It is the purpose of this article to establish and authorize
revolving funds for use by City departments, boards, committees, agencies
and officers in connection with the operation of programs and 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 article 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 by the Mayor and City Council.
Interest earned on monies credited to a revolving fund established
by this article shall be credited to the general fund.
Except as provided in MGL c. 44, § 53E 1/2, and this
article, 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 article.
The Director of Municipal Finance shall include a statement on the
collections credited to each fund, the encumbrances and expenditures
charged to the fund and the balance available for expenditure in the
regular report the Director of Municipal Finance provides the department,
board, committee, agency or officer on appropriations made for its
use.
The attached table establishes:
A. Each revolving fund authorized for use by a City department, board,
committee, agency or officer;
B. The department or agency head, board, committee or officer authorized
to spend from each fund;
C. 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 the fund is established that shall be credited
to each fund by the City Auditor;
D. The expenses of the program or activity for which each fund may be
used;
E. Any restrictions or conditions on expenditures from each fund;
F. Any reporting or other requirements that apply to each fund; and
G. The fiscal years each fund shall operate under this article.