[Ord. No. 2461, 10-20-2009]
There may be an annual appropriation of funds to the use of the Economic Development Commission, such appropriation, however, shall not exceed one-twentieth of 1% of the last completed grand list of taxable property in the town. The Commission shall annually prepare an itemized estimate of the cost of conducting the affairs of the Commission for the ensuing year and shall submit such estimate to the Town Council not later than three months before the town budget referendum. The Commission may request transfer of any unexpended funds. The Commission may request the Board of Finance to create enterprise accounts for disbursement of funds as needed. Expenditures by the Commission shall not exceed the appropriation made by the town.