Town of Wallingford, CT Reserve Accounts

Reserve accounts shall be created as hereinafter set forth to pay permanent injury and specific Workers' Compensation awards, but not temporary payments. The balance in each reserve account shall not exceed the following amounts:

Town Departments and Board of Education	$400,000
Water Division	$100,000
Sewer Division	$100,000
Electric Division	$150,000

§ 46-2 Funding.

The reserve accounts shall be funded at least annually from those funds in each operating department's wage account unexpended due to Workers' Compensation payments. The reserve accounts are limited as set forth in § 46-1.

§ 46-3 Payment.

Payment from any such account shall be made upon order of the Workers' Compensation Commissioner or, in the case of a stipulation, by order of the Town Council.

Article II Capital and Nonrecurring Expenditures

[Adopted 1-23-2007 by Ord. No. 543]

§ 46-4 Definitions.

As used in this article, the following terms shall have the meanings indicated:

CHARTER

Charter of the Town of Wallingford.

ELECTRIC DIVISION

Electric Division of the Department of Public Utilities.

FUND

Reserve Fund for Capital and Nonrecurring Expenditures.

GENERAL STATUTES

Connecticut General Statutes.

MAYOR

Mayor of the Town of Wallingford.

TOWN

Town of Wallingford.

TOWN COUNCIL

Town Council of the Town of Wallingford.

§ 46-5 Creation; purpose.

[Amended 1-12-2021 by Ord. No. 638]

Pursuant to the provisions of Chapter 108, Municipal Reserve Fund, of the General Statutes, there is hereby created a Reserve Fund for Capital and Nonrecurring Expenditures to aid in the financing of capital improvements in the Town of Wallingford. It is the objective of this fund to provide the financing of necessary capital improvements in the Town of Wallingford, including, but not limited to, school building construction, other municipal buildings, highways and sewer systems. It is intended that this fund not be used for municipal expenditures of a recurring nature, but be limited to the purposes provided for under said Chapter 108, and Chapter XIX, Section 3(d) of the Charter for capital improvements only.

§ 46-6 Sources of funding.

Upon recommendation of the Mayor, the Council may in each year direct payment into the fund of monies from any of the following sources:

Amounts authorized to be transferred thereto from the General Fund cash surplus available at the end of any fiscal year.

Amounts raised by the annual levy of a tax not exceeding two mills for the benefit of such fund.

Surplus cash funds already held in reserve and available for such capital or nonrecurring expenditures as are contemplated by the terms of § 7-364 of the General Statutes and § 46-8 of this article.

An amount from the General Fund of the Town not to exceed two mills on the Grand List of the Town for the year in question.

An amount from the General Fund of the Town not to exceed the product of the Electric Division's electrical energy sales, expressed as megawatt hours (MWh), for the most recently completed fiscal year multiplied by $3.14 per MWh. A MWh is equal to 1,000 kilowatt hours (1,000 KWh).

The proceeds of any bond issue sold to finance any portion of the Town's capital improvement program, except school construction.

State grants in aid of school building projects made to the Town with respect to school building projects financed from the Fund.

Interest, dividends and other monies earned from the investment of said Fund.

§ 46-7 Management of fund.

[Amended 1-12-2021 by Ord. No. 638]

The Fund shall be administered consistent with Chapter VIII, Department of Finance, and Chapter XIX, Finance and Taxation, of the Charter and as provided in § 7-361 of the General Statutes and shall be invested pursuant to the provisions of § 7-362 of the General Statutes.

§ 46-8 Use of fund.

[Amended 1-12-2021 by Ord. No. 638]

Monies shall be appropriated from the fund as the needs of the Town demand, consistent with the provisions of said Chapter 108, and said Section 3(d) and Section 4 of Chapter XIX of the Charter, to pay the cost of the capital improvement plan for each respective fiscal year, which appropriation shall, so far as possible, coincide with the appropriation of the annual capital budget; provided, however, that the portion of the fund which consists of the principal received from the sale of bonds shall not in any event be appropriated for the building of schools, and provided further that any unexpended appropriation may be continued until the project for which the appropriation was made is completed. Monies may also be appropriated from the fund for the payment of the interest and principal on any bond issue or note issue, or interest on bond anticipation notes, the proceeds of which have been paid into the fund. Any unexpected portion of any such appropriation remaining after completion of the particular project shall revert to the fund.

§ 46-9 Reporting requirements.

[Added 1-12-2021 by Ord. No. 638]

On February 1 of each fiscal year, the Comptroller shall provide the Town Council with a report on the Capital and Nonrecurring Reserve Account and include the following information:

The audited, unassigned fund balance in the Capital and Nonrecurring Fund Account as of the most recent audit from the close of the prior fiscal year (e.g., June 30);

All capital and nonrecurring projects completed since the prior fiscal year, and the amount of unexpended funds allocated to those projects;

All capital and nonrecurring projects closed out and the unexpended funds allocated to them;

All projects since June 30 of the prior fiscal year that have lapsed under Chapter XIX, Section 4, of the Town Charter; and

All incomplete capital and nonrecurring projects, date of original approval, and such reapprovals, and the amount of the unexpended funds allocated to those projects.