[Adopted 4-11-2022 by Ord. No. 2022-5]
A.
The establishment
of this Capital Projects Fund will initially include a transfer of
$1,714,435.28 from the Town's General Fund, unassigned fund balance,
and street lights savings in the accrued expense account effective
upon passage of this article.
B.
Commencing
with fiscal 2022 and on an annual basis thereafter, the funding for
this Capital Projects Fund will include all amounts by which the actual
revenue exceeds the budgeted revenue for the line items noted as investment
and interest income, interest and penalties on property taxes, in
the Town's General Fund. The maximum amount transferred from these
line items will not exceed, in the aggregate, $500,000 annually. In
addition to these revenue sources, the Town Council in conjunction
with the Mayor may also choose to include a budget line item expenditure
transfer in the annual operating budget to help fund these road improvement
projects.
C.
The revenue
will accumulate in the Capital Projects Fund and is committed to be
used for road improvement and maintenance projects, property, facilities
and equipment. Expenditures from this fund must be approved by the
Town Council and the Mayor.
D.
This article
shall take effect upon its passage.
