[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:
A.
Fringe
benefits of full-time employees whose salaries or wages are paid from
the fund shall also be paid from the fund.
B.
No
liability shall be incurred in excess of the available balance of
the fund.
C.
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:
A.
Each
revolving fund authorized for use by a Town department, board, committee,
agency or officer;
B.
The
purpose of each fund;
C.
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
D.
The
department or agency head, board, committee or officer authorized
to spend from each fund.
|
Revolving Fund
|
Purpose
|
Revenue Source
|
Authorized to Expend Funds
|
Maximum Expenditure
|
|---|---|---|---|---|
|
Road Repair
|
Repairing, restoring and maintaining public ways
|
Receipts from fees paid by applicants for street opening or
obstruction permits under § 175- 4
|
Director of Public Works
|
$150,000 (FY 2020)
|
|
Surplus Equipment
[Added 4-19-2019 ATM by
Art. 11] |
Defray the cost of purchasing new equipment
|
Receipts from sales of surplus equipment
|
Director of Public Works
|
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.
