Massachusetts Finance Committees - duties per MGL.

Primary responsibility is to advise and make recommendations to town meeting on the budget and other areas of finance. Note: These days, most, if not all, articles on a town meeting warrant involve finance in one way or another.

Oversight of town reserve fund.

Involved in end of year financial transfers between and with in department budgets.

Adjusting revolving fund spending limits.

The above duties are spelled out in MA state law and are expounded in local by-law and policy.

While the above statutory authority or responsibility does not differ from town to town, the role of finance committee and the process does. 

There certainly ways things can be done, things can be adjusted so the process can be smoother, so that an end of the year financial transfer to balance out the end of year budget does not come down to a 4 to 6 week back and forth between two entities.