This chapter establishes and authorizes revolving funds for
use by City 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 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, 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 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 Mayor and 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 MGL 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 City
monies and the expenditure and payment of City funds shall apply to
the use of a revolving fund established and authorized by this chapter.
The City Auditor shall include a statement on the collections credited
to each fund and expenditures charged to the fund and the balance
available for expenditure in the regular report the City Auditor provides
the department, board, committee, agency or officer on appropriations
made for its use.