There shall be a Board of Finance consisting of five members. The members shall serve without compensation except for the reimbursement of authorized expenses incurred in the performance of official duties. No more than three members of such Board shall be members of the same political party.
The Board of Finance shall under the authority conferred by the Constitution and General Statutes of the State on Connecticut, Hebron Town Ordinances and have the following powers and duties as more specifically set forth in this Charter:
A. 
Oversee the financial activity of the Town;
B. 
Approve supplemental appropriations;
C. 
Approve interdepartmental and intradepartmental transfers;
D. 
Annually set revenue projections and prepare budgets for the General Government and the Board of Education;
E. 
Set the mill rate;
F. 
Authorize borrowing;
G. 
Call for public hearings as necessary.
At its first meeting, following each biennial Town Election, the Board of Finance shall fix a time and place of its regular meetings and provide a method for the calling of special meetings. At this meeting, the Board of Finance shall choose one of its members to be the Chairman. Also at this meeting, a Vice-Chairman shall be chosen who shall act in the absence or temporary disability of the Chairman. Nothing shall prohibit the Chairman or Vice Chairman from being a full voting and participating member of the Board of Finance. All meetings of the Board of Finance for the transaction of business shall be open to the public. The majority of the entire Board of Finance shall constitute a quorum, and no action except a vote to adjourn or fix the time and place of the next meeting shall be adopted by less than a majority of the entire Board of Finance.