DESCRIPTION BOARD OF FINANCE

 

The Board of Finance's function is to consider the town governments' finances from an overall viewpoint.  The general statutes give the board specific responsibility for:

 

• Preparing the Town budget

• Setting the property tax rate

• Approving deficiency and special appropriations and transfers

• Determining how town financial records are kept

• Arranging for an annual audit of town accounts

• Publishing the annual town report

 

The Board of Finance reviews and discusses the town's revenues and disbursements.

 

Town agencies are required to come to the Board of Finance if, at any time during the year, they have an expense that exceeds their budget, for prior approval from the Board.

 

The tax collector furnishes the information needed to track the rate and timeliness of tax collections.  This information is vital in gauging the town's expenditures in keeping with collections.  In planning the next year's budget, all members of the Board of Finance are aware of the effect the rate of tax collection has in meeting the expenses of the current year, as well as the revenues expected for the coming year.