[Adopted 4-11-2022 by Ord. No. 2022-5]
A. 
The establishment of this Capital Projects Fund will initially include a transfer of $1,714,435.28 from the Town's General Fund, unassigned fund balance, and street lights savings in the accrued expense account effective upon passage of this article.
B. 
Commencing with fiscal 2022 and on an annual basis thereafter, the funding for this Capital Projects Fund will include all amounts by which the actual revenue exceeds the budgeted revenue for the line items noted as investment and interest income, interest and penalties on property taxes, in the Town's General Fund. The maximum amount transferred from these line items will not exceed, in the aggregate, $500,000 annually. In addition to these revenue sources, the Town Council in conjunction with the Mayor may also choose to include a budget line item expenditure transfer in the annual operating budget to help fund these road improvement projects.
C. 
The revenue will accumulate in the Capital Projects Fund and is committed to be used for road improvement and maintenance projects, property, facilities and equipment. Expenditures from this fund must be approved by the Town Council and the Mayor.
D. 
This article shall take effect upon its passage.