Limitations of appropriations Appropriations made by the Board for the various estimates of the budget as defined in section 402 of this chapter above shall be expended only for such estimates; however, by majority vote of the Board, the budget may be amended from time to time to transfer funds between or among such estimates. Any balance left or unencumbered in any such budget estimate shall lapse at the end of the fiscal year. The amount of any deficit at the end of the fiscal year shall be included in the next proposed operating budget and paid out of the appropriations for that budget year.
Vermont Legal Code