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HomeMy WebLinkAboutMinutes - Library Board of Trustees - 04/01/2019 - Finance Meeting Finance Committee Minutes South Burlington Library Board of Trustees Monday, April 1, 2019 - 5:00 p.m. Location: Library meeting room Committee Members Present: Patrick Leduc, Penne Tompkins Committee Members Absent: Nancy Fawley Staff and other Trustees Present: Jennifer Murray, Jay Pasackow Guests: Paul Briody Chair Penne Tompkins called the meeting to order at 5:04 p.m., and a quorum was established. Additions or deletions to the posted agenda: Agenda item 5 and 7 were removed from the agenda item 9 was moved up on the agenda. Comments and questions from the public not related to items on the agenda There were no comments from the public Approval of the Finance committee minutes of November 2018 Upon a motion made by Trustee Patrick Leduc and seconded by Trustee Penne Tompkins, the Trustees voted unanimously to approve the minutes. Recommendations on investing the Blanchette funds. Chair Tompkins introduced the topic of possible re-investment of the cash balance in the Blanchette fund and ask that Paul provide an update on the investments to date and his recommendation. Paul provides the most recent account balance and reporting and outlined the options the trustees have for the 3/15 and 3/26 releases. Following discussion, the committee determined that move the cash balance into an 18 month fixed income investment as recommended by Paul would be the best choice. The account Paul is currently offering a 2.45% return, although the actual rate will be determined at the time of transaction. Following Paul’s recommendation, the Committee will also recommend to the full board that we setup an automatic process to move idle cash into the Fidelity institutional Money Market fund, which will also for growth in our asset and quick (24 hour) access to it if it’s needed. Upon a motion made by Trustee Patrick Leduc and seconded by Trustee Penne Tompkins, the Trustees voted unanimously to recommend to the full board at its April 11th meeting that we reinvest the cash available in the Blanchette fund into the 18 month CD recommended by Paul Briody at the 2.45% rate or the equivalent rate at the time of transaction and that we instruct Paul to institute an automated process to move idle cash into the Fidelity institutional Money Market fund. Purpose Statement Chair Penne Tompkins outlined the statement of purpose she drafted, and the committee made minor adjustments and discussed the content. Upon a motion made by Trustee Patrick Leduc and seconded by Trustee Penne Tompkins, the Trustees voted unanimously to recommend the edited version of the Finance committee purpose statement to the full board at its April 11th meeting. Following the vote Jennifer reminded the board of the timing of the Library budget cycle with the city and Chair Tompkins made note of her goal to schedule both a July and a September committee meeting to support that work and timeline. Differing finance roles for Trustees and the foundation Chair Penne Tompkins opened a conversation of the different fundraising roles of the library through its gift account and the foundation with its capital campaign. Following much discussion, the committee resolved that there was not a need to make a change at this time. The Library’s gift account has an ongoing use in both receipts and expenses and the capital campaign is focused on the new building. As the capital campaign winds down, this topic should be brought back up for discussion. The committee also agreed that Penne will work with Jennifer to gather a history of the expenses and incomes of the gift account as they may relate to the expenses and receipts of the foundation to be discussed at a future committee meeting. Adjourn There being no other business, Chair Penne Tompkins adjourned the meeting at 5:52 p.m. Respectfully submitted by Patrick Leduc