§ 2-1030. Departmental revolving funds.

A. 

Purpose. This article establishes and authorizes revolving funds for use by the City, departments, boards, committees, agencies and 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 MGL c. 44, § 53E 1/2.

B. 

Expenditure limitations. 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 article without appropriation subject to the following limitations:

(1) 

Fringe benefits of full-time employees whose salaries or wages are paid from the fund shall also be paid from the fund.

(2) 

No liability shall be incurred in excess of the available balance of the fund.

(3) 

The total amount spent during a fiscal year shall not exceed the amount authorized by the City Council 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 Mayor and City Council.

C. 

Interest. Interest earned on monies credited to a revolving fund established by this article shall be credited to the general fund.

D. 

Procedures and reports. Except as provided in MGL c. 44, § 53E 1/2 and this article, the laws, Charter provisions, ordinances, rules, regulations, policies or procedures that govern the receipt and custody of City monies and the expenditure and payment of City funds shall apply to the use of a revolving fund established and authorized by this article. The City Auditor shall include a statement on the collections credited to each fund, the encumbrances and expenditures charged to the fund and the balance available for the expenditure in the regular report the City Auditor provides the department, board, committee, agency or officer on appropriations made for its use.