The voters of the City shall annually approve a budget for the use of the schools pursuant to the general laws of the State of Vermont. The Board of School Commissioners shall not expend any money or incur any debt for any purpose by contract or otherwise beyond the amount approved in the budget, the provisions of section 17.4 of this chapter shall apply to the Board of School Commissioners and any committee or member thereof. Accounts relating to federal and State funds shall be maintained as directed and regulated by State and federal authorized guidelines and shall be subject to audit by the City Treasurer. (Amended 1997, No. M-17 (Adj. Sess.), § 13; 2007, No. M-20 (adj. Sess.), § 3a, eff. May 14, 2008.)