The Board of Finance consists of six members, elected for 6-year terms. There are also three alternates, elected for 2-year terms. 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 referendum. The Annual Budget Referendum shall be held on the first Tuesday of May.
After adoption of the budget at referendum, 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 Town Council, 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. The Board of Finance may authorize the Town to incur indebtedness in excess of one year through the issuance of bonds, notes or other forms of financing.
The Board of Finance has regularly scheduled meetings, usually held on the fourth Thursday of each month