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