120. A transit authority must post as revenue in its budget any surplus for the preceding fiscal year and any other surplus anticipated for the current fiscal year that it does not appropriate to a specific purpose.
Notwithstanding the first paragraph, the transit authority may appropriate a surplus for the preceding fiscal year to the expenditures for the current fiscal year, in this way modifying the budget for that fiscal year, or provide for the transfer of all or part of a surplus to a fixed assets fund it sets up.
A transit authority must also post as expenditure in its budget any deficit for the preceding year certified by its auditor.
2001, c. 23, s. 120; 2001, c. 66, s. 28.