Chapter 9
Finance and Fiscal Procedures
SECTION 9-1: Fiscal Year
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
general law.
SECTION 9-2: School Committee Budget
Submission to Town Administrator - The budget for the ensuing
fiscal year as adopted by the school committee shall be submitted to the
town administrator in sufficient time, but no later than February 15, to
enable the town administrator to consider the effect of the school
department's requested appropriation upon the total town operating budget
which is required to be submitted under this chapter.
SECTION 9-3: Submission of Budget and Budget Summary
Within the time fixed by by-law, before the town meeting is to
convene, the town administrator, after consultation with the board of
selectmen, shall submit concurrently to the board of selectmen and the Finance Committee a proposed town operating budget for the ensuing fiscal year with an accompanying budget summary and supporting analysis. The proposed operating budget, summary and supporting analysis shall be based, in part, on annual departmental appropriation requests received by the town administrator, who shall provide copies of the same, within seven days of receipt, to the finance committee. Complete copies of the proposed operating budget shall be available for examination by the public. The board of selectmen shall by a majority vote approve a balanced budget and submit said budget to the finance committee no later than the first day of March for the ensuing fiscal year. (Amended 2006)
SECTION 9-4: Budget Summary
The budget summary prepared by the town administrator shall explain
the budget for all town departments both in fiscal terms and in terms of
work programs. It shall 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 variations,
summarize the town's debt position and include other materials as the town
administrator deems desirable, or the board of selectman may reasonably
require.
SECTION 9-5: The Budget
The proposed operating budget shall provide a complete financial
plan for all town funds and activities for the ensuing fiscal year. The
budget shall include supplemental information showing 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.
Supplemental information 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 and new operations during the
ensuing fiscal year, detailed by town department and position in terms of
work programs, and the method of financing such expenditures.
b) Proposed capital expenditures for current operations during the
ensuing fiscal year, detailed by town department, and the proposed methods
of financing each such capital expenditure; and
c) Estimated surplus revenue and free cash at the end of the
current fiscal year, as well as estimated balances in any special accounts
established for specific purposes.
SECTION 9-6: Action on the Budget
a) Action by Town Meeting - Upon receipt of the proposed operating
budget approved by the selectmen, the finance committee may review,
investigate or and/or amend the proposal as it deems necessary and
appropriate. The finance committee budget proposal, as amended, shall be
placed before town meeting for its approval, subject to further amendments
from the floor. Supplemental budget information including, but not limited
to, the budget summary, income and expense projections, program
descriptions shall also be available to town meeting for its approval.
Supplemental budget information is not subject to town meeting approval.
SECTION 9-7: Capital Improvement Program
The Capital Improvements Committee, as established and appointed, shall continue to operate in accordance with Article IV, Section 24 (Adopted 5/92) of the Town of Swampscott By-Laws. (Amended 2006)
SECTION 9-8: Approval of Warrants
The town administrator shall be the chief fiscal officer of the
town. Warrants for the payment of town funds prepared by the town
accountant in accordance with the provisions of the general laws shall be
submitted to the town administrator. The approval of any such warrant by
the town administrator shall authorize payment by the town treasurer, but
the board of selectmen shall approve all warrants in the event of the
absence of the town administrator or a vacancy in the office of town
administrator.
SECTION 9-9: Annual Financial Forecast
The town administrator shall report to the board of selectmen, the
finance committee, and the school committee no later than November 15 of
each year and present a financial forecast for the next fiscal year
detailing anticipated revenues, transfers and expenditures.
SECTION 9-10: Five-Year Budget Plan
The town administrator shall submit as supplemental information to
town meeting a five-year budget plan detailing anticipated revenues and
expenditures.
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