The fiscal year of the town government shall
begin on the first day of July and shall end on the last day of June
next ensuing. The fiscal year shall also constitute the budget and
accounting year.
[Amended 11-5-1996; 11-2-2010]
Immediately after the beginning of each fiscal
year, the Council by resolution shall direct the Treasurer to arrange
to have an independent audit of the books, accounts and other evidences
of financial transactions of the town, as of the close of the preceding
year, to be completed within one hundred fifty (150) calendar days.
The audit shall be conducted either by state auditors or by a certified
public accountant holding a certificate from the state and having
no personal interest in the financial transactions of the town, without
regard to requirements for competitive bidding. Such examinations
shall conform with generally accepted auditing standards and shall
include all procedures necessary for the auditors to express an informed
opinion of the financial practices and accounts. A copy of the audit
report shall be filed with the Town Clerk and shall be a public record.
[Amended 11-2-2010]
Borrowing in anticipation of taxes shall require
the approval of the Financial Referendum in accordance with existing
state law.
No office, department or agency, during any
budget year, shall expend or contract to expend any money or incur
any liability, or enter into any contract which by its terms involves
the expenditure of money, for any purpose, in excess of the amounts
appropriated for that general classification of expenditures pursuant
to this Charter. Any contract, oral or written, made in violation
of this Charter shall be null and void. Nothing in this section, however,
shall prevent the making of contracts or the spending of money for
capital improvements to be financed in whole or in part by the issuance
of bonds, or the making of contracts of lease or for services for
a period exceeding the budget year in which such contract is made.
All general fund appropriations shall lapse
at the end of the budget year to the extent that they shall not have
been expended or encumbered, and the balance thereof shall revert
to the general fund.
