The primary purpose of the official budget is to provide an orderly system of financial control. It is the basis for limitations and controls on local government financial operations. Although the main focus of budgeting is on setting appropriations, there is the revenue aspect of the budget as well. These revenues are used to support spending. The difference between the total appropriations and revenues represents the amount to be raised through taxation for municipal purposes. Adoption of the budget constitutes the legal authorization to levy taxes and to spend funds. These taxes shall be assessed and levied by the municipality. The municipality collects taxes for the school , Lincoln county taxes, as well as municipal taxes.
The Town of Waldoboro's Fiscal Year is July 1st - June 30th.