This chapter establishes and authorizes revolving funds for use by City 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 General Laws Chapter 44, § 53E 1/2, as amended by the Acts of 2016, Chapter
218, § 86.
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 amount 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 and Mayor.
D. No expenditures shall be made unless approved in accordance with
General Laws Chapter 41, §§ 41, 42, 52 and 56.
Interest earned on monies credited to a revolving fund established
by this chapter shall be credited to the general fund.
Except as provided in General Laws Chapter 44, § 53
E1/2, 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 Comptroller shall include a statement on
the collections credited to each revolving fund, the encumbrances
and expenditures charged to the fund, and the balance available for
expenditure in the regular report the City Comptroller provides the
department, board, committee, agency, or officer authorized to make
use of the revolving fund.