The fiscal year of the Town shall begin on the first day of July and shall end on the last day of June, unless another period is required by the General Laws of the Commonwealth of Massachusetts.
The Town Manager shall submit to the Board of Selectmen, thirty (30) days prior to the date a budget is required to be submitted to the Finance Committee as specified by bylaw, a written proposed budget for Town government for the ensuing fiscal year, including the budget proposed by the School Committee. The proposed budget shall detail all estimated revenues from all sources, and all expenditures, including debt service for the previous, current and ensuing years. It shall include proposed expenditures for both current operations and capital during the ensuing year, detailed by agency, department, committee, purpose, and position, together with estimated revenues and free cash available at the close of the fiscal year, including estimated balances in special accounts. The Town may, by bylaw, establish additional financial reports to be provided by the Town Manager. [Bylaws, Chapter 67]
In addition:
(a) 
To assist said Town Manager in preparing the proposed annual budget of revenues and expenditures, all boards, officers and committees of the Town, including the School Committee shall furnish all relevant information in their possession and submit to the Town Manager, in writing and in such form as the Town Manager shall establish, a detailed estimate of the appropriations required and available funds.
(b) 
The Town Manager shall report on the probable amount required to be levied and raised by taxation to defray all expenses and liabilities of the Town, together with an estimate of the tax rate necessary to raise such amount.
(c) 
Within the time fixed by by-law the Town Manager, with the advice and consent of the Board of Selectmen, shall submit to the Finance Committee a proposed, balanced, operating budget for the ensuring year with an accompanying budget message and supporting documents. The Town Manager shall provide for a general summary of the proposed budget on the Town's website.
The budget message of the Town Manager shall explain the budget for all Town agencies, both in fiscal terms and in terms of work programs. It shall outline proposed financial policies of the Town for the ensuing fiscal year, describe important features of the budget, indicate any major variations from the current year in financial policies, expenditures and revenues, together with the reasons for such changes, summarize the Town's debt position and include other material as the Town Manager deems desirable or the Board of Selectmen may reasonably require.
The proposed operating budget shall provide a complete financial plan for all Town funds and activities for the ensuing fiscal year. Except as may be otherwise be required by the General Laws of the Commonwealth of Massachusetts, by this Charter, or by bylaw, it shall be in the form which the Town Manager deems desirable or the Board of Selectmen may require. In the presentation of the budget, the town manager shall utilize modern concepts of fiscal presentation so as to furnish maximum information and the best financial control. The budget shall show, in detail, all estimated income from the proposed property tax levy and other sources and all proposed expenditures, including debt service, for the following year. The budget shall be arranged to show the actual and estimated income and expenditures for the previous, current and ensuing fiscal years and shall indicate in separate sections:
(a) 
Proposed expenditures for current operations during the ensuing fiscal year, detailed by town agency and position in terms of work programs, and the method of financing such expenditures;
(b) 
Estimated surplus revenue and free cash at the end of the current fiscal year, including estimated balances in any special accounts established for specific purposes.
The Finance Committee shall, upon receipt of the budget from the Town Manager, consider in public meetings detailed expenditures for each Town department and agency and may require the Town Manager, or any other Town agency, to furnish it with such additional information as it may deem necessary to assist the committee in its review and consideration of the proposed budget. The finance committee shall file with the Town Clerk at least ten (10) days prior to Town Meeting a report containing its recommendation for action to be taken on each line item in the proposed operating budget as submitted by the Town Manager. Said report shall also be made available to voters of the Town, forthwith after filing with the Town Clerk, in the manner provided in the Town Bylaws, and at Town Meeting. The budget shall be voted upon in accordance with the bylaws of the Town. [Bylaws, Chapter 152]
The Town Manager shall submit a capital improvement program to the Board of Selectmen and the Finance Committee at least six (6) months before the start of the fiscal year. Said program shall be based on material prepared by the capital improvement committee established by by-law, if any, including:
(a)
A clear, concise general summary of its contents;
(b)
A list of all capital improvements proposed to be undertaken during the next ensuing five years, with supporting information as to the need or each capital improvement;
(c)
Cost estimates, methods of financing and recommended time schedules for each improvement; and
(d)
The estimated annual cost of operating and maintaining each facility and piece of major equipment involved.
This information is to be annually revised by the Town Manager with regard to the capital improvements still pending or in the process of being acquired, improved or constructed.
The Board of Selectmen shall annually provide for an independent audit of all financial books and records of the Town, or, whenever it deems an audit of the whole Town or of any particular Town agency, to be necessary.
Audits of the Town's financial books and records shall be conducted by a certified public accountant, or firm of such accountants, having no interest, direct or indirect, in the affairs of the Town.