16 V.S.A. § 555: No liability for unauthorized or deficit spending

(a) It is the intent of the General Assembly that school boards should spend within the amount authorized by the electorate pursuant to this title and should not incur a deficit. However, the General Assembly recognizes that in the course of a school district budget year it may be necessary for expenditures to exceed revenues received or the amount authorized by the electorate.

(b) A school board member shall not be liable under any law, including any criminal law, on the sole basis that the board has spent more than authorized under this title or that a deficit, as defined in 24 V.S.A. § 1523, has occurred.