SECTION 1. Chapter 503 of the acts of 1952 is hereby amended by striking out sections 31 and 32 and inserting in place thereof the following 2 sections:-

Section 31. Estimates of Expenditures. On or before the second business day of January each year, all boards and departments not under the control of the town manager shall submit to the town manager in writing detailed estimates for their respective boards or departments of the fiscal requirements for the ensuing fiscal year. These submissions shall include detailed estimates of any revenues that support their budgets and shall be in a format as required by the town manager or as provided by town bylaws.

No later than the fifteenth day of January each year, the town manager shall submit to the select board, with copies to each member of the finance committee, a carefully detailed draft estimate in writing of the fiscal requirements for the ensuing fiscal year of each fund and department of the town along with a detailed draft listing of all projected revenues to support these requirements prior to the receipt of the governor's budget outlining projected state aid sources of revenue for the town for the ensuing fiscal year.

Thereafter, on or before the 31st of January, the town manager shall submit to the select board, with copies to each member of the finance committee, a carefully detailed final estimate in writing of the fiscal requirements for the ensuing fiscal year of each fund and department of the town along with a detailed final listing of all projected revenues to support these requirements including any and all state aid revenues for the town for the ensuing fiscal year projected in the governor's budget.

The town manager shall state the amount required to meet the interest and maturing bonds and notes or other outstanding indebtedness of the town. All the estimates required by this section shall include a statement of the budgeted amount for the current year and the actual expenditures for the 2 preceding years.

Section 32. Preparation of an annual budget and final budget document. The select board shall consider the estimates submitted by the town manager and other department heads, and shall on or before the first Tuesday of February each year transmit their recommendations relative thereto to each member of the finance committee. On or before the first day of September each year, the comptroller shall prepare and submit to the select board, the town manager and all other boards and departments not under the control of the town manager, including the school department, a final budget document setting forth the boards and departments of the town by name and the categories of expenditures from all sources to be made during the fiscal year. The name of the fund and the amount it contributes to each board and departmental budget shall be identified. A comparison of prior year budgeted to actual expenditures shall be included for each board and department in total. The budget shall include a summary schedule of all major revenues, expenditures and other financing sources of the town. An update shall be prepared and distributed within 30 days of final adjournment of a special town meeting wherein additional appropriations have been voted.

SECTION 2. This act shall take effect upon its passage.