[Adopted 6-22-1982 (§ 2-9 of the 1974 Code)]
There is hereby created for the Town a Recreation Enterprise Fund which shall be used to provide for recreation programs. There shall be paid into said fund all fees, charges, donations, sales income, rental proceeds and other receipts related to the operation of activities, programs and facilities by the Department of Parks and Recreation. There shall also be paid into said fund such appropriations and transfers as the Town Council may, from time to time, authorize in accordance with the applicable provisions of Article VIII of the Town Charter plus any applicable interest earnings derived from the investment of fund balances.
[Amended 5-22-2018 by Ord. No. 1719-01]
The unexpended balance of the Recreation Enterprise
Fund existing at the close of any fiscal period shall remain credited
to such fund and shall not lapse to the general fund. The balance
of said fund or any portion thereof may be invested separately or
in conjunction with other idle Town funds, provided that any applicable
interest earnings shall be credited to said fund. The fund balance
shall not exceed the sum of $1,000,000 at fiscal year end. All funds
in excess of $1,000,000 shall be at fiscal year end deposited to the
Recreation Capital Improvement Projects Reserve Fund.
The Board of Parks and Recreation shall be empowered
to establish, by majority vote, fees, charges, rents and prices intended
to generate income support for the Recreation Enterprise Fund. The
Department of Parks and Recreation shall be authorized to accept gifts
and donations for crediting to said fund and shall be additionally
authorized, subject to the approval of the Board of Parks and Recreation,
to sponsor fund-raising events, the net proceeds of which shall be
credited to said fund.
Expenditures from the recreation enterprise fund shall conform to appropriations made by the Town Council in accordance with the applicable provisions of Article VIII of the Town Charter. All such expenditures shall be used for the support of recreation programs or to promote the generation of income for said fund. No expenditures from said fund shall be used for capital improvements or capital equipment.
