HomeMy WebLinkAboutMinutes - Library Board of Trustees - 08/28/2018South Burlington Library Board of Trustees Finance Committee
Tuesday August 28, 2018
5:15 p.m.
Loca on: 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 Blanche e Funds investment por olio
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