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HomeMy WebLinkAboutMinutes - Library Board of Trustees - 08/28/2018South Burlington Library Board of Trustees Finance Committee Tuesday August 28, 2018 5:15 p.m. Locaon: South Burlington Library Minutes Members Present:Patrick Leduc, Penne Tompkins, Nancy Simson* Members Absent: Kerry Jung Staff Members Present:Jennifer Murray Invited Guests:None *Nancy Simson is a community volunteer supporting the Library Board of Trustees on various committees Committee Chair Penne Tompkins called the meeting to order at 5:18 p.m., and a committee quorum was established. Additions or Deletions to the posted Agenda There were no additions or deletions to the posted agenda. 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 May 2018 Upon a motion made by Trustee Patrick Leduc and seconded by Trustee Penne Tompkins, the Trustees voted unanimously to approve the committee meeting minutes of May 2018. Discussion: Library budget dra FY2020 Committee Chair Penne Tompkins discussed the current and forward-looking needs of the Library’s operation budget, highlighting the planning for the proposed new library with more space and a larger collection. Jennifer Murray added that she is in discussion with the city staff on the Human resources needs that will be present in the proposed new space as well as the onetime use of library funds to pay for some human resources in the current year. These conversations are ongoing and Jennifer will come back to the committee with more information as it becomes available. Review of Blanchee Funds investment porolio Committee Chair Penne Tompkins shared that the shortest termed of the laddered investments has come to maturity and the committee discussed options, concluding that it will delay any decision on re-investing until after the September 4th City council meeting and decision on a potential November ballot item for the new combined city offices, library, and senior center. Possible Action: Fundraising subgroup recommendation regarding financial set-up for SB Library Foundation Committee Chair Penne Tompkins and Nancy Simson committee volunteer on the Fundraising committee shared updates and pending questions on the search for an accounting firm, bank, and software systems for use in the new non-profit foundation that has been created. Following conversation, Penne and Nancy will continue their work in researching these options, evaluating risks and determining costs. The Finance Committee will provide a full update on their work and direction at the upcoming full Library Board of trustees meeting and may ask for action from the trustees in forming a relationship with an accounting firm, bank, and/or software provider, or the authority to enact those relationships as a committee. Adjournment There being no other business, Patrick Leduc moved that the meeting be adjourned, with Penne Tompkins seconding the motion. The meeting adjourned at 6:00 p.m. Respectfully submitted, Patrick Leduc