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Branford’s Board of Finance consists of six
electors of the town, which in turn chooses one
of its members to serve as Chairman. The First
Selectman is as an ex officio member of the
Board (voting only in the case of tie), and the
Town Clerk serves as the Clerk of the Board,
keeping record of all votes passed and reporting
to the Selectmen and Town Treasurer all
appropriations and transfers.
In March of each year, the Board conducts public
hearings on the estimated town expenditures for
the next fiscal year. Notice is provided to
each board or department of the town of the time
and place of meeting to consider their
individual needs. After these public hearings,
the Board considers the estimates as they were
presented, as well as any other matters brought
to its attention, and prepares a recommendation
of the amount of money necessary to be
appropriated for the expenses of the town for
the ensuring fiscal year. That estimate includes
the amount of revenue to be received during the
ensuing year from all sources except from taxes
to be raised on the grand list and contains an
itemized list of the debts and obligations of
the town. That estimate, with the recommendation
of the Finance Board, is then submitted to the
Representative Town Meeting (RTM) in April for
its consideration and action. Following the RTM
vote in early May, the Board sets the tax (mill)
rate.
The Board of Finance also has charge of the
investment and control of all sinking funds,
amortization funds, deposit funds and all other
trust funds which have been placed in the hands
of the Town. The Board (or its designee) keeps
all the necessary books and records, which shall
be open, during business hours, for the
inspection of the Selectmen and Town Treasurer.
The Town Treasurer has the custody of all cash,
stocks, bonds and other property belonging to
any of the funds and keeps the funds separate
from all other funds and property of the Town of
Branford, investing or disposing the funds only
upon the written order of the Board. A special
report of the condition and investment of each
of the funds is published in the annual report
of the Town of Branford. |
