[HISTORY: Adopted by the Town of Falmouth Annual Fall Town
Meeting 11-7-2017, Art. 13, approved
2-12-2018. Amendments noted where applicable.]
A.
The Town shall be authorized to use one or more revolving funds for
use by one or more Town agencies, boards, departments or offices which
shall be accounted for separately from all other monies in the Town
and to which shall be credited any fees, charges or other receipts
from the departmental programs or activities supported by the revolving
fund. Expenditures may be made from such revolving fund without further
appropriation, subject to the provisions of Massachusetts General
Laws, Chapter 44, § 53E1/2 and any amendments thereto; provided,
however, that expenditures shall not be made or liabilities incurred
from any such revolving fund in excess of the balance of the fund
or in excess of the total authorized expenditures from such fund,
and no expenditure shall be made unless approved in accordance with
§§ 41, 42, 52 and 56 of Chapter 41 of the Massachusetts
General Laws.
B.
Interest earned on any revolving fund balance shall be treated as
general fund revenue of the Town.
C.
No revolving fund may be established contrary to the provisions of
the Massachusetts General Laws.
D.
Previously adopted funds; other funds.
(1)
The Town has previously adopted the following revolving funds: 1)
Emerald House; 2) Recreation Department; 3) Historical Commission;
and 4) Shellfish Propagation. These previously adopted revolving funds
shall be subject to this bylaw.
(2)
Other revolving funds may be established. The Town has adopted the
following other revolving funds:1) Senior Services and 2) Shellfish
and Aquaculture.
[Amended 6-22-2020 AFTM by Art. 18, approved 12-20-2020]
E.
A revolving fund shall be established pursuant to this bylaw. A revolving
fund shall be established by order of the Board of Selectmen which
order shall specify for each fund: 1) the programs or activities for
which the revolving fund may be expended; 2) the departmental receipts
in connection with those programs or activities that shall be credited
to the revolving fund; 3) the board, department or officer authorized
to expend from such fund; and 4) any reporting or other requirements
the Town may require. The establishment of any revolving fund shall
be made not later than the beginning of the fiscal year in which the
fund shall begin. Notwithstanding this section, whenever, during the
course of any fiscal year, any new revenue source becomes available
for the establishment of a revolving fund under this section, such
a fund may be established in accordance with this section upon certification
by the Director of Finance that the revenue source was not used in
computing the most recent tax levy.
F.
The Board of Selectmen shall, on or before July 1 of each year, vote
on the limit on the total amount that may be expended from each revolving
fund established under this section. In any fiscal year, the limit
on the amount that may be spent from a revolving fund may be increased
with the approval of the Board of Selectmen and Finance Committee.
G.
upon termination of a revolving fund, the balance in the fund at
the end of that fiscal year shall revert to surplus revenue at the
close of the fiscal year.
