Financial Policy of Templeton; by way of the board of selectmen.
Templeton Town website:

page 23 - H-3 Monthly and quarterly Reporting

Background:
Monthly reporting helps a community to determine whether sufficient funds are available to cover current obligations, any surplus can be invested, or shortfall exists requiring temporary borrowing.

Policy:

The Town Accountant shall produce and distribute monthly budget to actual reporting to evaluate the Town's financial position per Massachusetts state law. These reports shall be submitted to the Board, user agencies, Town Administrator and Advisory Committee, among others. This will enable the Town to take prompt management action in the event that fiscal problems are indicated or adjust spending behavior to meet financial challenges.


The Town's Financial Team, accountant, treasurer/collector, principle assessor, shall make a formal public presentation to the board of selectmen and the status of accounts, their activities and concerns over negative trends each month following the ending of a fiscal year quarter together with any steps recommended by the Town Administrator to deal with such negative trends.

References: (none listed)

It is August 5, 2018 and still no report for June 2018. Not expected until late August, so much for policy. Back in 2016, a mere 2 years ago, there was a financial report (of sort) for the month of June, given out on June 28. Remember that there were over 60 financial transfers during that fiscal year. A monthly report is different from an end of the year report.

Accurate monthly reporting could help prevent something that happened regarding a one transfer where as it turned out, there was not enough money in a fund to use for a transfer and some money had to be transferred back into that particular fund. There is also the case of the totals being off as reported in an expenditure report. Again, if a policy is not to be followed, why have the policy in the first place?

I wonder if the Templeton selectmen ever read that per a ruling of the Department of Revenue; only Town Meeting, not the finance committee or selectmen may determine the exact budget format to be used.