Chapter 3.24 OPERATING FUNDS

Chapter 3.24
OPERATING FUNDS

Sections:

3.24.010 Repealed.

3.24.020 Water/sewer fund – Established – Uses.

3.24.030 Current expense fund – Established – Uses.

3.24.040 Reserve fund – Established – Uses.

3.24.050 Park fund – Established – Uses.

3.24.060 Repealed.

3.24.070 Transfer of surplus moneys from current expense fund.

3.24.080 Repealed.

3.24.090 Council order required for payment.

3.24.100 Warrant payment procedure.

3.24.110 Warrant recordkeeping required.

3.24.120 Warrant record delivery required.

3.24.130 Statement of moneys – Assignment to funds.

3.24.140 Report of warrants issued and received by officers required.

3.24.150 Transfer of current funds.

3.24.010 Lighting fund – Established – Uses.

Repealed by Ord. 642. (Ord. 67 § 2).

3.24.020 Water/sewer fund – Established – Uses.

There is created and ordered maintained a water/sewer fund, to be designated “water/ sewer fund,” into which shall be paid and carried all receipts of whatever character arising from the operation or maintenance of the water/sewer system of the town, or from the sale of water therefrom, and from which shall be paid all charges and expenditures of every kind arising out of or contracted on account of the maintenance of and operation of the water/sewer system or of any pipe or other appliance used or to be used in connection therewith, or the furnishing of water and for all supplies, materials and repairs furnished therefor or to be used therein. (Ord. 563 § 10, 1996; Ord. 67 § 3).

3.24.030 Current expense fund – Established – Uses.

There is created and ordered maintained a current expense fund, to be designated “current expense fund,” into which shall be paid and carried all receipts of the town arising from any and every source, excepting such receipts as are expressly ordered in this chapter to be paid into and carried in the lighting fund, water/sewer fund, park fund or reserve fund of the town, and from which shall be paid all expenditures and indebtedness of the town, excepting such expenditures and indebtedness as are in this chapter expressly ordered paid out of the lighting fund, water/sewer fund, park fund or the reserve fund of the town. (Ord. 563 § 11, 1996; Ord. 67 § 4).

3.24.040 Reserve fund – Established – Uses.

There is created and ordered to be maintained a reserve fund to pay waterworks bonds and interest thereon, to be designated as “reserve fund,” into which shall be paid all receipts of the town raised and received on or through any tax levied and collected for the purpose of paying the waterworks bonds and the interest thereon now outstanding against the town, and from which shall be paid at any interest-paying period of said bonds all accrued interest and the principal sum of such bonds or any of such bonds as the council of the town shall by proper resolution order to be paid. (Ord. 563 § 12, 1996; Ord. 67 § 5).

3.24.050 Park fund – Established – Uses.

There is created and ordered maintained a fund to be designated as “park fund” into which shall be paid all receipts of the town raised and received on or through any tax levied and collected for the purpose of maintaining and improving parks in the town, or from donations from any source for that purpose, or from any proceeds from the rental or leasing of any portion of any town park, or any other receipts arising in any way from or out of any town park, and from which shall be paid all indebtedness and expenditures arising out of the operation, maintenance or improvement of any town park. (Ord. 67 § 6).

3.24.060 Transfer of surplus moneys to current expense fund.

Repealed by Ord. 564. (Ord. 421 § 5, 1980; Ord. 67 § 7).

3.24.070 Transfer of surplus moneys from current expense fund.

If at the meeting, the council should find that there is a deficiency in either the lighting fund, the waterworks fund or park fund, the council may, if there be a surplus in the current expense fund sufficient to justify the same without liability of the current expense fund becoming insufficient to discharge all claims liable to be charged against it upon the transfer of any part of the surplus of the fund, transfer to the lighting fund, waterworks fund or park fund any part of the surplus of the current expense fund not needed in the fund. (Ord. 67 § 8).

3.24.080 Transfer of surplus moneys for other funds.

Repealed by Ord. 564. (Ord. 67 § 9).

3.24.090 Council order required for payment.

No payment of any kind shall be made from any fund of the town except on order of the council had and made according to law and the rules of the council at a regular meeting of the council. Each and every payment when ordered by the council shall be ordered to be made out of the fund created by this chapter for that purpose, and said fund shall be specifically named in the order of the council. (Ord. 421 § 5, 1980; Ord. 67 § 10).

3.24.100 Warrant payment procedure.¹

Payment of every kind ordered by the council shall be by warrant issued and attested by the clerk/treasurer of the town, signed by the mayor of the town, and sealed with the corporate seal of the town, and all warrants shall be consecutively numbered and shall have printed or stamped thereon at the top thereof the name of the fund upon which it is drawn, and duplicate stubs shall be made and retained by the clerk/treasurer of all warrants issued by the clerk/treasurer. (Ord. 67 § 11).

3.24.110 Warrant recordkeeping required.

The clerk/treasurer of the town shall provide a separate record of each of the funds created by this chapter and shall keep a full record of each and every warrant received, paid or registered by him in its respective record, properly numbered, and all warrants to be paid out of any fund shall be paid in the order of their numbers and not otherwise. (Ord. 421 § 5, 1980; Ord. 67 § 12).

3.24.120 Warrant record delivery required.

The clerk/treasurer of the town shall deliver to the clerk/treasurer, or leave at his office, on the morning following any regular meeting of the council of the town, a full list containing the numbers of each warrant, the funds upon which drawn, and the respective amounts thereof as ordered drawn at said regular meeting. (Ord. 421 § 5, 1980; Ord. 67 § 13).

3.24.130 Statement of moneys – Assignment to funds.

All receipts of the town shall be paid into the hands of the clerk/treasurer of the town, who shall issue his receipt therefor, and at every regular meeting of the council of the town, the clerk/treasurer shall present to the council a full itemized statement of all moneys received by him since the last regular meeting, and the source from which the moneys were derived and the name of the person, firm or corporation paying the same; and the council shall thereupon at said meeting, by proper order entered in the record of their proceedings, assign said money to the proper respective funds created in this chapter and order the same paid by the clerk/treasurer to the clerk/treasurer of the town, and the clerk/treasurer shall upon the morning following said regular meeting pay the same to the clerk/treasurer who shall receive the same and deliver his receipt therefor to the clerk/treasurer, which receipt shall show the full amount received, and the amount assigned to each separate fund as created in this chapter. (Ord. 421 § 5, 1980; Ord. 67 § 14).

3.24.140 Report of warrants issued and received by officers required.

All officers of the town, excepting the mayor and members of the council thereof, shall upon the first regular meeting nights of April, July and October of each and every year make a full report of all money, orders, receipts and warrants on hand received or issued by them, each under the head of its respective fund, and of their actions as such officers, during the three calendar months last past, and shall on the first regular meeting of the council in January of each and every year make such report for the fiscal year last past, which reports shall be referred to the proper committees created and appointed for that purpose, for investigation and report. (Ord. 67 § 15).

3.24.150 Transfer of current funds.

All funds and moneys now in the hands of the town, or which shall come into the hands of the town before the day upon which the ordinance codified in this chapter takes effect, shall be transferred to and shall hereafter be carried in the current expense fund and shall be disbursed as provided in this chapter; and all warrants now outstanding, or which may be issued before the day upon which the ordinance codified in this chapter takes effect, are declared to be drawn against and shall be paid out of the current expense fund. (Ord. 67 § 16).