What the Massachusetts General Law states:
Chapter 39 - Section 16:
Section 16: Appropriation, advisory or finance committees; appointment; tenure; powers and duties
Section 16. Every town whose valuation for the purpose of apportioning the state tax exceeds one million dollars shall, and any other town may, by by-law provide for the election or the appointment and duties of appropriation, advisory or finance committees, who shall consider any or all municipal questions for the purpose of making reports or recommendations to the town; and such by-laws may provide that committees so appointed or elected may continue in office for terms not exceeding three years from the date of appointment or election.
In every town having a committee appointed under authority of this section, such committee, or the selectmen if authorized by a by-law of the town, and, in any town not having such a committee, the selectmen, shall submit a budget at the annual town meeting.
Also, there are mention of the Finance or Advisory Committee (s) in the Handbook for Selectmen and Handbook for Finance Committees.
So, unless a Town has a by-law stating the selectmen shall submit a budget to Town Meeting, it would be the job of the Finance or Advisory Committee. Templeton has Two by-laws on this topic, which means we have conflicting by-laws guiding the Town on how we do things. This was questioned by the Templeton Advisory Committee through a Town Administrator, Robert Markel, the question was sent to Town Counsel and options to deal with these issues were provided but as of yet, not dealt with.
No matter who does what, it is kind of hard to make and present a report to Town Meeting without first creating one, so to the Anonymous poster who stated Advisory Committee is to advise not create would be wrong. If one does more research, you will find one of the most important jobs of the Finance or Advisory Committee is to oversee the Town's reserve fund. There is a process to request money from the reserve fund, it is commonly called a policy and it was created by the Advisory Committee.