The Mayor is required by Town Charter to submit a budget annually to the Town Council for the next fiscal year. The Council must adopt the budget as an ordinance. The adopted budget authorizes the Mayor to spend Town funds up to established amounts in the various accounts described below. This procedure is called appropriation. The Mayor may not authorize expenditures that exceed appropriated amounts in any account nor spend funds for any purpose lacking an appropriation. Current and past budgets are here.
There are two parts of the Town’s annual Budget:
Annual Operating Budget
This part of the budget sets anticipated revenues and establishes the amounts to be spent on operations and routine maintenance for a fiscal year. At the end of that fiscal year this budget and its spending authority expires. Annually on July 1st, a new budget commences with new spending authority. The Operating budget covers revenues from property taxes, income taxes, rents, fees received etc.; expenditures for salaries, equipment operating and maintenance costs, minor repairs to buildings, roads, sidewalks, contracted services such as trash and leaf collection.
Capital Budget & Capital Program
Each annual budget has an appropriation for capital expenditures. The spending authority is defined in a Capital Program adopted by the Council. Capital expenditures do not expire annually but continue until expended or changed by Council action. Capital expenditures may be multi year, and increase the asset value of the Town over time.