§ 18B-3. Spending cap.

The total dollar amount of expenditures in the annual adopted operating budget for the Town-Wide General Fund shall not increase above the total dollar amount of expenditures in the most recent adopted operating budget for the Town-Wide General Fund by more than the three-year average of revenue growth rate plus the three-year average population growth rate for the three previous completed fiscal years. When the calculated growth rate is less than 0%, adopted expenditures shall not exceed expenditures in the most recent adopted budget. For the purposes of this section, the most recent adopted budget shall include any revisions adopted via Town Board resolution.