The preparation and adoption of the annual budget is an important exercise for the entire organization. Sound financial practice and the desire to maintain a strong credit rating dictate that the budgets be balanced, constantly monitored and responsive to changes. The process encompasses an extended period of planning, review, forecasting and priority setting. The Town’s annual budget is a comprehensive fiscal plan which spells out how services will be provided and community improvements will be achieved. Upon its adoption by Council, it becomes a controlling mechanism by which to measure the resources receipted and expenditures made to meet approved objectives.
The annual budget is a plan which provides the Council and Town Manager with the financial information necessary for the allocation of resources to accomplish the goals and objectives of the Town. The provision of municipal services is accomplished through the budget. The budget, along with the annual appropriation ordinances, provides the basis for the control of expenditures and sets the financial guidelines for the Town. The basic legal requirements and budget process are defined by the State Constitution, the Town Charter, and the Town Code. The Council approves the budget objectives.