Effective Date: 3/16/83
Revised: 06/99
1. Sound fiscal management is a priority and goal of the Town government. Department heads bear the primary responsibility for the implementation of this goal. Department heads are expected to continuously review and analyze their budgets; project balances; promptly detect and report projected deficits to the Finance Director; and propose and implement corrective measures. Significant deficits (over $100) should not arise during the last month of the fiscal year unless there is a true emergency. In fact, detection of significant deficits should occur at least six months prior to the end of the fiscal year.
2. Appropriation Accounts represent fixed maximum expenditure levels. Account limits are determined in accordance with the grouping of expenditures by item number as they appear in the Warrant voted at Town Meeting. All proposed expenditures within an appropriation account must be evaluated by the department head in light of the shortages and/or surpluses which can be expected in all other line items within the department's appropriation limit.
3. The budget is entrusted to the Town Manager to expend. Under the supervision of the Town Manager, the Finance Director is responsible for overall budget management. He or she is the Town official responsible for periodically analyzing the budgets of each department-agency; for reviewing the projection of the department heads and their corrective actions; and for implementing additional corrective actions to ensure that departments do not exceed their budgets. The Finance Director will report said analysis and corrective actions to the Town Manager. Department heads are expected to cooperate fully with the Finance Director, to ensure sound budget management and to prevent unauthorized deficits. Department heads who do not believe that compliance with the Finance Director's instructions are consistent with the maintenance of the public
health and safety may appeal to the Town Manager.
4. The reserve fund is in the custody of the Finance Committee. No one should presume that either (a) the Town Manager will recommend to the Finance Committee a reserve fund transfer or (b) that the Finance Committee will approve it. For this reason, it is essential that any projected deficits be detected, reported and resolved as soon as possible.
5. Departments may submit requests for reserve fund transfers to the Finance Director. If the Finance Director does not concur with a department's request, the department head may appeal to the Town Manager. All reserve fund requests will be submitted to the Finance Committee by the Town Manager or his designee, using the appropriate form (attached).
6. Revenues - Where departments collect revenues and fees from the public, record keeping and transfer to the Finance Department should be carried out in a prudent manner.
Distribution: Department Heads
Board of Selectmen
Chair, Finance Committee
RESERVE FUND REQUEST FORM
TO: ____________________, Chair Date: _______________________
Concord Finance Committee
The _________________respectfully requests a transfer from the RESERVE FUND to the
_________________________ account in the amount of $ _______________ . The account
number is _______________________ .
Original appropriation: $ __________________________
Salary reserve transfers in: $ __________________________
Budgeted transfers in: $ __________________________
Reserve fund transfers in: $ __________________________
Expenditures to date: $ __________________________
Account balance: $ __________________________
A complete and detailed explanation and statistical breakdown for this request is given on the back of this form.
_____________________________
Town Manager
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I certify that the balance in the _________________ account is $ _________ as of __________ .
____________________________
Town Accountant
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By vote of the Finance Committee at a meeting held on ___________________ , the above transfer in the amount of $_________________________ was:
APPROVED.
NOT APPROVED.
CONCORD FINANCE COMMITTEE
by: ____________________________
Chair
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