The Board of Finance shall, not sooner than one week nor more than three weeks following the biennial town election, meet and elect from its membership, a Chairman, who shall preside over its meetings and choose a Clerk who shall prepare the minutes and other records of each meeting.
Each member of the Board of Finance must:
(1) 
Be an elector of the town;
(2) 
Be a taxpayer of the town;
(3) 
Be sworn to faithful performance of his duties; and
(4) 
Hold no salaried town office.
Board members shall receive no compensation for services, but necessary expenses of the Board are to be paid by the town from an appropriation authorized for that purpose.
The Board of Finance shall annually designate an independent public accountant to audit the books of the town as required by the General Statutes.
The Treasurer shall receive all money belonging to the town, pay it out on the order of the proper authority, keep accurately the records required by law, and have such other powers and duties as are prescribed in the General Statutes. He shall conform the procedures of his office to the regulations of the Board of Finance adopted in accordance with this Charter.
At such time and in such manner as the Board of Finance may require, every agency supported wholly or in part by town revenues, or for which a specific town appropriation is or may be made shall present to the Board of Finance an itemized estimate of the expenditures to be made by that agency, and all other revenues, other than town appropriations, to be received by it or for the use during the ensuing fiscal year. The estimates shall be accompanied by such other reports and information as the Board of Finance may require. The Board of Finance shall then revise the estimates, as it deems desirable and prepare a proposed general town budget.
Not less than two weeks before the Annual Town Meeting, the Board of Finance shall hold a public budget hearing, at which time the Board shall present a list of itemized estimates of expenditures of the town for the next fiscal year and shall hear all interested persons concerning proposed appropriations.
The Board of Finance shall then revise the estimates, as it deems desirable and prepare the recommended town budget, which it shall present to the Annual Town Meeting.
After the Board of Tax Review has finished its duties and a Grand List has been completed, the Board of Finance shall meet to lay a tax on the Grand List sufficient, in addition to other estimated yearly income of the town, to pay the expenses and appropriations of the town for the current year, and also to absorb any revenue deficit of the town at the end of the preceding fiscal year.
The Tax Collector shall collect the taxes in accordance with the provisions of the General Statutes, and shall issue monthly reports to the Town Treasurer and to the Board of Finance and a yearly report to the town and state.
(a) 
The Board of Finance on request by town agencies may make special appropriations from surplus revenue or from an approved contingency fund. Any such appropriation in excess of the amount prescribed in CGS 7-348 shall require approval by a vote of Town Meeting upon recommendation of the Board of Finance.
(b) 
When the town is maintaining a reserve fund for capital and nonrecurring expenditures in accordance with the General Statutes, payments into the reserve fund shall be made upon the recommendation of the Board of Finance and approval by vote of Town Meeting. An appropriation from the reserve fund in an amount not more than the amount permitted in CGS 7-348 may be made on recommendation of the Board of Finance and approval by the Board of Selectmen; a recommended appropriation of more than that amount shall require approval by vote of Town Meeting. Appropriations for construction or other permanent improvements, from whatever source derived, shall not lapse until the purpose for which the appropriation was made shall have been accomplished or abandoned, provided that any project shall be deemed to have been abandoned if three fiscal years shall elapse without any expenditure from or encumbrance of the appropriations therefor.
[Amended 11-7-2006, effective 12-7-2006]
(c) 
Special appropriations other than those from surplus revenue or from an approved contingency fund may be made only by a vote of Town Meeting on recommendation of the Board of Finance. If such an appropriation is voted before the tax is laid in accordance with Section 6-5, it shall be included in the appropriations of the town, which the tax must cover. If it is voted after the tax has been laid, the Town Meeting must direct the Board of Selectmen to borrow such amount as is necessary and the amount so borrowed shall be appropriated in the next annual budget and paid from the tax next laid.
(d) 
The provisions of this section shall not be a limitation on the power of the town to issue bonds or other obligations for appropriations or indebtedness in accordance with the General Statutes.
(a) 
The fiscal year of the town shall begin on July 01 and end on June 30 of the following calendar year, unless changed by vote of a Town Meeting or by referendum.
(b) 
The system of accounts used by Town agencies shall be that required by law or by regulations of the Board of Finance.
(c) 
The Board of Finance shall keep under review the expenditures of town agencies, and may by regulation prescribe periodic reports of expenditures, and establish a system of quarterly allotments of appropriations to town agencies, which shall not be exceeded without permission of the Board of Finance.
(d) 
The regulations of the Board of Finance may also designate the forms and procedures for orders to be drawn on the Treasurer by the Board of Education and the Board of Selectmen.
(e) 
Any regulations developed by the Board of Finance required by this Charter shall be consistent with this Charter and with the statutory powers and duties of other town agencies, and all town agencies, including the Board of Education, shall comply with them. They shall be adopted and may be amended by vote of the Board of Finance. Any proposed regulation or amendment other than the regulations specified in Section 6-1 shall first be referred to the Board of Selectmen for comment and consultation. A similar reference shall be made to the Board of Education or the Treasurer; if their interests are affected. All regulations of the Board shall be filed with the Town Clerk.
[Amended 11-7-2006, effective 12-7-2006]
(f) 
No officer or agency of the town shall expend or enter into any contract, which would oblige the town to expend in excess of any approved appropriation. Any officer who without authority from this Charter or the General Statutes, expends or causes to be expended any money of the town, except in payment of final judgments rendered against the town, shall be liable in a civil action in the name of the town, as provided in the General Statutes.