[HISTORY: Adopted by the Town Meeting of the Town of Cohasset 5-1-2017 as Art. 9. Amendments noted where applicable.]
This chapter 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:
Fringe benefits of full-time employees whose salaries or wages are paid from the fund shall also be paid from the fund.
No liability shall be incurred in excess of the available balance of the fund.
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 Board of Selectmen and Advisory Committee.
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, § 53E1/2 and this chapter, 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 set forth in this section establishes:
Each revolving fund authorized for use by a Town department, board, committee, agency or officer;
The department or agency head, board, committee or officer authorized to spend from each fund;
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;
The expenses of the program or activity for which each fund may be used;
Any restrictions or conditions on expenditures from each fund;
Any reporting or other requirements that apply to each fund; and
The fiscal years for which each fund shall operate under this chapter.