Section 3-168 - Adoption of budget(a)(1) Said Board shall annually be responsible for the preparation and adoption of a budget, which shall include a detailed estimate of revenues and expenditures for the ensuing July 1 to June 30 fiscal year. The budget shall be formally adopted no later than January 20 of the fiscal year prior to its applicability, but it may be amended by the Board from time to time thereafter.(2) The Board shall, not earlier than 21 days prior to its formal action to adopt a budget, make a formal presentation to the City Council, at a City Council meeting to be called for this purpose, concerning its proposed budget. At such meeting, the City Council will also allocate time to receive public commentary on the proposed budget. The Board shall also present information concerning its purposed budget, the status of the current fiscal year to date, its educational goals and outcomes, its strategies for improvement, and other pertinent information.(b)(1) Annually, immediately following the formal adoption of its budget, the Board shall pass a resolution placing before the voters at the annual City meeting the question of whether the education spending portion of the Board-adopted budget will be approved. The City's Chief Administrative Officer shall place such budget approval question upon the ballot of the annual City meeting.(2) Should a majority of the voters present and voting approve the presented education spending portion of the budget, it shall be considered approved. If such portion of the Board-adopted budget is not approved at the annual City meeting, the Board may make alterations thereto which it deems appropriate, if any, and thereafter resubmit such portion of the budget to the voters at a special City meeting to be arranged for such purpose by the Chief Administrative Officer. This sequence may be repeated until the voters approve the education spending portion of the budget presented to them or until July 1 of any year, whichever sooner occurs. Should such portion of the budget not be approved by the voters by July 1 of any year, the Board shall amend its budget and may permit education spending for that fiscal year in an amount that does not exceed the education spending last duly approved by the legal voters adjusted by the total dollar amount change in the base education payment for the budget year multiplied by the equalized pupil count for the budget year. No question that is submitted to the voters on or after May 20 of any year shall be subject to a petition for reconsideration or rescission under any provision of this charter or under 17 V.S.A. chapter 55.24 Appendix V.S.A. § 3-168
Amended 1999, No. M-14 (Adj. Sess.), § 3; 2003, No. M-14 (Adj. Sess.), § 3.