Section 60.11. Set-aside funds.

 

(1)   Requirement. The department shall collect, maintain and administer funds from the net proceeds of the operation of each business enterprise, including vendor-owned enterprises, in accordance with provisions of this section.

(2)   Amount.

(a) Funds that the department requires be set aside shall be computed on the basis of a percentage of the individual operator's net proceeds for a given month. The department may each year reconsider and change that percentage to ensure that set-aside funds are sufficient for the uses made of these funds. Set-aside charges for vendor-owned enterprises shall be at a reduced rate to reflect vendor-owner responsibility for maintenance, repair and replacement of all business enterprise equipment.

(b) The department shall bill operators each month for the set-aside charge.

(3)   Accounting. Set-aside funds maintained by the department shall be accounted for in accordance with generally accepted principles of fund accounting.

(4)   Uses. Set-aside funds may be expended only for the following purposes:

(a) To maintain and replace equipment;

(b) To purchase new equipment;

(c) To pay for management services;

(d) To assure a fair minimum return to operators; and

(e) To establish and maintain retirement or pension funds, health insurance contributions and provisions for paid sick leave and vacation time.

History: Cr. Register, May, 1983, No. 329 , eff. 6-1-83.