This chapter shall apply to the annual budget, as presented to the townspeople
for adoption, and any other appropriation or expenditure in any fiscal year.
Any increase in spending in the annual budget shall be limited to the
following:
A. Revenue generated by growth in the taxable grand list
annually, which shall be calculated at the previous year's mill rate.
B. Increases in state and federal assistance.
C. Grants and/or gifts from state, federal and private sources.
In the event of a decrease in a state or federal assistance revenue
account, the limit on total budget expenditures shall be reduced by the amount
of the decrease in such account, unless revenue has been received in the account
during the three (3) preceding years, in which case the Town Council may appropriate
the amount they deem necessary, but not exceeding the amount of the previous
year.
In the event of an increase in the taxable grand list due to revaluation,
the actual amount of increase in budget expenditures shall be limited to the
dollar amount of increase in the previous year's budget or less.