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 budget shall provide a complete financial plan for the budget year. It shall contain three parts;
The budget message prepared by the mayor, giving a general summary of the principal sources of anticipated revenue with amounts to be raised from each source and of the principal objects of expenditure with amounts to be expended for each object, making clear how expenditures are to be kept within anticipated revenue, and comparing the general estimates for the coming year with the corresponding figures for the past year and the year in progress.
Detailed estimates of all anticipated revenues applicable to proposed expenditures together with supporting information such as for example a statement of the town's bonded indebtedness, showing the amount of bonds outstanding and the amount authorized but unissued, the condition of the sinking funds, the total borrowing capacity of the town, and other relevant information on revenues and expenditures.
Drafted bills prepared by the mayor, for appropriating revenues and borrowing if necessary, putting the details of the budget plan into proper legal form ready for action by the town council.
The total of such anticipated revenues shall at least equal the total of such proposed expenditures.
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.
In parallel columns opposite the several items of anticipated revenues there shall be placed the amount of each such item in the budget of the last completed fiscal year, the amounts of such items actually received during that year, the amount of each such item in the budget of the current fiscal year and the amount actually received to the time of preparing the budget plus a receipt for the remainder of the current fiscal year estimated as accurately as may be.
In parallel columns opposite the several items of proposed expenditures, there shall be placed the amount of each such item in the budget of the last completed fiscal year, the amounts of such items actually expended during such year, the amount of each such item in the budget of the current fiscal year and the amount actually expended to the time of preparing the budget plus the expenditures for the remainder of the current fiscal year estimated as accurately as may be.
The estimates of receipts for all departments shall be detailed by source. The estimates of expenditures shall be detailed by departments and the principal subdivisions thereof, offices, boards, commissions and agencies of the town and shall show for each such unit the requested amount broken down by personal service, contractual service, materials and supplies, fixed charges and capital outlays.
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.