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The Vermont Statutes Online

The Statutes below now include the actions of the 2026 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.

Statutes› Title 16› Chapter 010› § 605

Title 16 : Education

Chapter 010 : Cooperative Educational Service Areas

(Cite as: 16 V.S.A. § 605)

  • § 605. Financing, budgeting, and accounting

    (a) Education cooperative fund. A CESA shall establish and manage a fund to be known as an education cooperative fund. All monies contributed by the member school districts and all grants or gifts from the federal government, State government, charitable foundations, private corporations, or any other source shall be deposited into the fund.

    (b) Treasurer.

    (1) A CESA shall appoint a treasurer who may be a treasurer of a member school district and who shall be sworn in before entering the duties of the office.

    (2) The treasurer may, subject to the direction of the board of directors, receive and disburse all money belonging to the board without further appropriation.

    (3) The treasurer shall keep financial records of cash receipts and disbursements and shall make those records available to the board of directors upon request.

    (4) The board of directors shall ensure that its blanket bond covers a newly appointed treasurer before the treasurer enters upon the duties of the office. In lieu of a blanket bond, a CESA may choose to provide suitable crime insurance coverage. The board of directors may pay reasonable compensation to the treasurer for services rendered and shall evaluate the treasurer’s performance annually.

    (c) Financial accounting system. A CESA shall use the uniform chart of accounts and financial reporting requirements used by supervisory unions as its financial accounting system.

    (d) Audit. Annually, a CESA shall cause an independent audit to be made of its financial statements consistent with generally accepted governmental auditing standards and shall discuss and vote to accept the audit report at an open meeting of the board. The board shall transmit a copy of each audit to the boards of its member supervisory unions.

    (e) Annual statement. Annually, a CESA shall prepare financial statements, including:

    (1) a statement of net assets; and

    (2) a statement of revenues, expenditures, and changes in net assets.

    (f) Budget. The board of a CESA shall adopt a budget prior to the beginning of the fiscal year for which the budget is adopted.

    (g) Loans. A CESA may, upon approval of its members, negotiate or contract with any person, corporation, association, or company for a loan not to exceed the difference between the anticipated revenues for the current fiscal year for the budget of the CESA and the amount credited to date to said budget in order to pay current obligations. Such loan shall be liquidated within six months thereafter from monies subsequently credited to said budget. The total principal, interest, and fees to be paid on such loan shall not exceed the total amount of the authorized budget for the same length of time. (Added 2023, No. 168 (Adj. Sess.), § 2, eff. July 1, 2024; amended 2025, No. 170 (Adj. Sess.), § 2, eff. July 1, 2026.)