(A) Establishment of new fund. There is herewith established a fund, to be known as the Middlebury Town Employee Payroll and Benefits Fund.
(B) Purposes of fund. The Middlebury Town Employee Payroll and Benefits Fund is herewith created for the broad purpose of providing a fund and account into which various monies and revenues of the town shall hereafter be deposited, and from which all payments, benefits, compensation or other expenditures pertaining to employees and compensation or benefits due or owing to them shall be paid. Expressly included in such allotted payments would be regular and special payroll, tax payments and withholdings, health insurance, retirement benefits, Public Employee Retirement Fund payments, and any and other payments, compensation arrangements, or benefits now existing or hereafter established by the Town Council and pertaining in any fashion to any employee of the town.
(C) Indefinite duration of fund.
(1) The fund herewith established shall remain in full force and effect, and be usable by the town, until this section be expressly replaced, cancelled or superseded by new Ordinance of the town, or by specific change or mandate of applicable state law. Monies in such fund shall carry over from year to year, and shall not be removed or transferred from the Town Employee Payroll and Benefits Fund at the end of a fiscal year for the town.
(2) Conversely, all monies or deposits within such fund shall be deemed assets of and part of the general net worth of the town and shall be considered upon a review of the overall financial condition of the town, and the Clerk is herewith expressly authorized and permitted, at year end, or at such other time or times as the Clerk shall deem necessary or appropriate, to transfer all monies within such fund to the Town General Fund for purposes of appeals to the local Government Tax Control Board of the State Board of Tax Commissioners pertaining to excess levies, or for such other reason or reasons as either the Town Council shall direct, or the Clerk, in his or her discretion, shall determine.
(D) Disposition of fund balance on termination of the fund. Should the Middlebury Town Employee Payroll and Benefits Fund for any reason be formally terminated, the balance remaining in such fund shall be paid over by the Clerk to the appropriate fund or funds from which such monies were derived, the same to include, if applicable, but not necessarily be limited to, the following: Town General Fund, Town Street (MVH) Fund, Town Park Fund, Town Cemetery Fund, Town Water Fund, Town Sewer Fund and/or Town Police Fund.
(E) Access to and use of fund. Access to and use of the Town Employee Payroll and Benefits Fund shall be by the Clerk, and such other employees or agents of the town as shall be designated from time to time by the Town Council and/or the Clerk.
(Ord. 292, passed 12-7-1992)