(a) 
The fiscal year of the Town shall begin on July 1st and end on June 30th.
(b) 
The system of accounts used by the Town Departments shall be that prescribed by the General Statutes as supplemented by regulations adopted by the Board of Finance and approved by the Legislative Council and in accordance with generally accepted accounting principles. The accounting system shall include a separate account for each appropriation showing the amount of the appropriation, the amounts paid or transferred to it, the unpaid obligations against it and the unencumbered balance of the appropriation.
(c) 
The Legislative Council, with recommendation from the Board of Finance, shall annually designate an independent, certified public accountant or firm to audit the books and accounts of the Town as required by the General Statutes. Said annual audit shall be accepted by the Legislative Council with the recommendation of the Board of Finance.
(d) 
All Town Departments and officers shall report and remit all receipts to the Finance Director as often as he or she may deem desirable but not more often than daily.
(a) 
The Finance Director shall seek bids from at least 3 lending institutions for all borrowings and the net bid most favorable to the Town must be accepted unless the Finance Director believes that it is in the best interest of the Town to reject all such bids, in which case all such bids may be rejected. The Finance Director may negotiate refunding and restructuring of existing bonds when it is financially advantageous. The re-negotiation may be done without securing bids.
(b) 
Every resolution for the issue of bonds shall provide for a tax levy for each year to meet all serial installments of principal and interest and such amounts shall be included in a tax levy for each year until said bond shall have been paid in full.
(a) 
The Board of Finance shall keep under review the budget of the Town and shall by regulation prescribe periodic reports of receipts and expenditures for which purpose said Board of Finance shall have access to the books and records of any Town Department.
(b) 
The regulations adopted by the Board of Finance and approved by the Legislative Council shall also designate the forms and procedures for purchase orders to be drawn on the Finance Director by the Board of Education and the Board of Selectmen.
(c) 
Neither the Board of Selectmen nor the Board of Education shall draw any order upon the Town unless the Finance Director confirms that there are appropriations within the requesting Town Department to cover the request.
(1) 
Before any Town funds are expended or encumbered or any contract is entered into, a requisition or other form of expenditure authorization request shall be signed by the department head or other authorized person which then shall be submitted to the Finance Director for approval and issuance of a purchase order. Each order shall designate the object for and the account upon which it is drawn.
(2) 
The Board of Education may make transfers within its own budget and shall report transfers within its budget in writing monthly to the Finance Director.
(3) 
When funds appropriated to the office of the Finance Director are spent or encumbered, purchase orders there for shall be signed by the First Selectman.
(4) 
The Finance Director, or another member of the Purchasing Authority shall issue all Town purchase orders. Further, the purchasing procedures adopted by the Board of Finance and approved by the Legislative Council shall be followed.
(d) 
The Finance Director, in conjunction with the First Selectman, shall be the Purchasing Authority for the Town. All supplies and contracts for services needed by Town Departments other than the Board of Education shall be procured through the Purchasing Authority. Supplies and services needed by the Board of Education may be procured through the Purchasing Authority when feasible.
(e) 
No officer or Town Department shall expend or vote to incur any liability or expense by contract or otherwise, or enter into any contract that would obligate the Town to expend in excess of an approved departmental line item appropriation. For the purpose of this Charter, a line item means any expenditure for the current fiscal year to which the Board of Finance has assigned an appropriation account number. Any officer or member of a Town Department who, without authority from this Charter or the General Statutes, expends or causes to be expended any money of the Town, except in payment of final judgments rendered against the Town, shall be liable in a civil action in the name of the Town, as provided in the General Statutes.
(f) 
All sums not in excess of $50,000 which may become due and payable to the Town or any Town Department by virtue of any loss or damage suffered by persons or property entrusted to the care, supervision or management of any such department shall be deposited in a special account and segregated by the Finance Director. Thereafter, the Finance Director shall use such sums so segregated to pay any bills incurred in the course of repairing or replacing such loss or damage by the Town Department in question, but such payments shall not exceed the lesser of the amount of money so deposited or the cost of repair or replacement. Any such money which is not so expended within one year from the date of its deposit shall cease to be segregated from the general fund of the Town, unless the Town Department that has incurred the loss or damage, notifies the Finance Director in writing before the expiration of said year that such repairs or replacements have been commenced or will be commenced within 90 days and will be completed on a date which will be specified in the aforesaid written notice, not to exceed 18 months.
(a) 
During the first 335 days of any fiscal year:
(1) 
The First Selectman and Finance Director may transfer unexpended and unencumbered balances of any appropriations within a department to another appropriation for the same department, which shall not exceed the sum of $50,000.00. All transfers within a department that exceed the sum of $50,000.00 shall require the approval of the Board of Finance.
(2) 
Upon the request of the Board of Selectman, the Board of Finance may transfer any unencumbered appropriation, balance or portion thereof from one department to another, which shall not exceed the sum of $200,000.00. When transfers between departments are proposed which exceed $200,000.00, the proposed transfers require a recommendation by the Board of Finance and the approval of the Legislative Council. The Legislative Council shall not consider such proposed transfers unless accompanied by a recommendation from the Board of Finance or unless the Board of Finance shall have failed to make such a recommendation within fifteen (15) days after notification by the First Selectman of the action taken by the Board of Selectmen.
(3) 
All appropriations or transfers from a contingency account require a recommendation by the Board of Finance and the approval of the Legislative Council.
(b) 
After the first 335 days, upon request of the Finance Director, the Board of Finance shall have the power to transfer, without limitation, the unexpended and unencumbered balances of any appropriation for one department to an appropriation for another department, with the approval of the Legislative Council.
(c) 
Nothing contained in Section 7-20 of this Charter shall affect any appropriation contained in, or transfers within, the budget of the Board of Education.
(a) 
The Legislative Council in its regulations shall designate the form of the Financial Impact Statement.
(b) 
No Special Appropriation shall be made, no purchase, grant nor gift of real or tangible personal property shall be accepted by any Town Department as provided in Sections 6-35, 6-40, and 8-05, until the Board of Finance and Legislative Council have received and have had thirty-five days to give due consideration to a Financial Impact Statement.
(c) 
Financial Impact Statements shall be prepared by the Finance Director as set forth in Subsection 4-05(c)(7).