05/01/2017 Annual Town Meeting - Laserfiche WebLink

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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 an increased amount of that authorization that is later approved during the fiscal year by the Selectmen and Finance Committee. §6-28. Interest earned on monies credited to a revolving fund established by this Bylaw shall be credited to the general fund. Submitted by the Board of Selectmen Explanation: The departmental revolving fund statute, G.L. c. 44, § 53E�/z, was amended by the Municipal Modernization Act. St. 2016, c. 218, § 86 effective November 7, 2016. These amendments eliminated the caps on the amount that could be spent from the revolving funds authorized for a particular department and in total from all authorized revolving funds. In addition, revolving funds must now be authorized by by-law rather than by an annual Town Meeting vote. Town Meeting must still vote on or before July 1 on the amount that may be spent from each fund during the upcoming fiscal year. The Bylaw proposed by this Article would authorize the establishment of the revolving funds historically used by the Town in the manner required by the statutory amendment for Fiscal Year 2018 and thereafter. Note that the maximum amount that may be spent from each revolving fund must still be established by separate Article on an annual basis. The Board of Selectmen recommend approval of Article 22 by a vote of 5-0. The Finance Committee recommend approval of Article 22 by a vote of 4-0. Motion made by Selectman Andrew Gottlieb. Motion: I move the Town vote to approve Article 22 as printed in the Warrant. Motion made and passed to dispense with reading of article at 8:31 PM. Motion passes unanimously at 8:31 PM Article 23 To see if the Town will vote to establish the limit on expenditures from the Recreation Department Revolving Account at$455,500 for FY 2018, or take any other action relating thereto. Submitted by the Recreation Department Explanation: It is required that an expenditure limit be established for each revolving fund. The Department responsible for managing the revolving fund determines this limit based on anticipated expenses associated with the various programs that generate revenue for the fund. 24