There is hereby created within the financial accounts of the Town of Stratford an internal service fund, known as the "Risk Management Fund." The Risk Management Fund shall provide for the funding of all claims against the Town, including but not limited to property, crime, liability and employee benefits, as well as establish reserves for future potential losses.
The Risk Management Fund shall disclose and report all activities of the fund at the end of each fiscal year. The Risk Management Fund shall have the authority to charge other funds for services performed, including payment for claims or establishment of reserves for potential losses. All financial activities of the Risk Management Fund shall be conducted in accordance with pronouncements and/or regulations of the Government Accounting Standards Board (GASB).