This Article establishes and authorizes revolving funds for
use by specified 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.
The specified department or agency head, board, committee or
officer may incur liabilities against and spend monies from a revolving
fund established and authorized by this Article without appropriation
subject to the following limitations:
A. Fringe benefits for full-time employees whose salaries or wages are
paid from the fund shall also be paid from the fund.
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 Article shall be credited to the General Fund.
Except as provided in MGL c. 44, § 53E 1/2 and this
bylaw, 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 Article. 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.