Budget and Finance Committee


The Budget and Finance Committee Mission Statement and Charter

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.

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.

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.

Procedures: The Committee shall discuss any finance item that the Committee believes relevant.

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.