There shall be a Board of Finance consisting of seven members
who shall be elected to four year overlapping terms as provided by
ordinance. No more than five members shall be of the same political
party. The Board of Finance shall have all the powers and duties conferred
on boards of finance by the General Statutes or as they may be amended,
except as otherwise specifically provided by this charter.
Upon receipt and consideration of the town council's policy
statement concerning the proposed annual budgets, the Board of Finance
shall hold one or more public hearings on the proposed annual budgets
and shall with the advice of the town manager, not later than April
15 in each year, present to the council a complete proposed annual
budgets for the ensuing fiscal year. The council may make any alterations
or reductions in the proposed annual budgets that they deem necessary,
except for increasing the total proposed annual budgets and shall
submit same to the town meeting for approval. If the town council
disagrees with the total proposed annual budgets, the council may
reject same and return said proposed annual budgets to the Board of
Finance for further consideration. After further consideration, the
Board of Finance shall submit the final proposed annual budgets to
the council and the council shall submit same to the town meeting
for approval. Upon the establishment of the annual town budget by
the town meeting, the Board of Finance shall fix the tax rate in mills
which shall be levied upon the taxable property in the town on the
grand list of the previous October 1. The Board of Finance shall review
and make recommendations regarding all requests for additional appropriations
to be submitted to the council.