ARTICLE VII TOWN ACCOUNTANT
Section 1
The Town Accountant shall, in his annual report, in addition to such matters as required by law, furnish a balance sheet showing the assets and liabilities of the Town and an analysis of the expenditures under each appropriation and a listing of the total amounts paid to each person and business organization. He shall furnish such statements and reports regarding the financial transactions of the Town as the Town Administrator may request.
Section 2
The Town Accountant shall prepare a set of comprehensive quarterly financial reports in conformity with the standards of the Massachusetts Department of Revenue (DOR), the Governmental Accounting Standards Board (GASB), and generally accepted accounting standards to communicate the state of the town’s financial activity.
The quarterly Financial Report shall include, but not be limited to, the following components:
· Comparison of Budget and Actual – General Fund,
· Three Year Comparative Report – General Fund, Summarized by Category,
· General Fund Appropriation Detail Report
· Schedule of Available Funds and Expenditures – Special Revenue & Enterprise Funds
· Combined Statement of Revenues, Expenditures, and Changes in Fund Balances
The Town Accountant shall prepare and submit a Quarterly Financial Report within forty-five (45) calendar days of the end of each quarter of the fiscal year.
The Town Accountant shall provide the monthly financial statements and reports required by the Town Administrator and the Board of Selectmen for the prudent and orderly financial management of the town. Monthly and intermittent reports should contain the following information, in addition to any additional information required by the Town Administrator:
· Revenues anticipated and received during the month compared with original expectations,
· Status of appropriations, allocations, and allotments during the period, department by department, with comments as to the prospects for the remainder of the year, and
· Pro-Forma forecast of fund and cash positions to the end of the fiscal year.
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The Town Accountant shall submit copies of all required statements and reports to the Town Administrator, the Board of Selectmen and the Finance Committee.
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