Town of Branford, CT Chapter 47 Fiscal Year

[HISTORY: Adopted by the Representative Town Meeting of the Town of Branford 7-12-1960. Amendments noted where applicable.]

§ 47-1 Uniform fiscal year adopted.

Pursuant to the provisions of Chapter 110 of the 1959 Supplement to the General Statutes of Connecticut,[1] the Town of Branford hereby adopts the uniform fiscal year and shall begin a new fiscal year on July 1, 1961.

[1] Editor's Note: See Section 7-382 of the Connecticut General Statutes, Revision of 1958.

§ 47-2 Annual budget meeting.

The annual budget meeting of the Town of Branford shall be the second Tuesday of May, commencing with the year 1961, at 8:00 p.m. and shall be held at some suitable place designated by the Representative Town Meeting. The annual Town budget and the estimates and recommendations of the Board of Finance shall be submitted to this meeting for appropriate action.

§ 47-3 Interim budget.

The Town of Branford shall adopt an interim budget for the period October 11, 1960, to June 30, 1961.

§ 47-4 Expiration of funds.

[Added 10-21-2021]

A. All appropriations for operating funds shall transfer to the undesignated general fund balance when the fiscal year for which they were appropriated is closed.

B. All funds derived from sources other than the issuance of bonds, notes, or other obligations (such "bonds, notes, or other obligations," hereafter "bonded funds," appropriations for capital funds not derived from bonded funds hereafter "nonbonded funds") shall remain available for two fiscal years beyond the year in which appropriated, unless such time is extended by the Board of Finance and approved by the RTM. At the end of the third fiscal year after their appropriation, where legally possible, any unobligated funds will be transferred to the undesignated general fund, unless specifically extended by the Board of Finance and RTM.

(1) Example: Funds appropriated for or in year " x" shall expire and be transferred to the undesignated fund balance when year "x + 2" is closed out by the Finance Department, generally by September 30 following the end of the fiscal year on June 30. If funds are appropriated on April 1 of year "x," those funds will expire when year "x + 2" is closed out. If funds are appropriated in the annual budget for year "x" in May of the prior fiscal year, those funds will expire when year "x + 2" is closed out.

C. All "bonded funds" remaining unobligated at six years after the fiscal year of their authorization shall expire unless those funds had financial activity in the past year, or unless such time is extended by the Board of Finance and approved by the RTM. At the end of the sixth fiscal year after their authorization, any unobligated funds shall be used to pay debt service or, if approved by the Board of Finance and RTM, reallocated to another project.

(1) Example: Bonded funds authorized in year "x" shall expire and be used to pay down debt when year "x + 6" is closed out by the Finance Department, generally by September 30 following the end of the fiscal year on June 30. If funds are authorized on April 1 of year "x," those funds shall expire and shall be used to pay debt service or, if approved by the Board of Finance and RTM, reallocated to another project when year "x + 6" is closed out.

D. Capital projects balance report. At least once per year on a recurring schedule to be established by the Finance Department, a report will be generated listing the current balances for all of the Town's capital projects. The report shall include the fund number, project number, project name, and current balance. The report will be posted on the Town website and accessible to the public. Nothing in this section shall preclude a request at any time for timely provision of this information.