This part establishes and authorizes revolving funds for use
by Town departments, boards, committees, agencies or officers in connection
with the operation of programs or activities that generate fees, charges
or other receipts to support all or some of the expenses of those
programs or activities. These revolving funds are established under
and governed by MGL c. 44, § 53E 1/2.
A department or agency head, board, committee or officer may
incur liabilities against and spend monies from a revolving fund established
and authorized by this part without appropriation subject to the following
limitations:
A. Fringe
benefits of full-time employees whose salaries or wages are paid from
the fund shall also be paid from the fund (except for those employed
as school bus drivers).
B. No
liability shall be incurred in excess of the available balance of
the fund.
C. The
total amount spent during a fiscal year shall not exceed the amount
authorized by Town Meeting on or before July 1 of that fiscal year,
or any increased amount of that authorization that is later approved
during that fiscal year by the select board and Finance Committee.
Interest earned on monies credited to a revolving fund established
by this part shall be credited to the general fund.
Except as provided in MGL c. 44, § 53E 1/2, and this
part, the laws, charter provisions, bylaws, rules, regulations, policies
or procedures that govern the receipt and custody of Town monies and
the expenditure and payment of Town funds shall apply to the use of
a revolving fund established and authorized by this part. The Town
Accountant shall include a statement on the collections credited to
each fund, the encumbrances and expenditures charged to the fund and
the balance available for expenditure in the regular report the Town
Accountant provides the department, board, committee, agency or officer
on appropriations made for its use.