A secondary role of the Finance Committee is oversight of significant capital projects with a representative on each Capital Projects Committee as required by the town charter.
In addition, the Finance Committee will provide analysis and advice on all finance, accounting and related operational matters referred by the Board of Selectmen or Town Administrator, or as identified by the committee as requiring the attention of town officials. Finance, accounting and related operational matters will include but not be limited to:
Sources of new or expanded revenue (including advice on setting fees for services)
Opportunities to reduce cost and increase operational efficiency
Opportunities to increase taxpayer value from existing assets (use of town-owned land, facilities, etc.)
Independent audit process
Pension and related liabilities and funding
The Moderator, the Board of Selectmen, and the Finance Committee, each in their individual and official capacity shall, within thirty days of the Annual Town Meeting, appoint one member to the Finance Committee, from the citizens of the town, for the term of three years, and it shall be the duty of the Moderator to see that such appointments are made, and to notify the Town Clerk of the names of the persons so appointed each year.
No members of the Finance Committee shall serve more than three successive full terms.
The Finance Committee shall elect a chairman and secretary from their members at their first meeting, held as soon as possible, each year after the Annual Town meeting.
In the event of a vacancy or vacancies occurring in the Finance Committee, the remaining members thereof and the Selectmen of the town, shall fill such vacancy or vacancies, and the person or persons so appointed, shall perform the duties of the office until the next annual town meeting, when the office shall be filled by vote of combined appointing authority, for the unexpired term thereof.
In each instance, the majority of the officers entitled to vote shall be necessary for such appointment, and for the purpose of this by-law each member of a board of committee shall be deemed an officer entitled to vote.