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:
A. Fringe benefits of 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 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.