The fiscal year of the Town shall begin on the first day of July and end on the last day of June of the subsequent year.
[Amended 6-14-2022
(1) 
Schedule. The schedule for preparation and submission of the proposed Annual Budget for the ensuing fiscal year shall be established annually by the Town Manager and Select Board. The schedule shall include proposed dates for the public meetings as required in § 6.05(1).
(2) 
Town Manager shall submit to the Select Board for their review a budget for the ensuing fiscal year and a budget message. The Select Board shall review that budget and reconsider the budget for final approval after the Budget Committee has reported its recommendations to the Select Board. Such final approval shall be in accordance with the provisions set forth in Section 6.05, Select Board Action on the Budget.
(3) 
Budget Message. The Town Manager's budget message shall explain the budget in fiscal terms and work programs. It shall outline the proposed financial policies of the Town for the ensuing fiscal year, describe the important features of the budget, indicate any major changes 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 such other material the Town Manager deems desirable or the Select Board requests.
(4) 
Format. The budget shall provide a complete financial plan of all Town funds and activities for the ensuing fiscal year, except as required by this Charter. The budget shall be in such form as the Town Manager deems desirable or the Select Board may require.
[Amended 11-7-2023]
(5) 
Organization. In organizing the budget, the Town Manager shall utilize the most feasible combination of expenditure classifications by fund, organization unit, program purpose or activity, and object. It shall include:
(a) 
A clear general summary of the contents, and details of all estimated income and all proposed expenditures, including debt service, for the ensuing fiscal year;
(b) 
Comparative figures for actual year-to-date and estimated income and expenditures of the current fiscal year;
(c) 
Anticipated income and expenditures for the remainder of the fiscal year; and
(d) 
Actual income and expenditures for the preceding three (3) fiscal years.
[Amended 6-13-2023]
(1) 
Purpose and composition. The Budget Committee shall consist of 11 regular members, to cooperate with the Select Board, Town Manager, Finance Director, other Town departments, and Superintendent of Schools (in the§ 1. event the Town operates its own school system), in making recommendations concerning all appropriation articles in the Warrant.
(2) 
Appointment by select board. Camden citizens interested in serving on the Budget Committee must submit a Committee Interest Form to the Town Office, in order to be considered for membership on the Budget Committee.
(3) 
Terms. Members shall serve for staggered three-year terms, commencing on the date of the Town Meeting. Members may serve for three consecutive terms, after which they shall be ineligible to serve for one year before they are allowed to serve up to three consecutive year terms, subject to said gap year(s) thereafter.
(4) 
Election of Officers and Governing Rules.
(a) 
The members of the Budget Committee shall vote to set their governing rules of order.
(b) 
Six members of the 11 shall constitute a quorum.
(c) 
Current members of the Budget Committee shall elect a Chair and Vice Chair.
[Amended 6-14-2022
(1) 
The Budget Committee may meet during the development of the proposed budget and shall meet upon completion of the proposed budget prepared by the Town Manager, as outlined in (2) below. All Budget Committee meetings shall be open to the public. The committee shall keep a written record and an audio record of the meetings to include the votes taken at each meeting.
(2) 
Prior to the final review of the proposed budget by the Select Board, the Budget Committee shall meet and adopt recommendations concerning the Town Manager's proposed budget. The recommendations shall be reported to the Select Board prior to its final review of the budget. The Budget Committee's recommendations shall be included in the Town Warrant.
[Amended 6-14-2022; 11-7-2023]
(1) 
Public Meetings. The Select Board shall hold at least two public meetings, where the proposed budget is discussed. The first meeting shall be to deliberate and ask for comments from the public before the Select Board finalizes the Annual Town Warrant. Both the Budget Committee's recommendations and the Town Manager’s proposed budget shall be presented at the public meeting.
The second meeting may be an informational meeting to answer questions on the Select Board’s proposed budget.
(2) 
Final Review of the Proposed Budget. At a Select Board meeting, the Select Board shall review the Budget Committee's recommendations, comments received from the public and the budget as prepared by the Town Manager. The Select Board shall then vote to place the Town Manager's proposed budget, with or without amendments, on the Town Warrant along with the Budget Committee's budget recommendations.
(3) 
Publication of the proposed budget. Following their vote on the proposed budget, the Select Board shall publish a general summary of their budget recommendations and the recommendations of the Budget Committee. Copies of the proposed budget and recommendations shall be available at the Town Office, printed in the Town Report, and be available on the Town Website.
[Amended 6-14-2022; 6-13-2023]
(1) 
The Annual Budget shall be included in appropriation Articles in the Town Warrant and shall be voted upon by the qualified voters of the Town at the Annual Town Meeting, as outlined in Article I, § 1.02.
(2) 
Form of the budget articles. The recommendations of both the Select Board and Budget Committee shall be included in budget revenue and expense Warrant Articles, and voters shall be asked to adopt the Select Board’s recommendations. The expense budget line item Warrant Article shall be limited to a single typical expense category as approved by the Select Board.
[Amended 11-7-2023]
(3) 
In the event the article fails to pass it will be funded at the previous year's amount and shall state last year's amount.
[Amended 11-7-2023]
(4) 
Adoption of the budget shall constitute appropriations of the amounts specified therein as expenditures from the funds indicated, and shall constitute a levy of the property tax thereby required.
(5) 
A copy of the final approved budget, as adopted at Town Meeting, shall be certified by the Select Board and filed with the Assessor.
(6) 
Copies of the final budget and capital program as adopted shall be preserved as public records. State Law Reference: Title 1 MRSA, § 401 et seq.
(1) 
Departmental Work Plans. At such time as the Town Manager shall specify, each department, office, or agency shall submit work programs for the ensuing fiscal year showing the requested allotments of its appropriation by periods within the year and duly signed by the department head.
(2) 
Town Manager Review. The Town Manager shall review and authorize departmental allotments with or without revision as early as possible in the fiscal year.
(3) 
Revisions to Allotments. The Town Manager may revise allotments within a department's approved budget during the year if the Town Manager deems it necessary, and shall revise them to accord with any supplemental, emergency, reduced, or transferred appropriations made.
If the Town of Camden finds it necessary to borrow money in anticipation of taxes, the following guidelines shall be followed to the extent practicable:
(1) 
Invitations to bid shall be extended to all local banks at the same time.
(2) 
Invitations shall be dated and delivered to the banks at least ten (10) complete banking days prior to the bid openings and award.
(3) 
Invitations to bid shall specify the following:
(a) 
The maximum amount to be borrowed.
(b) 
A clearly defined method of borrowing; i.e., as needed or lump-sum.
(c) 
Planned maturity dates of said notes, and any required prepayment options.
(d) 
Estimated planned borrowing and repayment schedule. (Does not apply if borrowing is on a lump-sum basis.)
(e) 
The date, time, and place bids are due, and the date bids will be opened and awarded.
(f) 
The Town's right to accept or reject any or all bids.
(g) 
The method by which interest shall be calculated; e.g. actual number of days outstanding over a three hundred and sixty-five (365) day period.
(4) 
Bidders shall be asked to submit interest rates in multiples of one one-hundredth of one percent (0.0001%).
(1) 
The Select Board may, after a duly advertised Public Hearing:
(a) 
Vote to carry over any unexpended year-end balance to a surplus account or from any account previously approved by Town Meeting vote from the then current fiscal year to the next fiscal year in that same account. Those carry-over balances shall be deemed appropriated for that same account for the next fiscal year.
(b) 
Vote to transfer funds from departmental accounts with balances to other departmental accounts to cover overdrafts.
(c) 
Vote to transfer an amount not to exceed ten percent (10%) of the unexpended balances from any budgetary department to another budgetary department of the annual budget, subject to the limitations contained in this article, during the period from April 1 to the date of the Annual Town Meeting in June. The transfer of unexpended balances from various budgetary categories shall not increase the expenditure in any budgetary category by an amount that exceeds two-twelfths (2/12) of the budgeted amount approved for that budgetary category.
(2) 
Any expenditure from the Town's Surplus Account shall be approved by the voters at an Annual or Special Town Meeting.
An appropriation for a capital expenditure shall continue in force until the purpose for which it was made has been accomplished or abandoned.
State Law Reference: 30-A MRS, § 5801, § 5802.
From time to time, people and/or organizations donate assets to the Town to be managed by the Town and used for the benefit of Town residents. These assets shall be collectively called the Endowment Funds.
(1) 
All assets, including cash, financial instruments, or real property donated to the Town may be accepted only upon a vote of acceptance by the voters of the Town at a Special or regular Town Meeting in accordance with Title 30-A MRS § 5652-5655.
(2) 
Accepted assets shall be managed in the following manner:
(a) 
Assets contributed to the Town in the form of a Trust or with other specific bequest language shall be managed in accordance with the stipulations of the Trust or the specific bequest language.
(i) 
Endowment Funds Committee. The Select Board shall appoint a three (3) person Endowment Funds Committee to ensure that the Endowment Funds are managed in accordance with the Investment Policy Statement. The Investment Policy Statement shall be recommended by the Endowment Funds Committee and approved by the Select Board. The members of the Endowment Funds Committee shall be appointed by the Select Board from interested and qualified Town residents for staggered three (3)-year terms.
(ii) 
Registered Investment Advisor. The Town shall employ one or more Registered Investment Advisor(s) as recommended by the Endowment Funds Committee and approved by the Select Board. The Registered Investment Advisor(s) shall perform to the standards established in the Investment Policy Statement or shall be subject to replacement by the Select Board upon the advice of the Endowment Funds Committee. The Select Board shall issue a Request for Proposal at least every five (5) years from at least three (3) Registered Investment Advisors so that high quality management of the Endowment Funds can be maintained.
(iii) 
Beneficiary Advisers Committee. The Select Board shall appoint a Beneficiary Advisers Committee not to exceed five (5) members; two (2) shall be Select Board members, plus the Town Manager, the Town Finance Director and the General Assistance Manager. They shall be responsible to select beneficiaries to receive distributions from the various Trusts in accordance with the stipulations of each Trust. The Beneficiary Advisors Committee, in conjunction with the Endowment Fund Committee, shall exercise prudence in the distribution of funds from the Trusts so that the Trusts can operate into perpetuity. No one may simultaneously be a member of the Endowment Funds Committee and Beneficiary Advisers Committee.
(iv) 
If the intended purpose of a Trust can no longer be satisfied because that need has been extinguished or is satisfied through some other mechanism, then the Select Board shall pursue legal remedies so that the Trust can distribute funds for some similar purpose.
(b) 
Assets other than real property, or not in a Trust, or with no specific bequest language, donated to the Town, shall be converted to cash by the Select Board and placed in the Surplus Account.
(c) 
Assets, other than real property donated to the Town, with donor stipulations shall be converted to cash by the Select Board and placed in an account specifically identified to be used as the donor stipulated. These donated assets may be moved to any other account or purpose to the extent such action does not conflict with the stipulations placed on the gift by the donor.
(d) 
Real property is donated to the Town. The Select Board shall decide if the property should be retained by the Town or sold. If the property is sold, then the proceeds shall be placed in the Surplus Fund.
As authorized by law, the Town Manager shall each year appoint a Certified Public Accountant or accountants, with the approval of the Select Board, for the purpose of conducting the annual audit of the prior fiscal year's municipal finances.
State Law Reference: Title 30-A MRS § 5823.
The Select Board shall require a bond, satisfactory to them and paid for by the Town, by a reputable surety company or other acceptable sureties such as the Town's Property and Casualty Insurance Policy, for all persons entrusted with the collection, custody or disbursements of any moneys of the Town.
State Law Reference: Title 30-A MRS § 5601, Title 36 MRS § 755.