§ 149-49. Financial administration Town budget

(a) Financial officer:

(1) The Town Manager may appoint, on the basis of education, training, experience, and performance, an officer who shall serve as financial officer.

(2) The financial officer shall be a member of the administrative service and subject to all rules and regulations therein, and may be the Town Treasurer or other administrative officer.

(3) The financial officer shall perform such duties as the job description submitted by the Manager and approved by the Board of Selectmen shall indicate.

(b) Depository of Town funds; cash and fund management:

(1) The Board of Selectmen shall designate the depository of Town funds, and shall ensure the appropriate cash management by the Town Treasurer and administration.

(2) The Board of Selectmen may provide for such security to Town deposits as it may deem necessary except that personal surety bonds shall not be deemed proper security.

(3) The officer responsible for fund management shall issue a regular report of investments and yields to the manager and the Board of Selectmen.

(c) Independent audit; Town Auditor:

(1) The Board of Selectmen shall provide for an independent audit of all Town accounts and may require for any special audit it deems necessary.

(2) Such audits shall be made by the Town Auditor who shall be a CPA or firm of such accountants who have no personal interest, direct or indirect, with Town government, its fiscal affairs, or its officers.

(3) The Board shall appoint such accountant or firm annually at a time proper to the scheduling of the audit itself.

(4) Should the State of Vermont make such an audit at the request of the Board, it shall meet the requirements of this section.

(d) Authorization for expenditure of Town funds:

(1) Money shall not be paid out of the Town Treasury unless it is authorized by a payroll or payment authorization signed by at least three members of the Board of Selectmen.

(2) No payment of money on account of any department of which the Town Manager has supervision shall be made except upon vouchers approved by the Manager or his/her designated agent.

(3) In the event of the absence, disability, or suspension of the Manager, the Board of Selectmen may approve such vouchers or authorize their approval by some other person.

(4) The Town Manager may provide for periodic or quarterly allotments of the appropriations to departments, funds, or agencies under such rules as he/she may prescribe.

(e) Budget reports, books, records:

(1) Regular reporting-The Manager shall submit, on a schedule prescribed by the Board of Selectmen, but no less often than quarterly, a budget report indicating the relationship between actual and estimated receipts and expenditures to date.

(2) All books of account, in relation to the receipt, holding, or disbursement of money of the Town kept by any official of the Town, shall be paid for by the Town, shall remain the property of the Town, and shall be turned over to the Town Clerk whenever the keeper of the books of account retires from office. All books pertaining to Town affairs kept by the Town Manager, Town Clerk, or other elective or appointive officer of the Town shall be kept in the Town buildings in their proper places and shall not be removed therefrom without an order of a court or a vote of the Board of Selectmen.

(f) Purchasing and procurement:

(1) All purchasing and procurement for the Town shall be the responsibility of the Town Manager, who may delegate purchasing authority to the limits allowed by charter.

(2) All purchasing and procurement shall be by competitive bid or quote wherever practical.

(3) The Town Manager shall establish purchasing and procurement guidelines as part of the Town code.