DESCRIPTIONS AND OUTLINES OF BOROUGH FUND ACCOUNTS

GENERAL LIABILITY FUND

PURPOSE of the General Liability Fund shall be to provide for:

1. Settlements resulting from law suits or potential lawsuits

2. Premiums for general liability insurance for the Borough

3. Attorney’s fees for litigation

4. Attorney’s fees for consultation

FUNDING of the General Liability Fund shall be through appropriations made by the Borough voters at the Annual Borough and Budget Meeting, and additional appropriations may be made as provided in the Borough Charter.

EXPENDITURES shall b e made only for the purposes stated above. No funds shall be disbursed except with the approval of the Board of Warden & Burgesses, and such approval shall specify the amount and the party to whom funds are to be paid.

WAYLAND’S WHARF FUND

PURPOSE of the Wayland’s Wharf Fund shall be to provide for maintenance, repair or improvement of facilities at Wayland’s Wharf, including construction of new facilities.

FUNDING of the Wayland’s Wharf Fund may be through sources including but not limited to voluntary contributions or grants from individuals, businesses, or governments, appropriations made by the Boroughs voters at the Annual Borough and Budget Meeting, as well as additional appropriations as provided in the Borough Charter.

EXPENDITURES may be made only for the governmental purposes stated above and with the approval of the Board of Warden & Burgesses. All decisions on projects covered by the Wayland’s Wharf Fund shall be made by the Board or its designated agent. No money shall be transferred out of the fund or spent for purposes other than those stated above except with the approval of the voters at a Borough Meeting where such action was included in the call of the meeting.

RIGHT OF WAY FUND

PURPOSE of the Right of Way Fund shall be to apply funds raised by the Borough Right of Way Committee and from other sources as set forth below to special projects for the benefit of public rights of way in the Borough.

FUNDING of the Right of Way Fund may be through sources including but not limited to fund raising activities organized by the Committee, voluntary contributions or grants from individuals, businesses, or governments, appropriations made by the Borough voters at the Annual Borough and Budget Meeting, as well as additional appropriations as provided in the Borough Charter. Any funds so raised shall be deposited with the Treasurer of the Borough and then applied to the Right of Way Fund.

EXPENDITURES may be made only for the governmental purposes stated above and with the approval of the Board of Warden & Burgesses. All decisions on projects covered by the Right of Way Fund shall be made by the Board or its designated agent. No money shall be transferred out of the fund or spent for purposed other than those stated above except with the approval of the voters at a Borough Meeting where such action was included in the call of the meeting.

SIDEWALK FUND

PURPOSE The purposes of the Sidewalk Fund shall be to provide for:

1. Regular repair and maintenance of sidewalks abutting property owned by the Borough

2. Reserve funds for periodic replacement of sidewalks adjacent to property owned by the Borough

3. Replacement or resetting of curbs

4. Payment of a contractor hired by the Borough to make repairs when a property owner fails to comply with the Borough Ordinance number one, and receipt of reimbursement for same from the property owner

If the Board feels that adequate funds have been set aside for these purposes, it may request approval at the Annual Borough and Budget Meeting to use funds from the Sidewalk Fund for grants to property owners to do sidewalk work, for Borough Sidewalk Improvement Projects abutting private property, for professional consultation, or for such other sidewalk related purposes as the Board deems suitable.

FUNDING Any funds coming to the Borough from the Town of Stonington for sidewalks shall be placed in the Sidewalk Fund. Borough funds may also be appropriated to the Sidewalk Fund on approval by the taxpayers at the Annual Borough and Budget Meeting. Additional appropriations may be made as provided in the Borough Charter.

APPROPRIATIONS FOR EXPENDITURES Replacement of sidewalks abutting Borough property must be approved at the Annual Borough and Budget meeting, based on an estimated cost. If such replacement is approved, bids may be sought in accordance with applicable Borough ordinance. No bid may be accepted that exceeds the approved estimated cost by more than 15%, and no work shall be authorized that exceeds the accepted bid by more than 15%.

Replacement of large sections of curb in connection with road work should be approved at the Annual Borough and Budget Meeting.

Repair and maintenance of Borough sidewalks and resetting and replacement of curbs may not be specifically foreseeable at the time of the Annual Borough and Budget Meeting and therefore these projects may be approved by the Board as it sees fit.

Funding for enforcement of Borough Ordinance number one may be approved by the Board provided the Board intends to pursue recovery of those funds from the property owner.

Any sidewalk project which returns funds to property owners or provides for Borough work on sidewalks abutting private property may be approved by the Board.

Any owner of property abutting a sidewalk included in such a sidewalk project who had been notified that he was required under Borough Ordinance number one to correct a condition on the sidewalk and who did not comply within the specified time will not be eligible for Borough Funds for the project.

EXPENDITURES No funds shall be disbursed except with the approval of the Board, and such approval shall specify the amount and the party to whom funds are to be paid. The Board may, however, designate the Street Commissioner and an agent to judge the quality or completeness of a job and to release the approved funds.

CANNON FUND

The purpose of this fund is to account for funds collected and used in the restoration of the two 18-pound cannons at Cannon Square.

CLOCK FUND

The Borough pays $50 per year to United Church of Stonington which holds the clock on their steeple. The fund pays this and other maintenance items.

WILLIAM WILLIAMS FUND

The William Williams fund was created in 1912 with a bequest from William Williams. The purpose of this fund to annually distribute money to the poor residing in the Borough. The fund is administered by the Warden and Clerk-Treasurer.

WALDRON FUND

In 1837, the Borough received a bequest from Jonathan C. Waldron, the interest to be used between the months of October and April to furnish poor families of the Borough with fuel, food, and raiment. There are three trustees of the Fund, and they are chosen by the Borough voters at the Annual Meeting. Current trustees are Kathryn Burchenal, Lisa Tepper Bates, and Mary Maranell.

INFRASTRUCTURE RESERVE FUND

The Infrastructure Reserve Fund is established to accumulate and disburse funds for the maintenance and repair of the Borough’s roads and infrastructure.

CAPITAL & NONRECURRING FUND

The Capital & Nonrecurring Fund is a reserve fund set up in accordance with Chapter 108 of the Connecticut General Statutes. Separate funds within the Capital & Nonrecurring Fund include: Building Fund, Truck Fund (replacement of Fire Department & Highway Department trucks), Office Equipment, and Undesignated.