Section 149-49 - Financial administration and Town budget(a) Finance Director.(1) The Town Manager may appoint, upon merit alone, a person who shall serve as the Finance Director.(2) The Finance Director shall be a member of the Town administration and be subject to all rules and regulations of the Town administration, and may not be the Town Treasurer or a Selectboard member.(3) The Finance Director shall perform such duties as the job description submitted by the Town Manager and approved by the Selectboard shall indicate.(b) Depository of Town funds; cash and fund management.(1) The Selectboard shall designate the depository of Town funds and shall ensure the appropriate cash management by the Town Treasurer and administration.(2) The Selectboard 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 each fund shall issue a report of investments and yields to the Town Manager and the Selectboard at least annually and when requested by either the Town Manager or the Selectboard.(c) Independent audit.(1) The Selectboard shall provide for an annual independent audit of all Town accounts and may require for any special audit it deems necessary.(2) The audits shall be made by certified public accountant or firm of such accountants who have no personal interest, direct or indirect, with Town government, its fiscal affairs, or its officers.(3) The Town Manager 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 Selectboard, it shall meet the requirements of this section.(5) At the conclusion of the audit, the auditors shall present their report and findings to the Selectboard in open session.(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 Selectboard, or in accordance with the provisions of 24 V.S.A. § 1623.(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 Town Manager or the Town Manager's designated agent.(3) In the event of the absence, termination, or suspension of the Town Manager, the Selectboard may approve the vouchers or authorize their approval by a Town employee or other Town officer.(4) The Town Manager may provide for periodic or quarterly allotments of the appropriations to departments, funds, or agencies under such rules as the Town Manager may prescribe and as may be agreeable to the Selectboard.(e) Financial reports, and records. (1) Regular reporting. The Town Manager shall submit, on a schedule prescribed by the Selectboard, but not less often than quarterly, a budget report indicating the relationship between actual and estimated revenues and expenditures to date.(2) All accounting records, 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 accounting records retires from office. All records 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 Selectboard.(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 within the limits allowed by charter.(2) All purchasing and procurement shall be by competitive bid or quote wherever practical or as required.(3) The Town Manager shall maintain purchasing and procurement policies approved by the Selectboard as part of the Town code.24 Appendix V.S.A. § 149-49
Amended by 2023, No. M-2,§ 2, eff. 5/4/2023.