As per Town Charter (Chapter VI Section 8), there shall be an elected Board of Finance consisting of six members, each of whom is elected for a term of four years.
While the Board of Finance has several functions, among the most important is their duties on the budget. Section 5 of Chapter VIII of the Town Charter prescribes that "The Board of Finance, except as otherwise provided by this Charter, has such powers and duties relating to the Town budget and the Board of Education budget as set forth in the Connecticut General Statutes for boards of finance. Upon receipt of the budget as proposed by the Town Council, the Board of Finance shall review the same and shall make such revisions as it deems desirable consistent with the welfare and resources of the Town. During its review process of the budget, the Board of Finance shall hold one public hearing, at which such time the electors and taxpayers of the Town shall have an opportunity to be heard regarding the budget as proposed by the Town Council. After such meetings and hearings, the Board shall prepare its final proposed annual budget and shall deliver the same to the First Selectman not later than April 20 of each year. "