There shall be a Board of Finance consisting of seven members who shall be elected to four year overlapping terms as provided by ordinance. No more than five members shall be of the same political party. The Board of Finance shall have all the powers and duties conferred on boards of finance by the General Statutes or as they may be amended, except as otherwise specifically provided by this charter.
Upon receipt and consideration of the town council's policy statement concerning the proposed annual budgets, the Board of Finance shall hold one or more public hearings on the proposed annual budgets and shall with the advice of the town manager, not later than April 15 in each year, present to the council a complete proposed annual budgets for the ensuing fiscal year. The council may make any alterations or reductions in the proposed annual budgets that they deem necessary, except for increasing the total proposed annual budgets and shall submit same to the town meeting for approval. If the town council disagrees with the total proposed annual budgets, the council may reject same and return said proposed annual budgets to the Board of Finance for further consideration. After further consideration, the Board of Finance shall submit the final proposed annual budgets to the council and the council shall submit same to the town meeting for approval. Upon the establishment of the annual town budget by the town meeting, the Board of Finance shall fix the tax rate in mills which shall be levied upon the taxable property in the town on the grand list of the previous October 1. The Board of Finance shall review and make recommendations regarding all requests for additional appropriations to be submitted to the council.