§ 127-1302. Preparation and submission

(a) The Town Manager, at least 60 days before the date of the regular annual Town meeting, shall submit to the selectmen a budget which, except as required by law or this charter, shall be in such form as the Manager deems desirable or the selectmen may require. The budget shall contain:

(1) An estimate of the financial condition of the Town as of the end of the fiscal year and as of the date of submission of the budget.

(2) An itemized statement of appropriations recommended for current expenses and for capital improvements, during the next fiscal year with comparative statements in parallel columns of appropriations and estimated expenditures for the current fiscal year and actual appropriations and expenditures for the next preceding fiscal year.

(3) An itemized statement of estimated revenues from all sources, other than taxation, for the next fiscal year; a statement of taxes required for the next fiscal year; and comparative figures of tax and other sources of revenue for the current and next preceding fiscal year.

(4) A capital plan for the next five fiscal years, showing possible anticipated capital expenditures, financing, and tax requirements.

(5) Such other information as may be required by the Board of Selectmen.

(b) At least 10 days before the annual meeting of the Middlebury Incorporated School District No. 4, Union School District No. 3, or the Town, whichever comes first, the selectmen shall publish in a newspaper of general local circulation a notice containing:

(1) The amount which the Town anticipates must be raised by Town taxes and to be voted at its annual meeting.

(2) The amount which the Middlebury Incorporated School District No. 4 anticipates must be raised by Town taxes and to be voted at its annual meeting.

(3) The amount which the Union School District No. 3 anticipates must be raised by Middlebury Town taxes and to be voted at its annual meeting.

(4) The anticipated tax rate applicable to the taxes to be raised in support of the amounts in subdivisions (1), (2), and (3) of this subsection.

(c) The Boards of Directors of the Middlebury Incorporated School District No. 4 and Union School District No. 3 shall submit to the selectmen the information required by subdivisions (b)(2) and (3) of this section at least 20 days prior to the Town's annual meeting, and the Chairman of each Board shall certify that such information is accurate, based upon the information available to each Board of Directors.

(d) Prior to finally determining the Middlebury Town budget, and at least 40 days prior to the annual meeting, the selectmen shall hold a public hearing, giving notice thereof in a newspaper of general local circulation at least seven days prior thereto.

(e) The selectmen's budget in its final form and the warning for the annual meeting shall be distributed to the legal voters of the Town at least 10 days prior to the annual meeting.