Revolving Fund

References

(City Council of Barnstable, 2016b) ⇒ Town of Barnstable. (2016). “Town of Barnstable Adopted Operating Budget - 2017."
- QUOTE: Revolving fund: Allows a community to raise revenues from a specific service and use those revenues without appropriation to support the service. For departmental revolving funds, MGL Ch. 44 §53E½ stipulates that each fund must be re-authorized each year at annual town meeting or by city council action, and that a limit on the total amount that may be spent from each fund must be established at that time. The aggregate of all revolving funds may not exceed ten percent of the amount raised by taxation by the city or town in the most recent fiscal year, and no more than one percent of the amount raised by taxation may be administered by a single fund. Wages or salaries for full-time employees may be paid from the revolving fund only if the fund is also charged for all associated fringe benefits.
(City Council of Cambridge, 2016b) ⇒ City Council of Cambridge, MA. (2016). “Annual Budget 2016-2017 Adopted by the City Council, Cambridge, Massachusetts."
- QUOTE: REVOLVING FUND. A fund established to finance a continuing cycle of operations in which receipts are available for expenditure without further action by the City Council.