Fiscal Administration and Lexington Town Meeting
The Town Comptroller, appointed by the Board of Selectmen for a three-year term, is responsible for maintaining the official accounting records for the entire Town including the school department. All payments for bills as well as the payrolls are prepared by the Comptroller's office.
The Revenue Officer, appointed by the Town Manager, manages the Town's bank accounts. The Revenue Officer collects and deposits receipts and pays the bills and salaries which have been processed by the Comptroller. The Revenue Officer decides where Town funds are deposited and may invest excess revenues pending their use for operating expenses. With the approval of the Selectmen, the Revenue Officer may incur short-term loans in anticipation of tax receipts, although Lexington has not borrowed in anticipation of real estate taxes in over twenty years. The Revenue Officer also acts for the Selectmen in the sale of Lexington's bonds.
The Board of Assessors is composed of three members appointed by the Town Manager for three-year terms. With the aid of a computerized database the Assessors assess the value of each parcel of property in Town and report the total value as of January 1 each year. This basic information is used in computing the tax rate. The Board of Assessors is responsible to the state Department of Revenue.