The Board of Finance exercises oversight of the Town of Wilton’s finances. The primary function of the Board of Finance is to recommend a budget and a mill rate to the Annual Town Meeting. The Board also has the power to designate the external auditor and to approve supplemental appropriations upon the request of the Board of Selectmen or the Board of Education. The Board reviews bonding proposals prior to consideration by the Annual Town Meeting and the Connecticut General Statutes grant certain powers to the Board, such as approving investments of Town funds.
By ordinance, the Board appoints one trustee to each of the Retirement Plan for the Employees of the Town of Wilton, the Trust Fund for Post-Employment Benefits, and the Wilton Employees Retirement Plan Investment Committee.
The Board of Finance consists of six elected members and the terms of office of each member shall be four years and until a successor shall have taken office.