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; 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 Warrant Articles.
There shall be separate budget line item Warrant Articles, each of
which shall identify the amount recommended by the Select Board as
the amount subject to voter approval. Each budget line item Warrant
Article shall include the recommendations of the Select Board and
the Budget Committee and shall be limited to a single typical expense
category as approved by the Select Board.
(3) Each budget article shall state that 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.
(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.
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%).
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.