The fiscal year of the town government shall
begin on the first day of July and shall end on the last day of June
of the following calendar year unless a uniform fiscal year different
from this for all cities and towns shall be established by state law.
Such fiscal year shall also be the budget and accounting year. As
used in this Charter, the term "budget year" shall mean the fiscal
year for which any particular budget is adopted and in which it is
administered.
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The new fiscal year shall go into operation
gradually and by steps during the future as follows;
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April 1, 1963 to April 30, 1964 shall constitute
a fiscal year.
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May 1, 1964 to May 31, 1965 shall constitute
a fiscal year.
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June 1, 1965 to June 30, 1966 shall constitute
a fiscal year.
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July 1, 1966 to June 30, 1967 shall constitute
a fiscal year of twelve calendar months and thereafter the fiscal
year in like manner shall begin on the first day of July and shall
end on the last day of June of the following year.
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In conformity with the change in the fiscal
year of the town, the tax calendar shall be changed and shall go into
operation gradually and by steps during the future as follows;
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October 1, 1963, beginning date.
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September 1, 1964, beginning date.
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August 1, 1965, beginning date.
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July 1, 1966, beginning date of fourth tax year
and July 1, shall be the beginning day of succeeding years under the
new tax calendar. Property taxes may be paid in full during the first
month or quarterly prior to the twenty-fourth day of the month in
which payments are due. If the correct amount is not paid on or before
its due date the entire balance shall be due and payable with interest
at the rate of six per centum per annum.
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(1)Â
The budget shall provide a complete financial plan
for the budget year. It shall contain three parts;
(a)Â
The budget message prepared by the mayor, giving a
general summary of the principal sources of anticipated revenue with
amounts to be raised from each source and of the principal objects
of expenditure with amounts to be expended for each object, making
clear how expenditures are to be kept within anticipated revenue,
and comparing the general estimates for the coming year with the corresponding
figures for the past year and the year in progress.
(b)Â
Detailed estimates of all anticipated revenues applicable
to proposed expenditures together with supporting information such
as for example a statement of the town's bonded indebtedness, showing
the amount of bonds outstanding and the amount authorized but unissued,
the condition of the sinking funds, the total borrowing capacity of
the town, and other relevant information on revenues and expenditures.
(c)Â
Drafted bills prepared by the mayor, for appropriating
revenues and borrowing if necessary, putting the details of the budget
plan into proper legal form ready for action by the town council.
(2)Â
The total of such anticipated revenues shall at least
equal the total of such proposed expenditures.
The mayor shall prepare the budget. The proposed
budget accompanied by a statement from the mayor shall be presented
to the town council on or before the first day of April in each year.
The council may request the mayor to explain his estimates and recommendations.
The town council shall hold one or more public hearings on the proposed
budget and shall enact the budget ordinances on or before the first
day of May in each year.
(1)Â
In parallel columns opposite the several items of
anticipated revenues there shall be placed the amount of each such
item in the budget of the last completed fiscal year, the amounts
of such items actually received during that year, the amount of each
such item in the budget of the current fiscal year and the amount
actually received to the time of preparing the budget plus a receipt
for the remainder of the current fiscal year estimated as accurately
as may be.
(2)Â
In parallel columns opposite the several items of
proposed expenditures, there shall be placed the amount of each such
item in the budget of the last completed fiscal year, the amounts
of such items actually expended during such year, the amount of each
such item in the budget of the current fiscal year and the amount
actually expended to the time of preparing the budget plus the expenditures
for the remainder of the current fiscal year estimated as accurately
as may be.
(3)Â
The estimates of receipts for all departments shall
be detailed by source. The estimates of expenditures shall be detailed
by departments and the principal subdivisions thereof, offices, boards,
commissions and agencies of the town and shall show for each such
unit the requested amount broken down by personal service, contractual
service, materials and supplies, fixed charges and capital outlays.
The director of the finance department shall
authorize all expenditures for the departments, offices and agencies
to be made from the appropriations on the basis of approved allotments,
and not otherwise. An approved allotment may be revised however during
the budget year. If at any time during the first three quarters of
the budget year but ordinarily at the end of the quarterly period,
the mayor shall ascertain that the remaining unexpended balance of
appropriations for the year will be insufficient to cover the proposed
work programs, he shall reconsider the work programs, and all allotments
of the several departments, offices and agencies and revise the allotments,
other than the allotments of the school department, so as to forestall
the making of expenditures in excess of appropriations; provided,
however, that the revision is within departments, offices and agencies.
The town council during the last quarter of the budget year may revise
allotments between departments, offices and agencies other than the
allotment of the school department. If at any time during the budget
year, the mayor shall ascertain that the remaining unexpended balance
of appropriations of the school department for the year will be insufficient
to cover proposed work programs for the school department, he shall
advise the school department to reconsider its work program and allotment
and to revise its allotment so as to forestall the making by it of
expenditures in excess of appropriations.
