The fiscal year of the town government shall begin on the first day of July and shall end on the last day of June of the following calendar year unless a uniform fiscal year different from this for all cities and towns shall be established by state law. Such fiscal year shall also be the budget and accounting year. As used in this Charter, the term "budget year" shall mean the fiscal year for which any particular budget is adopted and in which it is administered.
| The new fiscal year shall go into operation gradually and by steps during the future as follows; |
| April 1, 1963 to April 30, 1964 shall constitute a fiscal year. |
| May 1, 1964 to May 31, 1965 shall constitute a fiscal year. |
| June 1, 1965 to June 30, 1966 shall constitute a fiscal year. |
| July 1, 1966 to June 30, 1967 shall constitute a fiscal year of twelve calendar months and thereafter the fiscal year in like manner shall begin on the first day of July and shall end on the last day of June of the following year. |
| In conformity with the change in the fiscal year of the town, the tax calendar shall be changed and shall go into operation gradually and by steps during the future as follows; |
| October 1, 1963, beginning date. |
| September 1, 1964, beginning date. |
| August 1, 1965, beginning date. |
| July 1, 1966, beginning date of fourth tax year and July 1, shall be the beginning day of succeeding years under the new tax calendar. Property taxes may be paid in full during the first month or quarterly prior to the twenty-fourth day of the month in which payments are due. If the correct amount is not paid on or before its due date the entire balance shall be due and payable with interest at the rate of six per centum per annum. |
The mayor shall prepare the budget. The proposed budget accompanied by a statement from the mayor shall be presented to the town council on or before the first day of April in each year. The council may request the mayor to explain his estimates and recommendations. The town council shall hold one or more public hearings on the proposed budget and shall enact the budget ordinances on or before the first day of May in each year.
The director of the finance department shall authorize all expenditures for the departments, offices and agencies to be made from the appropriations on the basis of approved allotments, and not otherwise. An approved allotment may be revised however during the budget year. If at any time during the first three quarters of the budget year but ordinarily at the end of the quarterly period, the mayor shall ascertain that the remaining unexpended balance of appropriations for the year will be insufficient to cover the proposed work programs, he shall reconsider the work programs, and all allotments of the several departments, offices and agencies and revise the allotments, other than the allotments of the school department, so as to forestall the making of expenditures in excess of appropriations; provided, however, that the revision is within departments, offices and agencies. The town council during the last quarter of the budget year may revise allotments between departments, offices and agencies other than the allotment of the school department. If at any time during the budget year, the mayor shall ascertain that the remaining unexpended balance of appropriations of the school department for the year will be insufficient to cover proposed work programs for the school department, he shall advise the school department to reconsider its work program and allotment and to revise its allotment so as to forestall the making by it of expenditures in excess of appropriations.