The fiscal year of the town shall begin on July 1 and shall end on June 30, unless another period is required by the General Laws. The town manager shall establish a budget calendar, consistent with any requirements in this charter and by-laws, setting forth key deadlines for action. Following presentation of the same to the select board, the town manager shall provide notice thereof to all town department heads, directors, boards, committees and officials.
(a) 
Public Hearing — At least 7 days before the meeting at which the school committee is to vote on its final budget request, the school committee shall cause to be published in a local newspaper information as to the times and places, which shall include, at a minimum, the school website and superintendent's office, where copies of the committee's proposed budget message and draft budget may be reviewed and or requested, and such information shall include the date, time and place of the public hearing thereon. The budget message shall outline proposed financial policies of the school department for the ensuing fiscal year, describe important features of the budget, indicate any major variations from the current year in financial policies, expenditures and revenues, together with the reasons for such changes, and include such other material as the superintendent and school committee deem desirable or the town manager or select board may reasonably require. The school committee shall take its final vote on its proposed budget not sooner than at its next regularly scheduled meeting following the public hearing.
(b) 
Submission to Town Manager — The budget, as adopted by the school committee, shall be submitted to the town manager not later than 2 weeks prior to the date on which the town manager is required to submit a proposed town budget to the finance and warrant committee to enable the town manager to consider the effect of the school department's requested appropriation upon the total town operating budget, which is required to be submitted under this Article 5A.
Before the spring annual town meeting is to convene, the town manager shall, not later than 1 week prior to the date on which the town manager will submit the proposed budget and budget message to the select board for its review, cause to be published in a local newspaper information as to the times and places, which shall include, at a minimum, the town website and the town manager's office, where copies of the town manager's proposed budget and budget message may be reviewed or requested, and such information shall include the date, time and place of the public hearing thereon. After consultation with the select board, the town manager shall submit to the finance and warrant committee a proposed, balanced, operating budget for the ensuing fiscal year with an accompanying budget message and supporting documents.
The budget message of the town manager shall explain the budget for all town agencies, both in fiscal terms and in terms of work programs. It shall outline proposed financial policies of the town for the ensuing fiscal year, describe important features of the budget, indicate any major variations from the current year in financial policies, expenditures and revenues, together with the reasons for such changes, summarize the town's debt position and include other material as the town manager deems desirable or the select board may reasonably require.
The proposed operating budget shall provide a complete financial plan for all town funds and activities for the ensuing fiscal year. Except as may otherwise be required by the General Laws, by this charter or by by-law, it shall be in the form which the town manager deems desirable or the select board may require. In the presentation of the budget, the town manager shall utilize modern concepts of fiscal presentation so as to furnish maximum information and the best financial control. The budget shall show, in detail, all estimated income from the proposed property tax levy and other sources and all proposed expenditures, including debt service, for the following year. The budget shall be arranged to show the actual and estimated income and expenditures for the previous, current and ensuing fiscal years and shall indicate in separate sections:
(a) 
proposed expenditures for current operations during the ensuing fiscal year, detailed by town agency and position in terms of work programs, and the method of financing such expenditures;
(b) 
proposed capital expenditures during the ensuing fiscal year, detailed by town agency, and the proposed method of financing each such capital expenditure; and
(c) 
estimated surplus revenue and free cash at the end of the current fiscal year, including estimated balances in any special accounts established for specific purposes.
(a) 
Public Hearing — Forthwith upon its receipt of the proposed operating budget the finance and warrant committee shall provide for the publication in a local newspaper of a notice stating the time and place, not less than 7 nor more than 14 days following such publication, at which it will hold a public hearing on the proposed operating budget as submitted.
(b) 
Review — The finance and warrant committee shall consider, in open public meetings, the detailed expenditures proposed for each town agency and may confer with representatives of each such agency in connection with its review and consideration. The finance and warrant committee may require the town manager, or any other town agency, to furnish it with such additional information as it may deem necessary or desirable to assist it in its review and consideration of the proposed operating budget.
(c) 
Action by Representative Town Meeting — The finance and warrant committee shall file a report containing its recommendations for the action to be taken on each line item in the proposed operating budget as submitted by the town manager, which report shall be available on the town website and in the offices of the town manager and town clerk. The finance and warrant committee's recommendation on the proposed operating budget for the ensuing fiscal year shall be presented as the main motion to the representative town meeting.
The town manager shall submit a capital improvement program to the select board and the finance and warrant committee within the time fixed by by-law. The program shall be based on material prepared by the capital improvement committee established by by-law, if any, including:
(a) 
a clear and concise general summary of its contents;
(b) 
a list of all capital improvements proposed to be undertaken during the next ensuing 5 years, with supporting information as to the need for each capital improvement;
(c) 
cost estimates, methods of financing and recommended time schedules for each improvement; and
(d) 
the estimated annual cost of operating and maintaining each facility and piece of major equipment involved.
This information is to be annually revised by the town manager with regard to the capital improvements still pending or in the process of being acquired, improved or constructed.
The town manager shall be the chief fiscal officer of the town. Warrants for the payment of town funds prepared and signed by the director of finance in accordance with the provisions of the General Laws shall be submitted to the town manager. The approval of any such warrant by the town manager shall be sufficient authority to authorize payment by the treasurer-collector or, as may be applicable, town treasurer, but the select board alone shall approve all warrants prepared and signed by the director of finance in the event of the absence of the town manager or a vacancy in the office of town manager.
The select board shall annually provide for an independent audit of all financial books and records of the town or whenever it deems an audit of the whole town or of any particular town agency to be necessary or desirable.
Audits of the town's financial books and records shall be conducted by a certified public accountant, or firm of such accountants, having no interest, direct or indirect, in the affairs of the town.