FINANCIAL PROVISIONS AND PROCEDURES
Section l Applicability of general law
6-1-1 In all matters concerning finances and financial procedures of the Town, the provisions of general law shall apply, together with such other requirements as are provided by this Charter and bylaw.
Section 2 Finance Committee
6-2-1 A Finance Committee of eleven members shall be appointed by the Town Council for one-year terms of office. The Finance Committee shall elect from its membership for one-year terms of office, a Chairman, a Vice-chairman, and a Clerk. The Town Accountant and the Town Treasurer-collector shall have ex-officio membership, without voting rights, on the Committee. No elected or appointed Town officer, or compensated Town employee who serves in more than part time employments, shall serve on the Committee. Committee melters shall serve without compensation.
6-2-2 Vacancies on the Finance Committee shall be filled promptly by the Council for the unexpired term.
6-2-3 The Finance Committee shall carry out its duties in accordance with the provisions of general law, this Charter and bylaw, and it shall have regular and free access and inspection rights to all books and accounts of any Town department or office. The Committee shall carefully examine all budget and appropriations proposals and shall issue its recommendations thereon prior to consideration, debate and vote by the Town Council. Section 3 Submission of budget and budget message
Section 3 Submission of budget and budget message
6-3-1 Within the period provided by general law, the Town Administrator shall submit to the Town Council and file copies with the Finance Committee a proposed budget for the ensuing fiscal year with an accompanying budget message and support documents.
Section 4 Budget message
6-4-1 The budget message shall explain the budget for all Town agencies in both fiscal and programmatic terms. It shall: (a) outline proposed financial policies of the Town for the ensuing fiscal year; (b) describe important features of the budget; (c) indicate any major variations from the current year in financial policies, expenditures and revenues, together with the reasons of such variations; (d) summarize the Town's debt position; and (e) include such other materials as the Town Administrator may deem desirable or the Finance Committee may require.
Section 5 Budget Proposal
6-5-1 The proposed budget shall provide a complete financial plan for all Town funds and activities, including the proposed School Committee budget of the ensuing year. Except for the school budget or may be required by general law, it shall be in such form as the Town Administrator deems desirable or the Finance Committee may require.
6-5-2 In submitting the proposed budget, the Town Administrator shall utilize modern fiscal principals so as to afford maximum information and financial control. The budget shall detail all estimated revenue from the property tax levy and other sources and all proposed expenditures, including debt service to: the previous, current and ensuing years, and shall indicate separately: (a) proposed expenditures for 50th current operations and capital projects during the ensuring year, detailed by agency, purpose and position, together with proposed financing methods; and (b) estimated surplus revenue and free cash available at the close of the fiscal year, including estimated balances in special accounts. Section 6 Action on the proposed budget
6-6-1 The Town Council shall conduct at least two (2) public hearings on the proposed budget, and it shall publish, in one (1) or more newspapers of general circulation in the Town, a general summary of the budget and a notice stating: (a) the times and places where copies of the budget shall be available for inspection, and (b) the dates, times and places, not less than fourteen (14) days after such publication, when the public hearings on the budget proposal shall be conducted. The Finance Committee shall issue printed recommendations and make copies available at the time of the public hearings.
6-6-2 The Town Council shall adopt the budget, with or without amendments, prior to the close of the current fiscal year. Adoption of the budget shall constitute appropriation of the amounts specified therein.
Section 7 Capital improvements program
6-7-1 Within the period provided by general law, the Town Administrator shall submit to the Town Council and file copies with the Finance Committee a six-year capital improvements program, which shall include: (a) a clear summary of its contents; (b) a list of all capital improvements proposed to be undertaken during the next six (6) fiscal years, together with supporting data; (c) cost estimates, methods of financing and recommended time schedules; and (d) the estimated annual cost of operating and maintaining any facility to be constructed or acquired.
6-7-2 Information requirements described above may be revised and extended annually with respect to capital improvements in the process of construction or acquisition. A capital improvement shall be defined by the Finance Committee, in consultation with the Town Administrator and other town officials, such definition to be changed from time to time as necessary to reflect current economic conditions.
Section 8 Emergency appropriations
6-8-1 The Town Council shall have the power to enact emergency appropriations orders to meet a public emergency affecting life, health, property or the public peace. Any such emergency order shall be so declared in an emergency preamble thereto, separately voted on and receiving the affirmative vote of at least two-thirds (2/3) of the full Council membership.
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