Budget & Finance Committee

Misson

To serve as fiduciary to the Town’s citizens and Commissioners in areas of Town budget and operations.

Objectives

1. To recommend a sustainable-budget for FY13 Town infrastructure and operations to the Town

Commissioners on or before March 3, 2012.

2. To develop a bottom-up approach to the Town’s annual budget process by March 31, 2012; one that

will lead to more streamlined operations and predictable revenue streams.

3. To draft a strategic 10-year finance plan along the guidelines presented in the 2007 Comprehensive

Development Plan, with a draft long-term finance plan to the Town Commissioners by October 13,

2012.

Key Strategies

While working closely with the Town Manager and staff, B&F operates independently of Town Hall and reports directly to the Town's citizens and Commissioners at monthly Town meetings and through News Briefs on the Town web site.
Early warnings of potential budget shortfalls and/or cost overruns are detected through regular reviews of the Town's monthly, year-to-date and year-over-year financial results - by members individually and in committee when necessary. Successful implementation of this strategy requires posting of appropriate financial reports on the Town web site by the first business day after the 20th of each month.
Evaluate the reasonableness of revenue and expenditure forecasts through aging reports, compliance studies, and comparison to neighboring communities as ongoing activities.