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The Budget and Finance Committee Mission Statement and Charter |
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Mission Statement:
The mission of the Budget and Finance Committee (hereinafter called
Committee) is
to provide assistance and guidance to the Town Manager and staff leading to
the development, drafting and review of the Town's annual budget. |
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Scope of Work:
The Town Manager shall identify known and anticipated expenditures
and revenues for inclusion in the budget. The Town Manager shall
assemble this information to produce a balanced budget. The Committee
shall review and evaluate the proposed budget, schedule of fees and schedule
of fines for ordinance violations with the Town Manager and present a final
version to the Town Council. |
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Membership of the
Committee:
The Committee is established by the Town Council. The
Chairperson shall be the Town Secretary/Treasurer elected by the Town
Council. The Committee shall be comprised of not less than five (5) or
more than seven (7) individuals, duly eligible to vote in Town elections.
Members are appointed by the Chairman and confirmed by the Town Council.
Each member serves a term of one (1) year, with no limitations on the number
of successive terms. |
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Procedures:
The Committee shall discuss any finance item that the Committee
believes relevant. |
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Budget Process:
November and December - The Town Manager, Department Managers and
the Director of Finance meet to discuss the budgetary needs of each
department. These needs are analyzed and assembled into a budget
proposal, which is presented to the Budget Committee.
January - The Budget Committee meets to review the budget proposal for the
first time. Much of this meeting is discussing the operating budget
and any fee changes being considered.
February - The Budget Committee meets for the second time to review the
budget proposal. At this meeting, they are given a list of changes
that have been made to the proposal since the first meeting. This
meeting usually concentrates on capital spending and any fee changes being
considered.
March -
The Budget Committee meets for the third time. This meeting is used to
review the list of final changes and review the final budget document for
presentation to council.
The Town Council holds a public meeting to present the budget to Town
Council members and to provide the public with an opportunity to comment.
The final budget is generally approved by the Town Council at the regular
monthly meeting.
April - The fiscal year begins based on the newly approved budget.
October or November - The Budget Committee meets to review the revenues and
expenditures of the town for the first half of the fiscal year. |
