The Board of Finance is responsible for overseeing the financial management and budgeting processes of Marlborough. Its primary role is to provide oversight on the fiscal stability and responsible use of public funds. Some of the key responsibilities and functions of the BOF that are typically performed by the Board of Finance include:
Budgeting: The Board of Finance plays a crucial role in the budgeting process. It compiles, reviews and approves the annual budget proposed by the town's Board of Selectmen and the (local) Board of Education, and provides general oversight regarding the impact of the proposed Region #8 (RHAM) budget. This involves examining revenue estimates, expenditure requests, and making decisions regarding the allocation of funds.
Financial Planning: The BOF assists in developing long-term financial plans and strategies for the town. It may work with other boards to help assess future needs, identify potential revenue sources, and establish financial goals.
Fiscal Oversight: The Board of Finance monitors the financial operations of the town to ensure compliance with financial policies, laws, and regulations. It reviews financial reports, audits, and statements to assess the financial health and stability of the municipality. The BOF is responsible for hiring the auditors and oversight of the annual audit.
Capital Planning: The board participates in capital planning, which involves evaluating and prioritizing major infrastructure projects and expenditures. It assesses funding options, such as issuing bonds or seeking grants, and makes recommendations regarding capital investments.
Debt Management: The Board of Finance oversees the town's debt management strategies. It may consult with the Board of Selectmen on the issuance of bonds or other forms of borrowing and ensures that the town's debt remains within the sustainable and prudent set policy limits.
Financial Policies and Controls: The board supports the Finance Director who, with the Town Manager and Board of Selectmen, establishes financial priorities, policies and internal controls to safeguard the town's assets, promote transparency, and mitigate financial risks. It may also review financial transactions.Public Engagement: The Board of Finance provides a platform for public engagement and transparency in financial matters. It may hold public hearings to gather input on the budget, financial policies, and significant financial decisions.
Michael Nastri (R) 2025
John H. Fidler (D) 2027
Karen Pakulis Paul (D) 2027
Jeff Plourde (R) 2025
William Guzman (D) 2027
Salvatore Sena (R) 2027
Christopher Barella (R) 2025
Baird Welch-Collins (D) 2025