SECTION 1. Section 3 of chapter 555 of the acts of 1978, as amended by section 1 of chapter 247 of the acts of 1995, is hereby further amended by striking out the first and second paragraphs and inserting in place thereof the following two paragraphs:-
Notwithstanding any general or special law to the contrary, the town of Wellesley is hereby authorized to establish by by-law a department of financial services. Any such by-law shall provide that the department shall be responsible to the executive director of general government services who shall be appointed by the board of selectmen as the town's chief operating officer. The department's duties and responsibilities may include, but not be limited to, the following: coordination and administration of town financial services and activities, including without limitation the town's financial planning and budgets, and investment of town funds; maintenance of town accounting records and financial statements; payment of all town obligations, after securing required approvals; assisting in the development of budgets and reviewing of all budgets for format, completeness, and accuracy before submission to the advisory committee; monitoring of all expenditures of town funds; timely reporting to the board of selectmen and to other appropriate boards and officers of actual or foreseeable incurring of obligations of expenditures of funds in excess of budgeted appropriations; maintenance of payroll and other financial records relating to all town personnel; preparing and supervising town purchasing and inventory control procedures; administering the disposal of town property; and assisting the executive director in the supervision of all data processing and the development and enforcement of internal controls.
The department shall be under the supervision and management of the finance director, who shall be appointed by the executive director subject to the approval of the board of selectmen for a term of up to 3 years commencing on July first. The finance director shall be the chief financial officer of the town. The finance director shall serve as the town comptroller and town accountant. The finance director shall appoint annually as of July 1, subject to the approval of the executive director, a town treasurer and collector of taxes, who shall be subject to the direction and supervision of the finance director and shall have, except as otherwise expressly provided by this act, the powers and duties vested by law in town treasurers and collectors of taxes.
SECTION 2. Section 2 of chapter 247 of the acts of 1995 is hereby repealed.
SECTION 3. This act shall take effect upon its passage.