Five (5) Voting Members, who are current Town Councilors.
Three (3) Non-Voting Members, who are residents.
Selection of resident members shall be based on relevant experience, skills and policy knowledge, with an emphasis on municipal and public finance.
A quorum shall be 3 Councilors.
Purpose: The Finance Committee shall advise the Town Council on all financial matters.
Charge: The Finance Committee shall:
Review all annual budgets, supplemental budgets and other appropriations, and financial transfers; the capital inventory and capital improvement program and the infrastructure; the purchase, sale, or leasing of land and/or buildings; and borrowing and debt. (Charter §5.1-5.7)
Have the authority at any time to investigate the books, accounts, and management of any Town agency and, via a request to the Town Manager, Superintendent, or Library Director, as appropriate, to require officers and employees of the Town to appear before it and to provide information. (Charter §5.5(b))
Hold a public hearing on the budget proposed by the Town Manager and thoroughly review the budget and make recommendation to the Council within 30 days of receipt and referral by the Town Council.
Review any requests for new appropriations or supplemental budgets not included in the annual budget as adopted. Finance shall report back to the Town Council, which shall then hold a public forum regarding the request before taking final action. (Charter §5.6)
Upon referral from the Town Council, review and hold hearings on water, sewer and other municipal utility rates.