Board of Finance

The Board of Finance's function is to consider the town governments' finances from an overall viewpoint.  The general statutes give the board specific responsibility for:

  1. Preparing the town budget
  2. Setting the property tax rate
  3. Approving deficiency and special appropriations and transfers
  4. Determining how town financial records are to be kept
  5. Arranging for an annual audit of town accounts
  6. Publishing the annual town report

One of the Board of Finance's monthly, regular functions is to review and discuss the Town's revenues and disbursements as stated above (#3), in its specific responsibilities.  The board strives for cooperation with the Town Spending Agencies, recommending they keep track of their expenses as the year progresses, and seek prior approval for any expenses exceeding their budget. The Board works closely with the Board of Selectmen and all other Town agencies to try to keep tax rate increases to a minimum.  The Tax Collector furnishes the information needed to track the rate and timeliness of tax collections.  This information is vital in gauging the Town's expenditures in keeping with collections.  In planning the next year's budget all members of the Board of Finance are aware of the effect that the rate of tax collection has in meeting the expenses of the current year, and the revenues expected for the coming year.  The Board of Finance tries to keep money set aside, on a yearly basis, for the replacement of Town equipment.  Planning ahead for these inevitable needs is the fiscally responsible way to avoid huge increases in the Town's mill rate.