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.