[Adopted 6-22-2021 by Ord. No. 1921-02]
The Town Technology Fund (the Fund) is hereby established to account for and finance the Town's repair and replacement costs of technology hardware, software and professional services associated with the Town of Newington. It shall also serve as a means to set aside funds to cover software licensing expenses.
There shall be paid into said fund such transfers and appropriations as the Town Council may, from time to time, authorize plus any applicable interest earnings derived from investment of fund balances. The Town Council shall each year, in conjunction with formulating the annual budget of the Town, appropriate funds sufficient, when combined with the projected balance of said fund, to:
A. 
Offset the current year expenditures for repair and replacement cost of technology hardware, software and professional services; and
B. 
Accrue funds sufficient for software licensing expenses.
Expenditures from the Town Technology Fund shall only be used to finance repair and replacement costs of technology hardware, software and professional services or software licensing expenses. Such expenditures from said fund shall conform to appropriations made by the Town Council, as requested by the Technology Department, in accordance with Article VIII of the Town Charter. No other expenditures shall be made from said fund nor shall any transfer be made from said fund for any purpose not authorized herein.
The unexpended balance of the Fund, together with interest earnings, may accrue, and the balance thereof shall not be subject to lapsing at the close of any fiscal period. The balance of said fund or any portion thereof may be invested separately or in conjunction with other idle Town funds.