[Adopted 2-11-1992 by Ord. No. 406]
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
|
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.
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.
[Adopted 1-23-2007 by Ord. No. 543]
As used in this article, the following terms
shall have the meanings indicated:
CHARTER
Charter of the Town of Wallingford.
FUND
Reserve Fund for Capital and Nonrecurring Expenditures.
MAYOR
Mayor of the Town of Wallingford.
TOWN
Town of Wallingford.
[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.
Upon recommendation of the Mayor, the Council
may in each year direct payment into the fund of monies from any of
the following sources:
A. Amounts authorized to be transferred thereto from
the General Fund cash surplus available at the end of any fiscal year.
B. Amounts raised by the annual levy of a tax not exceeding
two mills for the benefit of such fund.
C. 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.
D. 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.
E. 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).
F. The proceeds of any bond issue sold to finance any
portion of the Town's capital improvement program, except school construction.
G. State grants in aid of school building projects made
to the Town with respect to school building projects financed from
the Fund.
H. Interest, dividends and other monies earned from the
investment of said 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.
[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.
[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:
A. 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);
B. All capital
and nonrecurring projects completed since the prior fiscal year, and
the amount of unexpended funds allocated to those projects;
C. All capital
and nonrecurring projects closed out and the unexpended funds allocated
to them;
D. All projects
since June 30 of the prior fiscal year that have lapsed under Chapter
XIX, Section 4, of the Town Charter; and
E. All incomplete
capital and nonrecurring projects, date of original approval, and
such reapprovals, and the amount of the unexpended funds allocated
to those projects.