The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
001
:
TAXES
(Cite as: 24 V.S.A. § 1523)
-
§ 1523. Tax bills; duties of selectboards as to a deficit
(a) When a town at the end of the fiscal year contemplated by section 1683 of this title has a deficit, unless the voters of said town have voted a special tax to make up
said deficit or unless said deficit shall have been refunded pursuant to the provisions
of chapter 53 of this title, the selectboard, when making up the next annual tax bill,
shall add thereto a tax of five percent or such multiple of five in addition to the
tax vote already authorized by law, to be levied upon the grand list of such town
as will provide sufficient revenue to liquidate such deficit.
(b) When a school district at the end of the fiscal year contemplated by section 1683 of this title has a deficit, unless the voters have voted to borrow funds to repay the deficit
over a term of three years or less, or unless the deficit has been refunded pursuant
to chapter 53 of this title, the school board shall add an amount sufficient to pay
the deficit to its next adopted budget and report the total to the Secretary of Education
for purposes of calculating education spending.
(c) As used in this section, the following words have the following meanings unless the
context clearly indicates the contrary: A “deficit” is the excess of the current liabilities
and liability reserves of the fund over its current assets; or, where the fund has
also other resources and obligations, the excess of its obligations over its resources;
“current assets” are those assets which are available or can be made readily available
to meet the cost of operations or to pay current liabilities; “current liabilities”
are those liabilities which are payable within a relatively short period of time,
usually no longer than a year; a “fund” is a sum of money or other resource set aside
for the purpose of carrying on specific activities or attaining certain objectives
in accordance with special regulations, restrictions, or limitations, and constituting
an independent fiscal and accounting entity such as the general or school fund. (Amended 1959, No. 129, eff. April 21, 1959; 1997, No. 71 (Adj. Sess.), § 119, eff. March 11, 1998; amended 2003, No. 36, § 11; 2005, No. 182 (Adj. Sess.), § 9; 2013, No. 92 (Adj. Sess.), § 270, eff. Feb. 14, 2014.)