The Financial Planning Committee shall consist of six members and exercise its powers pursuant to the Charter and this Code. No elected or appointed town officer or town employee or member of any town committee or of any regional or district entity of which the town is a member shall be eligible to serve on the Committee.
[HISTORY: Derived from Chapter 16, Art. II, of the prior Code. Amendments noted where applicable.]
The Moderator shall appoint three of the original members of said Committee, who shall serve terms of one, two and three years, respectively, as the Moderator shall designate. Annually thereafter, at the close of the Annual Town Meeting, the Moderator shall appoint one member of said Committee who shall succeed the member appointed by him whose term shall have expired and who shall serve for a term of three years.
One member of said Committee shall be appointed by the Appropriation Committee, one member shall be appointed by the School Committee and one member shall be appointed by the Planning Board. Members so appointed shall serve for a period of three years.
Whenever any vacancy shall occur on the Committee, it shall be filled by the appointing authority which appointed the member whose position shall have become vacant. Any person appointed to fill a vacancy on the Committee shall hold office for the unexpired term of the person whom he succeeds.
The Town Accountant shall be an ex officio member of the Committee. He shall not be entitled to vote on the making of recommendations to be included in its reports.
It shall be the duty of the Committee to serve in a research, study and advisory capacity to the Board of Selectmen, the Appropriation Committee and the Administrative Officer on short- and long - range financial planning matters and to assist in the development of capital improvements programs. In carrying out this function, it may consult with town, county and state officials and with other boards and committees of the town and shall have full access to all town records and departmental records. It shall issue an annual report, with copies to the Selectmen, Administrative Officer, School Committee, Appropriation Committee and Planning Board. The annual report shall include but not be limited to estimates and projections of income, operational expenses, historic trends, tax rates and the Committee’s comments on the scheduling of capital outlays and financial planning strategies and goals for the ensuing six-year period. The Committee is authorized to issue such other reports as it deems advisable.