HomeMy WebLinkAboutMinutes - Library Board of Trustees - 11/15/2018 - Finance CommitteeSouth Burlington Library Board of Trustees
Finance Committee Minutes
Thursday, November 15, 2018
5:00 p.m.
Location: South Burlington Library
Members Present:Patrick Leduc, Penne Tompkins, Nancy Fawley
Members Absent:
Staff Members Present:Jennifer Murray
Invited Guests:None
Committee Chair Penne Tompkins called the meeting to order at 5:08 p.m., and a committee quorum was
established. Additions or Deletions to the posted Agenda
An agenda item to discuss other groups requesting library help in conducting fundraisers at the librarywas added per a request from Jennifer Murray.
Comments and questions from the public not related to items on the agenda
There were no comments from the public.
Approval of Finance minutes of August 2018
Upon a motion made by Trustee Patrick Leduc and seconded by Trustee Nancy Fawley the Trustees votedunanimously to approve the committee meeting minutes of August 2018.
Discussion: Draft Library budget FY2020 and FY2021
Recently Jennifer received the template from the city for submitting the FY2020 budget. She has begundiscussion with city staff regarding the needs for additional staf ing in the current location and forsmoothing the transition to the new space. She has identi ied a need for more coverage at the desk andmay be coming to the board for onetime use of library funds to pay for some human resources in the
current year. Jennifer reported that she previously provided an estimate of the Library’s operation budgetfor FY2021, highlighting staff needs for the new library with more space and a larger collection. She willsend the Finance Committee her draft budget shortly and noted that there is little room for growth in thecollection in the current space.
Review of Blanchette Funds investment portfolioCommittee Chair Penne Tompkins shared the latest monthly summary from Wells Fargo, which re lects asmall decline in the portfolio value, which was $419,140.53 as of October 31. Penne con irmed that the
advisor Paul Briody is following the reinvestment plan per the direction the Board approved at theSeptember 13 meeting. Possible Action: recommendation regarding differing Finance roles between SBLBOT and SB
Library Foundation.The committee discussed the need to make the roles clear between the two entities. Patrick Leduc is thetreasurer of the Foundation. After some discussion on the possibilities, it was agreed that we do not haveenough information to make an informed recommendation. Chair Penne Tompkins will set up a meeting
between Tom Hubbard, Patrick, Paul Briody, Jay Pasackow and herself regarding the questions raised. Further it was agreed that the Finance Committee shall work on an Investment Policy for the Board’sreview as there does not appear to be one in effect currently.
Fundraising in Library – added agenda item
A few groups approached Jennifer recently for permission for their non-pro it groups to sell fundraisingitems within the library. This included asking if library staff could collect the money or allow a donationjar for the items. The committee discussed and agreed that this was not a good idea and not within the
scope of the library staff to handle. There are too many possibilities for problems to arise. The one group
for which the library has allowed a donation jar is the Friends of the SB Library because that group’s fundsdirectly bene it library programs. Based on the discussion, it was suggested to Jennifer that developing alibrary policy around fundraising within the library would be a good idea. She will take that up in the
coming months.
Adjournment
Patrick Leduc moved that the meeting be adjourned, with Nancy Fawley seconding the motion. The
meeting adjourned at 5:55 p.m.
Respectfully submitted,
Penne Tompkins