TIVERTON — The Charter Review Commission will consider a recommendation tonight that the annual Financial Town Meeting be replaced by an all-day referendum.

The commission had been considering establishing a Grand Committee, representative of the town’s elected officials, as the final arbiter on fiscal matters, but voters have indicated they do not want to delegate any financial authority, according to Cecil Leonard, chairman of the commission.

An all-day referendum will not require voters to commit to three or four hours on a particular night of the year, Leonard said yesterday.

The commission’s hearing on the proposal begins at 7 p.m. in Town Hall. On Monday, the commission will present its findings to the Town Council, which is scheduled to hold its own public hearing July 14.

Subsequently, the council will decide on the language of any proposed changes to the Home Rule Charter that will appear on the November ballot. They would require final approval by the electorate.

In 2006, voters authorized the election of a Charter Review Commission specifically to consider an alternative to the Financial Town Meeting.

At the time, the town was having difficulty getting a quorum for the Annual Town Meeting, with many voters staying home as the amount of fixed costs — obligated by law or contract — left little discretionary spending.

But at the most recent Town Meeting in May, voters angry about a 50 percent increase in debt service turned out in force and blocked recommendations of the town Budget Committee, flexing muscle that prompted the committee to compromise.

The recommendation of the Charter Review Commission retains the Budget Committee and its deliberations, requiring the committee to hold a public budget assembly and to file its final report with the town clerk at least 28 days before the all-day referendum.

Voters would be able to vote on the Budget Committee’s recommendations, with the ballot containing a short explanation of what will happen if the budget is rejected, according to the proposal crafted by the Charter Review Commission.

If the Budget Committee’s recommendation is rejected, the dollar amount of the overall tax levy in effect at the time of the vote could be raised by the level of the consumer price index or by a maximum of 4 percent, whichever measure is lower.

The town treasurer would calculate the final numbers.

The Charter Review Commission has come up with several other recommendations.

One would increase the minimum amount of the town’s unrestricted general fund to 5 percent from 3 percent over the next eight years, by increments of a quarter of a percentage point annually. That change would strengthen the town’s chances for maintaining or improving its bond rating, according to the commission.

gmacris@projo.com