A. 
The Town of Northfield engaged the services of the Edward J. Collins. Jr. Center at the University of Massachusetts Boston to develop proposed financial policies and procedures to guide the Town in its decision-making and financial management. This project was funded by a best practice grant from the Community Compact Cabinet (CCC) initiative, whose goal is to encourage best practices that promote efficiency, accountability, and transparency in municipal government. Further, the policies and procedures are intended to provide local officials with a means to demonstrate to townspeople its commitment to stewardship of the Town's municipal assets and to demonstrate to bond rating agencies that the Town recognizes the need to identify the impact of current decisions on the future and plan accordingly.
B. 
It is important to point out that this is not a static document; conditions and the environment in which municipalities operate can change. Consequently, these policies and procedures should be reviewed periodically to determine if modifications are warranted.
The objectives of the proposed Financial Management and Operations Policies included herein are as follows:
A. 
To guide elected and appointed officials in evaluating and implementing decisions that have significant impact on the Town;
B. 
To set forth planning and operating principles which require that the cost of government be clearly identified and that financial risk be minimized;
C. 
To regularly evaluate the Town's financial capacity to meet present and future needs;
D. 
To promote credible and sound financial management by providing accurate and timely information on the Town's financial condition to elected officials, staff, the public and external interests;
E. 
To ensure that current and future capital needs are addressed in a comprehensive and financially-sound manner;
F. 
To promote improvement in the Town's credit rating and provide financial resources sufficient to meet the Town's obligations on all municipal debt and other long-term obligations; and
G. 
To establish an effective system of internal controls that ensures the proper use of financial resources.