Board of Finance
The
Board of Finance members are responsible for approving the Town of Cromwell’s
annual budget, including revenues and expenditures.
The annual budget becomes effective only after it has been approved by
resolution of the Board of Finance and is adopted at a subsequent Town Meeting.
After adoption of the budget at Town Meeting, the Board of Finance
establishes the tax rate to be levied on taxable property in the town.
In
conjunction with budget-making authority, members of the Board of Finance have
the power to create a “Reserve Fund for Capital and Non-recurring
Expenditures” for the Town’s capital program.
Per
Town Charter, the Board of Finance also has the power, upon recommendation of a
majority of the entire Board of Selectmen, to make supplemental appropriations,
not to exceed a cumulative amount of one percent of the total annual budget
appropriation in any one fiscal year and incur indebtedness, the term of which
shall not exceed one year for this supplemental appropriation. Recommendations regarding the issuance of bonds and notes in
excess of one year may be made by the Board of Finance to be authorized by
resolution of a Town Meeting.
In
addition to the duties associated with the adoption of the annual budget, the
Board of Finance is responsible for selection of the independent public
accountant in charge of auditing the Town’s annual financial statements.
The
Board of Finance has regularly scheduled meetings, usually held on the fourth
Thursday of each month.
Current Board of Finance Members
Board of Finance Scheduled
Meetings
FINANCE
DEPARTMENT
The
Finance Department is responsible for cash management and the investment of
available Town funds.
The Finance Department also compiles budget requests, after approval by the First Selectman, for presentation to the Board of Selectman and the Board of Finance.