Board of Finance
July 16, 2019 7:30 pm
As its name suggests, the Board of Finance is responsible for the town’s finances. Members’ primary duties are to prepare the town budget (including both general government and school spending) and set the property tax rate. To accomplish these tasks, the Board estimates revenues and monitors both income and spending throughout the fiscal year. The Board maintains and updates the five-year financial plan as a tool used in preparing the budget.
The Board also reviews each request for capital spending (i.e. purchase of durable goods and services costing more than $5,000) from the boards of Selectmen and Education before the request goes to a Town Meeting vote. Each year, the Board works closely with the Selectmen and Board of Education to prepare a Capital Plan, outlining what each board’s needs are projected to be for the upcoming years and allocating available funds between boards. The Board of Finance also reviews and approves appropriations and transfers among town accounts, determines how the town’s financial records are kept and reported, arranges for the annual financial audit, and publishes the annual town report.
The Board of Finance meets on the third Tuesday of each month. There are six regular members, each of whom is elected and serves a six-year term, and two alternates, who are appointed by the regular Board members. Regular members’ terms are staggered, so two members are on the ballot at each biennial municipal election.