[HISTORY: Adopted by the Annual Town Meeting of the Town of Groton 3-16-1970 ATM by Art. 35, approved 4-30-1970; amended in its entirety 10-1-2018 ATM by Art. 13. Amendments noted where applicable.]
Capital Planning Committee — See Ch. 9.
Finances — See Ch. 16.
There shall be a Finance Committee that shall consist of seven voters appointed by a three-person committee that shall consist of the Chair of the Select Board, the Chair of the Finance Committee and the Town Moderator; provided, however, that if the Chair of the Finance Committee is being considered for reappointment, the Finance Committee shall select another member who is not being considered for reappointment. Members of the Finance Committee shall serve terms of three years; provided, however, that the terms shall be so arranged that the terms of office of as nearly an equal number of members as possible shall expire each year. The Finance Committee shall appoint a Chair and a Deputy Chair to run meetings and present the Finance Committee's recommendations during the Town budget process.
Whenever the Warrant for any Town Meeting contains an article or articles under which an appropriation or expenditure of money may be made, the Finance Committee shall consider such article or articles after one or more public hearings thereon and shall report its recommendations to the Town Meeting;
Serve as the advisors to the Town meeting, the Select Board, the Town Manager and the Department of Finance on all matters pertaining to the budget, including budgeting strategy and goals and the balancing of revenues and expenditures;
Together with the Select Board, Town Manager and Department of Finance, develop a budget strategy and set financial goals for each fiscal year;
Present the Finance Committee's annual budget at the spring Town meeting;
Consult with the Select Board and the Town Manager prior to collective bargaining to develop a strategy aligning with the Town's long-term budgetary strategy and goals;
Review the preliminary results of collective bargaining to ensure alignment with long-term budgetary strategy and goals; and
Perform any other duties as may be required by law.
Annually, the Select Board and the Finance Committee shall review and update the Town's overall financial management policy. When reviewing and updating the policy, the Select Board and the Finance Committee shall seek input from the Town Manager, the Department of Finance and other advisors.