The fiscal year of the town begins on the first day of July
and ends on the last day of June following.
At least 45 calendar days before the beginning of the fiscal
year, the manager must submit to the council the complete proposed
town budget for all the departments, including the school department
for the ensuing fiscal year, and an accompanying message.
The manager's message is to explain the proposed budget
both in fiscal terms and in terms of the work programs. It must outline
the proposed financial policies of the town for the ensuing fiscal
year, describe the important features of the proposed budget, indicate
any major changes from the current year in financial policies, expenditures
and revenues together with the reason for such changes, summarize
the town's debt position and include such other material as the
manager deems desirable.
Copies of the budget and the capital program as adopted are
public records and must be made available to the public at suitable
places in the town.
Every appropriation, except an appropriation for a capital expenditure,
lapses at the close of the fiscal year to the extent that it has not
been expended or encumbered. An appropriation for a capital expenditure
continues in force until the purpose for which it was made has been
accomplished or abandoned. The purpose of any such appropriation is
deemed abandoned if 3 years pass without any disbursement from or
encumbrance of the appropriation.