The fiscal and budget year of the Town shall begin on the first
day of January and end on the 31st day of December unless other dates
shall be fixed by action of the Town Council.
[Amended 3-12-2024]
At such time as may be requested by the Manager or specified
by the Administrative Code, each officer or director of a department
shall submit an itemized estimate of the expenditures for the next
fiscal year for the departments or activities under his control to
the Manager. Based on these estimates and other data, the Town Manager
shall prepare a recommended budget which shall, together with these
department estimates, be submitted to the Council on such date as
the Council shall establish. The Council shall review the budget for
the following fiscal year and make such modifications and amendments
as it desires.
At the beginning of each quarterly period during the fiscal
year, and more often if required by the Council, the Manager or his
designee shall submit to the Council data showing the relations between
the estimated and actual income and expenses to date, together with
outstanding indebtedness and estimated future expenses; and if it
shall appear that the income is less than anticipated, the Manager,
with Council approval, may reduce the appropriation for any item or
items in the budget, except amounts required for debt, interest charges,
and other fixed costs, to such a degree as may be necessary to keep
expenditures within the cash income. At any time, the Manager may
provide for monthly or quarterly allotments of appropriations to departments,
funds, or agencies under such rules, as he shall prescribe.
After the budget has been adopted, no money shall be drawn from
the treasury of the Town nor shall any obligation for the expenditure
of money be incurred except pursuant to a budget appropriation. The
head of any department, with the approval of the Manager, may transfer
any unspent balance or any portion thereof from one fund or agency
within his department to another fund or agency within his department.
The Manager, with the approval of the Council, may transfer any unspent
balance or any portion thereof from one department to another.
Every appropriation, except an appropriation for a capital expenditure
or dedicated funds, shall lapse at the close of the fiscal year to
the extent that it has not been expended or encumbered. An appropriation
for a capital expenditure shall continue in force until the purpose
for which it was made has been accomplished or abandoned.
The Council shall approve to the Treasurer the depository or
depositories for Town funds and shall provide for the timely deposit
of all Town monies. The Council may require such security for Town
deposits as it deems necessary, except that personal surety bonds
shall not be deemed proper security.
Any Town officer elected or appointed by authority of this Charter
shall be bonded in an amount as required by state law or dictated
by prudent fiscal practice for the faithful performance of the duties
of his office. The Manager and all officers receiving or disbursing
Town funds shall be so bonded. All official bonds shall be corporate
surety bonds, and the premiums thereon shall be paid by the Town.
Such bonds shall be filed with the Town Clerk.
[Amended 9-11-2012]
All borrowing of money for any purpose within the scope of the
powers vested in the Town and the issuance of bonds, notes or other
evidence of indebtedness of the Town shall be in accordance with the
procedures prescribed in the Municipal Finance Act, RSA Chapter 33.