There shall be a Department of Finance which shall, under the direction of the Town Manager, conduct the financial business and transactions of the Town, including budget preparation and administration, tax assessment and collection, disbursements, purchasing, and such related functions as may from time to time be assigned to the department by the Town Manager with the approval of the Council. The department shall have such internal organization and personnel as the Town Manager shall prescribe with the approval of the Council.
There shall be a Finance Director who shall be the head of the Department of Finance, employed by the Town Manager with the advice and consent of the Town Council from among persons qualified by professional training and/or prior experience in financial management, budgeting and related subjects. At any time that the office of Finance Director is vacant, the Town Manager with the approval of the Town Council, may assign said duties and responsibilities to another town employee(s), or employ an interim Finance Director.
The titles, positions, duties and responsibilities of the Town Treasurer and of the Tax Collector as set forth in state law shall either be assumed by the Finance Director or delegated to personnel under his or her supervision. In the absence of a Finance Director, the duties of the Treasurer and Tax Collector may be delegated by the Town Manager.
The Town Manager shall cause to be prepared and presented to the Town Council rules and regulations, and revisions thereof as required from time to time, to govern the making of purchases of both capital and non-capital equipment and supplies for the Town, to insure that all such purchases are made on the best possible terms for the Town. Said rules and regulations may provide for the use of competitive bidding procedures for prescribed classes of purchases as may seem appropriate in the best interest of the Town. Upon the request of the School Committee and with the approval of the Town Council, the Department of Finance may take over purchasing for the School Department in whole or in part.
It shall be the responsibility of the Town Manager, with the assistance of the Department of Finance, to prepare the annual operating and capital budgets of the Town for submission to the Town Council and to the financial town meeting and appropriate State agencies. The procedures and schedule for the preparation and consideration of the town budgets shall be the following:
A. 
It shall be the goal of the town’s budget process to distribute budget information and materials as broadly as possible and to engage the public throughout the development and approval of the budget.
B. 
The fiscal year of the Town of New Shoreham shall begin on the first day of July of each year.
C. 
No later than the first Monday in February of each year, estimates of proposed expenditures for the ensuing fiscal year, and all requests for inclusion in the capital budget, shall be submitted to the Town Manager by the head of each department, agency, board and commission of town government whose activities are to be supported in whole or in part by town funds during the next fiscal year, provided however, that the School Committee shall make such submissions of estimates and capital requests no later than the first Monday in March.
D. 
No later than the third Monday in March of each year, the Town Manager shall submit the completed proposed town operating and capital budgets to the Town Council.
E. 
The Town Council shall schedule at least two (2) public hearings on the budget recommendations it receives from the Town Manager, to take place prior to final Council approval of the town budgets for submission to the financial town meeting, such final approval to be voted with whatever changes the Council deems appropriate no later than the third Monday in April. Notice of all budget hearings and budget work sessions scheduled by the Town Council shall be posted by the Town Clerk in accordance with the requirements of state law. In addition, announcements of all budget hearings and budget work sessions shall be made prominently on the Town's website and on such digital platforms as the Town Council may direct. Copies of the budget recommendations to be considered at each such public hearing shall be posted as aforesaid, and shall also be made available to persons requesting them at the Town Hall.
F. 
Disposal of tangible and intangible personal property of the Town shall be by bid or public auction at the direction of the Town Council. Disposal of real property of the Town shall be brought on for a public vote at the financial town meeting.
There shall be a Board of Tax Assessors, of three members, each elected from the Town at large to serve a term of six years, with their terms so arranged that one Tax Assessor is elected at each biennial general election. Said Board of Tax Assessors shall be responsible for the discharge of all the duties and responsibilities prescribed for tax assessors by state law, or prescribed by the Town Council not in conflict with state law. The Board of Tax Assessors shall have such provision for assistance as the Town Manager may provide with the approval of the Town Council and shall function under the general administrative supervision of the Town Manager.
The Town Council may in its discretion, by ordinance, make provision for the replacement of the Board of Tax Assessors with a single Tax Assessor employed by the Town Manager with the advice and consent of the Council, from among persons having had prior professional training and/or experience in assessment, property appraisal and related matters. To accomplish the transition from the Board of Tax Assessors to a single Tax Assessor, the Council shall have the authority to provide, in said ordinance, that there shall be no election to the office of Tax Assessors at the general election next following the enactment of said ordinance, and that the terms of those members of the Board of Tax Assessors holding office as of the first Monday in December following said general election shall terminate on that date, or upon the effective date of the employment of the Tax Assessor chosen to replace the Board, whichever date is later.
There shall be a Board of Assessment Review, consisting of three members appointed by the Town Council from among persons knowledgeable on the subject of property taxation and real estate values, who have been legally domiciled in the Town for at least five years immediately prior to their appointment, each to serve for a term of three years, their terms so arranged that the term of one member shall expire each year. If a member of the board shall cease to be a legal resident of the Town during his or her term of office, the office of that member shall be deemed to have been vacated. No more than two members of the board shall be registered in the same political party.
The Sewer Commission shall conduct the financial business and transactions of the Water Pollution Control Facility, including budget preparation and administration, tax assessment and collection, disbursements, purchasing, and such related functions, in accordance with applicable state law and town ordinances.
The Board of Water Commissioners shall conduct the financial business and transactions of the water district including budget preparation and administration, tax assessment and collection, disbursements and such related functions, in accordance with applicable state law and town ordinances.
All fees, penalties and payments collected by town officials or agencies in their official capacities shall be deposited in the general fund of the Town, and the compensation paid to each town official shall be in lieu of all fees, penalties and payments payable to such official in the performance of his or her duties.