Financial Forecasting Committee

Town of Scituate Charter - Section 6-7 – Financial Forecasting Committee
(a) Composition – There shall be a financial forecasting committee which shall consist of nine members, as follows: the town administrator, the treasurer/collector, the town accountant, the director of assessing, the business manager of the school department, a member of the advisory
committee, a member of the capital planning committee, a member of the board of selectmen and a member of the school committee.

(b) Powers and Duties – The financial forecasting committee shall, annually, prepare a five year, non–binding financial forecasting plan which projects revenues, revenue sources and expenditures for the five years next ensuing. The forecast shall include all elements of revenue,
operating expense and debt service.

The financial forecasting committee shall prepare quarterly updates of its projections to the board of selectmen. The quarterly update for the last quarter of the calendar year shall be delivered to the advisory committee not later than the last Friday in January.

The report of the financial forecasting committee shall be shared not only with the board of selectmen and the school committee but it is also to be shared with the voters of Scituate. The report shall be included in the report of the advisory committee published for town meetings, in the annual town report, on the town’s internet site and in any other media as the committee may from time to time designate.

On March 29, 2003, 68.2% of the voters that cast ballots voted yes and approved charter revisions. One of these changes was to establish a Financial Forecasting Committee that would produce a five-year financial forecast and plan. The last five years of forecast are provided here.