[Adopted 4-9-2018 ATM
by Art. 19]
This by-law establishes and authorizes revolving funds for 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 General Laws Chapter 44, § 53E1/2.
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 by-law 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 Annual Town Meeting 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 Select board and Finance
Committee.
Interest earned on monies credited to a revolving fund established
by this by-law shall be credited to the general fund.
Except as provided in General Laws Chapter 44, § 53E1/2
and this by-law, the laws, charter provisions, by-laws, 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 by-law.
The Town Accountant shall include a statement on the collections credited
to the fund, the encumbrances and expenditures charged to each fund
and the balance available for expenditure in the regular report the
Town Accountant provides the department, board, committee, agency
or officer on appropriations made for its use.
The Table establishes:
A.
Each revolving fund authorized for use by a town 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 Town Accountant;
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 by-law.
[1]
Editor's Note: Said table is included as an attachment to this chapter.
