(a) All amounts specified in the budget and approved by the voters at the annual Town meeting are appropriated for the purposes specified. The Selectboard may transfer appropriated amounts between general classifications of expenditures. All unexpended and unencumbered appropriations, except appropriations for capital expenditures and reserve accounts, shall lapse at the close of the fiscal year or, by action of the Selectboard, may be placed in a Capital Reserve Fund.

(b) The majority of the Selectboard shall sign the orders at each regularly scheduled meeting. (Amended 1999, No. M-12 (Adj. Sess.), § 14, eff. May 9, 2000; 2005, No. M-13 (Adj. Sess.), § 10, eff. May 17, 2006; 2011, No. M-18 (Adj. Sess.), § 2, eff. May 9, 2012.)