[HISTORY: Adopted by the Town of Falmouth Annual Fall Town Meeting 11-7-2017, Art. 13, approved 2-12-2018. Amendments noted where applicable.]
The Town shall be authorized to use one or more revolving funds for use by one or more Town agencies, boards, departments or offices which shall be accounted for separately from all other monies in the Town and to which shall be credited any fees, charges or other receipts from the departmental programs or activities supported by the revolving fund. Expenditures may be made from such revolving fund without further appropriation, subject to the provisions of Massachusetts General Laws, Chapter 44, § 53E1/2 and any amendments thereto; provided, however, that expenditures shall not be made or liabilities incurred from any such revolving fund in excess of the balance of the fund or in excess of the total authorized expenditures from such fund, and no expenditure shall be made unless approved in accordance with §§ 41, 42, 52 and 56 of Chapter 41 of the Massachusetts General Laws.
Interest earned on any revolving fund balance shall be treated as general fund revenue of the Town.
No revolving fund may be established contrary to the provisions of the Massachusetts General Laws.
Previously adopted funds; other funds.
A revolving fund shall be established pursuant to this bylaw. A revolving fund shall be established by order of the Board of Selectmen which order shall specify for each fund: 1) the programs or activities for which the revolving fund may be expended; 2) the departmental receipts in connection with those programs or activities that shall be credited to the revolving fund; 3) the board, department or officer authorized to expend from such fund; and 4) any reporting or other requirements the Town may require. The establishment of any revolving fund shall be made not later than the beginning of the fiscal year in which the fund shall begin. Notwithstanding this section, whenever, during the course of any fiscal year, any new revenue source becomes available for the establishment of a revolving fund under this section, such a fund may be established in accordance with this section upon certification by the Director of Finance that the revenue source was not used in computing the most recent tax levy.
The Board of Selectmen shall, on or before July 1 of each year, vote on the limit on the total amount that may be expended from each revolving fund established under this section. In any fiscal year, the limit on the amount that may be spent from a revolving fund may be increased with the approval of the Board of Selectmen and Finance Committee.
upon termination of a revolving fund, the balance in the fund at the end of that fiscal year shall revert to surplus revenue at the close of the fiscal year.