the technical support and services provided by the Agency of Digital Services for the statewide central accounting and encumbrance, budget development, and human resource management systems.

    (b) The rate of the charges shall be proposed by the Commissioner of Finance and Management, subject to the approval of the Secretary of Administration. Proposed rates of charges shall be based upon the cost of operations. (Added 2001, No. 142 (Adj. Sess.), § 309; amended 2003, No. 156 (Adj. Sess.), § 15; 2009, No. 1 (Sp. Sess.), § E.100.3; 2011, No. 63, § E.103; 2019, No. 49, § 11, eff. June 10, 2019.)

  • §§ 184-200. [Reserved for future use.].

  • § 201. Repealed. 1987, No. 243 (Adj. Sess.), § 55, eff. June 13, 1988.

  • § 202. Duties of Commissioner

    In addition to the duties expressly set forth elsewhere by law, the Commissioner of Finance and Management through his or her Department shall:

    (1) Perform the following duties with respect to the budget:

    (A) Prepare an operating budget for the Governor-elect or Governor as provided by sections 301-307 of this title;

    (B) Prepare and install forms upon which departmental and capital budget requests are made;

    (C) Schedule and assist in hearings on departmental and agency requests;

    (D) Assist the Governor and, on request, the Legislature on budget matters;

    (E) Exercise continuing supervision and study of budget procedures;

    (F) Carry out expenditure control and budget-balancing policies and procedures as directed by the Secretary of Administration.

    (2) Perform the following duties with respect to fiscal management and management analysis:

    (A) Carry out continuing studies of the operation of existing or new State agencies and make recommendations to obtain most economic and effective management;

    (B) Assist departments on procedures and other problems of management;

    (C) Carry on a research program in the field of governmental and financial administration and analysis of State tax structure and yield;

    (D) Study simplification and standardization of forms and methods in use in various departments for purposes of management and budget control.

    (3) Prepare estimates of State revenue and income when requested by the Governor.

    (4) Provide the legislative Joint Fiscal Office on or before November 1 of the first fiscal year of each biennium and December 1 of the second fiscal year of each biennium, copies of the most recent budget forms submitted by all governmental units in connection with annual or supplemental budget requests. (Added 1959, No. 328 (Adj. Sess.), § 3; amended 1969, No. 75, § 1; 1973, No. 144 (Adj. Sess.), § 1; 1979, No. 205 (Adj. Sess.), § 127, eff. May 9, 1980; 1985, No. 74, § 306, eff. May 28, 1985; 1987, No. 243 (Adj. Sess.), § 56, eff. June 13, 1988.)

  • § 203. Repealed. 2009, No. 135 (Adj. Sess.), § 26(15).


  • Subchapter 006: CONTRACTS FOR GOODS AND SERVICES
  • § 215. Expired.