BY SANDI CARPELLO
Staff Writer
RED BANK — The days of unaccounted-for spending by borough employees are coming to a close.
Under the recommendation of Councilman John Curley, the borough’s governing body last week passed a resolution that would put a lock and key on all borough funds, including state required designated trust funds.
The resolution pertains to all expenditures over $10,000.
"Previously, the money from these dedicated trust funds were being spent by borough employees without the authorization of the Borough Council," Curley said. "Now, no one can go out and buy something on their whim."
While that practice was technically legal, "the mayor and council now have the ultimate control over the expenditure of all funds, and have the authority to establish regulations concerning their disbursement, in addition to the limits set by statute and ordinance," he said.
According to borough Chief Financial Officer Bruce Loversidge, the procedure will allow the governing body to better monitor town expenditures.
"They want to know, specifically, what’s being spent," he said. "It’s just another layer of control."
Among the borough’s designated trust funds are the Fire Penalties Fund, which is comprised of fines levied for fire violations and controlled by the borough’s fire marshal office. The monies are to go toward fire prevention activities.
The Recreation Donations Fund, which contains revenue from donations and activity fees, is currently controlled by Loversidge and the recreation director.
The Law Enforcement Trust Fund, which is comprised of money from criminal vehicle and property seizures, are expended by the borough’s police department and the Monmouth County Prosecutors Office.
Other designated borough trust funds include the Recycling Trust, Uniform Fire Penalties, Drug Alliance, First Night, Public Defenders, Eisner Charitable Scientific, Eisner Riverside Gadens and Parking Ticket funds.