The Town utilizes fund accounting to record and
report its various activities. A fund represents both a legal and an
accounting entity which segregates the transaction of specific programs
in accordance with special regulations, restrictions or limitations. The head of each administrative unit of the Town
is required to file detailed estimates of revenues and expenditures for the
next fiscal year with the budget officer (Town Supervisor) in August. After
reviewing these estimates, the budget officer prepares a tentative budget
which includes his recommendation. The tentative budget is filed with the
Town Clerk no later than the 30th of September. Subsequently, the Town Clerk
presents the tentative budget to the Town Board at the regular or special
meeting which must be held on or before October 5th. The Town Board reviews
the tentative budget and makes such changes as it deems necessary and that
are consistent with the provisions of the law. Following the review process,
the tentative budget and such modifications, if any, as approved by the
Board becomes the preliminary budget. A public hearing, notice of which must
be duly published in the Town’s official newspaper, on the preliminary
budget is required to be held on or before the Thursday immediately
following the general election. The Town Board, by resolution, adopts the
preliminary budget as submitted or amended no later than November 20th, at
which time, the preliminary budget as amended becomes the annual budget of
the Town. Any changes or modifications to the annual budget during the new
fiscal year (calendar year) must be approved by resolution of the Town
Board.
Accounting Home
Finance Reports
