The operating boards, committees and departments of the Town shall initiate budget development for the coming fiscal year, consult with the Budget Committee, and approve their final budget recommendation for submittal to the Board of Selectmen no later than May 1. The Budget Committee shall submit its endorsements or alternate recommendations. The Budget Committee shall also review contribution requests from the public service organizations serving the local area and submit recommendations for the warrant.
The Board shall prepare the warrant for the Annual Town Meeting stating the departmental recommendations, and also the Budget Committee recommendations where they differ.
Action on the budget by the Town shall constitute appropriation of the amounts specified therein as expenditures from the funds indicated and shall constitute a levy of the property tax thereby required. A copy of the budget as finally adopted shall be certified by the Town Clerk and filed with the Town Assessors, whose duty it shall be to levy such for the corresponding tax year.
General fund appropriations, except those for dedicated capital funds and those for major supply or maintenance projects to be concluded within the first six months of the next year, shall lapse at the close of the fiscal year to the extent they have not been encumbered, or except as prohibited by law. Such funds shall be transferred to an undesignated fund balance.
The Board of Selectmen shall each year engage a certified public accountant to conduct an audit of the prior year's municipal finances and report the conclusion of the audit in the following Town Report.
Any official of the Town having financial interest, direct or indirect, as defined in 30-A M.R.S.A. § 2605, Subdivision 4, in any contract with the Town in a sale, purchase, service contract to the Town or to a contractor to the Town shall make known that interest and refrain from voting upon or participation with respect to such contract. Such disclosure shall be recorded with the Town Clerk.