HomeMy WebLinkAboutMinutes - Library Board of Trustees - 05/21/2018 - Finance CommitteeSouth Burlington Library Board of Trustees
Finance Committee meeting
May 21, 2018
6:00 p.m.
Library meeting room
University Mall
South Burlington, VT 05404
Members Present:Penne Tompkins (Chair), Patrick Leduc, Kerry Jung, Jay Pasackow
Staff Members Present:
Jennifer Murray
Others:Paul Briody, Briody Maher, Wells Fargo
Chair Penne Tompkins called the meeting to order at 6:04 p.m., and a quorum was established.
Additions or Deletions to the posted Agenda
One item was added to the agenda: A discussion on the appropriate account(s) for the deposit of future donations.
Comments from the Public
There were no comments from the Public
Approval of Minutes
A typo was noted in the minutes of the December 11, 2017 committee minutes.
Upon a motion made by Patrick Leduc and seconded by Kerry Jung, the Trustees voted unanimously to approve
the meeting minutes of December 11, 2017, as revised.
Deposit of Future Donations
Following Committee discussion guidance was provided to direct future online donations to the 501(C)3.
Review of Blanchette Funds
Paul Briody reviewed the Blanchette funds and the current investments. Following a number of questions from Committee
members and discussion on investment options, the committee considered Paul Briody’s recommendation on the CD
ladder investment of a portion of the Blanchette funds.
Upon a motion made by Patrick Leduc and seconded by Kerry Jung, the Trustees voted unanimously to
recommend to the full Board the investment plan proposed by Paul Briody.
The Committee further agreed to request a meeting of the Library Board of Trustees as soon as feasible so that this
recommendation could be acted upon soon.
Update from the Director
Jennifer shared the Budget actuals as of March 31st and outlined variances and unique statuses that are a result of the
library move last November. The Committee members discussed the reports with the Jennifer and thanked her for her
diligence in oversight.
Other Business
Kerry Jung shared her intent to be replaced on the Finance Committee due to the time constraints of the Nomination and
Governance Committee. The Chair expressed her thanks for the contributions that Kerry has made.
Comments from the Public
There were no comments from the Public
There being no other business, the meeting adjourned at 7:00 p.m.
Upon a motion made by Kerry Jung and seconded by Patrick Leduc, the Trustees voted unanimously to
recommend to the full Board the investment plan proposed by Paul Briody.
Respectfully submitted,
__________________________
Patrick Leduc