[HISTORY: Adopted by the Regular Town Meeting of the Town of Wakefield 11-5-2018 by Art. 15. Amendments noted where applicable.]
This bylaw establishes and authorizes revolving funds for use by Town departments, boards, committees, agencies or officers in connection with the operation of programs or activities that generate fees, charges or other receipts to support all or some of the expenses of those programs or activities. These revolving funds are established under and governed by M.G.L. c. 44, § 53E 1/2.
A department or agency head, board, committee or officer may incur liabilities against and spend monies from a revolving fund established and authorized by this bylaw without appropriation subject to the following limitations:
Fringe benefits of full-time employees whose salaries or wages are paid from the fund shall also be paid from the fund.
No liability shall be incurred in excess of the available balance of the fund.
The total amount spent during a fiscal year shall not exceed the amount authorized by Town Meeting on or before July 1 of that fiscal year, or any increased amount of that authorization that is later approved during that fiscal year by the Town Council and the Finance Committee.
Interest earned on monies credited to a revolving fund established by this bylaw shall be credited to the general fund.
Except as provided in M.G.L. c. 44, § 53E 1/2, and this bylaw, the laws, charter provisions, bylaws, rules, regulations, policies or procedures that govern the receipt and custody of Town monies and the expenditure and payment of Town funds shall apply to the use of a revolving fund established and authorized by this bylaw. The Town Accountant shall include a statement on the collections credited to each fund, the encumbrances and expenditures charged to the fund and the balance available for expenditure in the regular report the Town Accountant provides the department, board, committee, agency or officer on appropriations made for its use.
[Amended 11-5-2018 RTM by Art. 16]
The table below establishes:
Each revolving fund authorized for use by a Town department, board, committee, agency or officer;
The purpose of each fund;
The fees, charges and other monies charged and received by the department, board, committee, agency or officer in connection with the program or activity for which the fund is established that shall be credited to each fund by the Town Accountant; and
The department or agency head, board, committee or officer authorized to spend from each fund.
The revolving funds hereby established shall exist from and after Fiscal Year 2020, subject to a vote of Town Meeting on or before July 1 of each year as to the limit on the total amount that may be expended from each fund in the following fiscal year.