[HISTORY: Adopted by the Town Council of the Town of Agawam 6-19-2017 by TOR-2017-6. Amendments noted where applicable.]
This chapter establishes and authorizes revolving funds for the use by Town departments, boards, committees, agencies and 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 M.G.L. 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 chapter without appropriation, subject to the following limitations:
Fringe benefits of full-time employees whose salaries or wages are paid from the fund shall also be paid from the fund.
No liability shall be incurred in excess of the available balance of the fund.
The total spent during a fiscal year shall not exceed the amount authorized by the City Council 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 City Council.
Interest earned on monies credited to a revolving fund established by this chapter shall be credited to the general fund.
Except as provided in M.G.L. c. 44, § 53E 1/2 and this chapter, the laws, Charter provisions, ordinances, 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 chapter. The City Auditor shall prepare a quarterly report on the collections credited to each fund, the encumbrances and expenditures charged to each fund and the balance available for expenditure in the quarterly report the City Auditor provides to the department, board, committee, agency or officer on appropriations made for its use. Copies of such reports shall be provided to the City Council.
The table establishes:
Each revolving fund authorized for use by a department, board, committee, agency or officer;
The department or agency head, board, committee or officer authorized to spend from each fund;
The fees, charges and other monies charged and received by the department, board, committee, agency or officer in connection with the program or activity for which each fund may be used;
The expenses of the program or activity for which each fund may be used;
Any restrictions or conditions on expenditures from each fund;
Any reporting or other requirements that apply to each fund;
The fiscal years each fund shall operate under this chapter; and
The enabling authority.
Editor's Note: See the table of revolving funds included as an attachment to this chapter.