Chapter 2.20
FINANCE COMMITTEE
Sections:
2.20.020 Meetings, Organizations, Records.
2.20.030 Budget Submission Requirements.
2.20.035 Capital Outlay defined.
2.20.040 Estimate of Expenditures
2.20.045 Receipts, Expenditures, Transfers.
2.20.050 Board Of Selectmen to consider Budget.
2.20.060 Notice Of Recommendations to Members.
2.20.070 Appearance Before Committee
2.20.080 Notice Of Recommended Budget
The Finance Committee will consist of nine members, each appointed to serve a three year term. The terms of appointment will be staggered so that three (3) terms of service will expire at the end of fiscal year. The appointing authority for the purposes of this section shall consist of a body composed of the Moderator, the Chairman of the Board Of Selectmen and the chairman of the Finance Committee, a majority vote prevailing (Art 35, ATM 1995)
2.20.020 Meetings, organization and records.
The Finance Committee shall meet and organize by the election of a Chairman, Vice-Chairman and Clerk at the first meeting held by the Finance Committee after the conclusion of the Annual or Special Town Meeting that establishes the budget for the fiscal year.
The Finance Committee shall consider all Town Meeting articles after giving one or more public hearings thereon and shall provide written recommendations to the Town Meeting as per Massachusetts General Law Chapter 39 Section 16.
The number of members in attendance at public hearings and at each meeting of the Finance Committee and a statement of the number of dissenting votes shall be included in the minutes of the Finance Committee.
The Finance Committee shall act on all Lateral and Reserve Fund Transfer Requests submitted to them in accordance with the provisions of Massachusetts General Law Chapter 40 Section 6.
The records of the Finance Committee shall contain a list of all transfers requested and the reasons therefore and the action taken by the committee thereon.
The Finance Committee Annual Budget Recommendations Report shall include in Parallel Columns, each Department's adopted appropriation amount of the previous fiscal year, the Department Head Request, the Town Managers recommendations and the Finance Committee recommendations. (Article 22, STM 10/01)
2.20.030 Budget Submission Requirements
On or before the second Friday in January of each year all departments, boards, committees, including the School Department, vested by law or the Town Meeting with the receipt, disbursement or expenditure of monies shall submit in writing to the Town Manager their signed budget request for the next fiscal year. The Town Manager is responsible for budget requests from departments, boards or committees under his or her jurisdiction.
Each budget shall be in a format as required by the Town Manager and the Finance Committee but at a minimum shall include three categories of expenditures; salaries, operating and capital outlay(s) and each category shall contain an itemization of expenditures.
Under salary expenditures; new position request(s) shall be shown as a separate line item(s).
Unless a budget for a department, board or committee is submitted at the time required and in the form required by the Town Manager and the Finance Committee no appropriation for said department, board or committee in excess of the appropriation for the previous fiscal year shall be made at Town Meeting. (Article 30, ATM 1998)
2.20.035 Capital outlay defined
For budget purposes, "capital outlay" is defined as moveable property, of a relative permanent nature having a normal life expectancy of more than three years or having a purchase cost of $10,000 per item or more and including items such as furniture, office equipment, rolling stock including items purchased on a leasing or lease-purchase basis. Items purchased on a leasing or lease-purchased basis are subject to annual appropriation. (Article 23, STM 10/01)
2.20.040 Estimate Of Expenditures
On or before March 15th of each year, the Town Manager shall submit to the Board Of Selectmen, Finance Committee and Town Clerk a detailed estimate in writing of his proposed expenditures for Town Government for the ensuing fiscal year including the amounts required to meet the Interest and Maturing Bonds and notes or any outstanding indebtedness of the Town, and showing specifically the amount necessary to be provided for each fund and department, together with a statement of the expenditures of the current fiscal year.
The Town Manager shall also submit a statement showing all revenues received by the Town in the preceding Fiscal Year together with an estimate of the receipts of the current fiscal year and an estimate of the sources of revenue for the ensuing Fiscal Year.
The Town Manager shall also submit a detailed estimate of the expenditures required for the Town to meet its obligations under the Education Reform Law for the ensuing fiscal year as well as a detailed estimate of the expenditures expected to be made in the current Fiscal Year (Schedule 19) and the amounts expended in the previous Fiscal Year (Schedule 1) for Education.
The Town Manager should report the probable amount of property taxes to be levied and raised to defray all expenses and liability of the town together with an estimate of the tax rate necessary to raise said amount.
On or before March 15th of each year, the Town Manager shall submit to the Board Of Selectmen, Finance Committee and Town Clerk his written recommendation to postpone action on the Annual Town Meeting Budget articles until such time as financial information is available to adequately operate the town.
The Town Manager's recommendation to postpone final budget action shall be non-binding and subject to Town Meeting vote. (Art 35, ATM 1995)
2.20.045 Receipts, expenditures, transfers
Monthly, the Town Auditor shall forward to the Finance Committee a detailed schedule of the current fiscal years expenditures to date. This schedule shall also show the balance remaining in the current years appropriation including transfers made to date.
Monthly, the Town Auditor shall forward to the Finance Committee a detailed schedule of the current fiscal years receipts to date. This schedule shall also include a list of the amounts budgeted for the current fiscal year and the budget variance to date.
Monthly, the School Committee shall forward to the Finance Committee a detailed list of budget transfers made within their accounts together with a detailed list of their Current Year Expenditures to date and an explanation of any deviations for the Current Year School Spending Plan as submitted to the Department of Education on Schedule 19. (Art. 35, ATM 1995)
2.20.050 Board Of Selectmen To Consider Budget
The Board Of Selectmen shall each fiscal year consider the budget submitted by the Town Manager and make such recommendations relative thereto as they deem expedient and in the proper interest of the Town. (Art. 35, ATM 1995)
2.20.060 Notice Of Recommendations to members
On or before March 15 of each year, the Town Manager shall transmit a copy of his proposed budget for the ensuing year along with the departmental requests, and support documents, together with his recommendations relative thereto, to each member of the Finance Committee and the Board of Selectmen.
The Town Manager shall also file a copy of the proposed budget with his recommendations relative thereto with the Town Auditor and the Town Clerk (Art. 35, ATM 1995)
2.20.070 Appearance before committee
Upon the request of the Finance Committee, the Town Manager, Department Heads and other Town Officials shall appear before said committee to explain their budget requests. (Art. 35, ATM 1995)
2.20.080 Notice Of recommended budget.
The Finance Committee shall file its written recommendation for all warrant articles on or before noon of the Friday prior to the commencement of any Town Meeting, by making copies available at the Town Clerk's office (Art. 30, ATM 1998)
No action of the Finance Committee shall be valid unless taken at a duly called meeting or an adjournment thereof. Each member of the committee shall be given written notice of the time and place of the meeting by having said notice mailed to him at least seventy-two (72) hours by the Clerk, Chairman or Vice-Chairman of the committee: Notification of the meeting may be made by a representative of the Chairman, Vice-Chairman or Clerk of the Finance Committee.
No action of the Finance Committee shall be valid unless there is a quorum present at a duly called meeting. (Art. 35, ATM 1995)