John Pincavage, a Republican, was elected Wednesday by Board of the Finance members to serve as chairman, and Brian Stern, a Democrat, was elected the panel's vice chairman.
The positions of chairman and vice chairman became vacant following November's municipal elections.
Avi Kaner, a Republican, had been the finance chairman before being elected second selectman Nov. 5. Helen Garten, the board's Democratic vice chairwoman who lost the first selectman contest to Jim Marpe, was elected the Board of Selectmen's third seat.
Pincavage, in taking over as the board's chairman, said he would like to devise a five-year budget plan for the operating side of the town budget, similar to the five-year capital budget. This way, he said, officials could avoid some "unexpected surprises" and it would "give us goals to shoot for."
He also proposed changing the way the finance board analyzes development proposals.
"If a developer builds a 30-unit condo, what is the cost to the town?" he asked. "How many more firemen, fire engines and school rooms" would the town need as a result, he explained. Pincavage proposed that the board do a systems integral analysis that would "include demands on services."