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G. Grants: Seek, apply for and effectively administer within this policy’s guidelines, Federal,
State, and foundation grants-in-aid which address the Town’s current priorities and policy
objectives.

H. Economic Development: Initiate where feasible, encourage, and participate in economic
development efforts to create job opportunities and strengthen the local tax base and
economy

I. Fiscal Monitoring: Prepare and present regular reports that analyze, evaluate, and forecast
the Town’s financial performance and economic condition.

J. Financial Consultants: With available resources, seek out and employ the assistance of
qualified financial advisors and consultants in the management and administration of the
Town’s financial functions.

K. Accounting, Auditing, and Financial Reporting: Comply with prevailing Federal, State and
local statues and regulations. Conform to generally accepted accounting principles as
promulgated by the Government Accounting Standards Board (GASB), the American Institute
of Certified Public Accountants (AICPA), and the Government Finance Officers Association
(GFOA).

L. Capital Improvement Plan/Budget and Program: Multi-year planning, forecasting,
preparation, and control of the Town’s capital improvement plan/budget.

M. Capital Maintenance and Replacement: Annually review and monitor the state of the
Town’s capital equipment and infrastructure, setting priorities for its replacement and
renovation based on needs, finding alternatives, and availability of resources.

N. Internal Controls: To establish and maintain an internal control structure designed to provide
reasonable assurances that the Town’s assets are safeguarded and that the possibilities for
material errors in the Town’s financial records are minimized.

III. OPERATING BUDGET
A. Preparation: Budgeting is an essential element of the financial planning, control and
evaluation process of municipal government. The “operating budget” is the Town’s annual
financial operating plan. The budget includes all of the operating departments of the Town,
the debt service fund, all capital projects funds, and the internal service funds of the Town.
The proposed budget will be prepared with the cooperation of all Town departments and is
submitted to the Town Manager who makes any necessary changes and transmits the
document to the Town Council. A budget preparation calendar and timetable will be
established and followed in accordance with State law.

B. Revenue Estimates for Budgeting: In order to maintain a stable level of services, the Town
shall use a conservative, objective, and analytical approach when preparing revenue
estimates. The process shall include analysis of probable economic changes and their impacts
on revenues, historical collection rates, and trends in revenues. This approach should reduce
the likelihood of actual revenues falling short of budget estimates during the year and should
avoid mid-year service reductions.

C. Balanced Budget: As per State Law, current operating revenues, including Property Tax
Reduction Sales Tax transfers (which can be used for operations), will be sufficient to support
current operating expenditures. Annually recurring revenue will not be less than annually
recurring operating budget expenditures (operating budget minus capital outlay). Debt or
bond financing will not be used to finance current expenditures.

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