HomeMy WebLinkAboutMinutes - Library Board of Trustees - 07/24/2019 - Board of Trustees Finance Committee
South Burlington Public Library
Board of Trustees Finance Committee
Minutes July 24, 2019
Location: South Burlington Public Library
In attendance: Diane Bugbee, Lee Freeman, Penne Tompkins
Also in attendance: Jennifer Murray, Library director
Absent: Patrick Leduc
1. Chair Diane Bugbee called the meeting to order at 16:32 p.m. Penne Tompkins volunteered to be
notetaker.
2. There were no additions and deletions to the posted agenda
3. No members of the public attended.
4. Per the July 9 Library Board of Trustees meeting, Diane Bugbee was elected as the LBOT
Treasurer and in that role serves as the chair of the Finance Committee. Former treasurer Penne
Tompkins is working with Diane as she has assumed this role to ensure a smooth transition.
Penne will complete any outstanding tasks from previous Finance committee notes, in
consultation with the committee. Lee Freeman was welcomed as a new committee member.
5. Minutes and Procedures
• Penne made a motion to approve the Finance Committee minutes from April 1, 2019; Lee
Freeman seconded. The minutes were unanimously approved.
• Diane requested that committee members submit any agenda items for future meetings by the
prior week Tuesday to the scheduled meeting date. For the next meeting, this date is
September 17. Future meeting dates will be set at the September meeting.
6. Diane reported that the value of the Blanchette Fund investments, managed by Wells Fargo, was
$389, 616.74 as of the end of May.
• Diane raised for discussion a letter the city received from Paul Briody of Wells Fargo, requiring
an approval signature and return to Wells Fargo by August 23. The letter seeks permission to
shift the current account from Wells Fargo Clearing Services LLC to Wells Fargo Advisors. After
some discussion and noting that the letter states there is no change in fees for the
management of the Blanchette Fund account, Lee Freeman made a motion that the Finance
Committee recommend to the full LBOT that we approve this action and direct the City to go
ahead with the transfer from Wells Fargo Clearing Services to Wells Fargo Advisors Financial
Network; Penne seconded and the motion passed unanimously.
• The committee discussed the Blanchette Funds currently being held within a city account,
reviewed the purpose of the funds for the new library, its origin as a bequest to the library and
that most of those funds will ultimately be given to the city for construction of the new library.
Based on the discussion, Penne made a motion that the Finance committee recommend to the
full LBOT that the Blanchette funds remain with the city accounts and not transfer to the newly
formed foundation; Lee seconded, and the motion passed unanimously.
7. Reconciliation of Foundation/Gift Accounts
• Penne presented an excel summary of the reconciliation of the library gift accounts that shows
the funds raised during the fall 2018 appeal and the expenses of that campaign as well as the
funds received since last year specifically for the new library. Lee made a motion that the Finance
Committee recommends to the LBOT that we request the city to transfer all monies in the city
account 603-15-3900-09.05 “New Library facility” to the South Burlington Library Foundation;
Diane seconded, and the motion was approved.
• Gift Account expenses that may need to transfer to Foundation: a separate accounting of
expenses for the new foundation was also reviewed. The committee agreed that this review
which pertains to the Foundation reimbursing the Library gift account would be more
appropriately taken up by the Foundation board. Penne will provide the information to the
Foundation Treasurer Patrick Leduc for consideration and action.
8. FY 2020 Budget status and preliminary discussion of FY 2021 Budget
• Library Director Jennifer Murray informed the committee of an August 26 deadline to submit
the library’s wishes for items to be included in the city’s Capital Improvement Plan (CIP) for
FY2021. A new Bookmobile is in the CIP with an estimated capital need of $70,000. The
committee discussed the timing of the need for a new book mobile and determined that trying
to fund a new Bookmobile while the new library building project is still not completed is
unlikely to be successful. Lee recommended that we move the CIP item of the Bookmobile out
from FY2012 to FY2022. Diane seconded the motion and the motion passed unanimously.
• Jennifer will share a draft of the FY2021 budget with the Finance Committee at the September
meeting. Preliminary work regarding the need for increased staffing at the new library has
already been discussed with Tom Hubbard in the city’s long range planning and budgeting.
9. There being no other business, the meeting adjourned at 17:48 p.m.
Respectfully submitted, Penne Tompkins
New Library Facility Donations received in new City account: 603-15-3900-09.05
Donation gift batches $35.00 9/11/2018
Donation gift batches $6.00 10/31/2018
Donation gift batches $7.70 12/17/2018
Donation gift batches $1,100.00 12/31/2018
Donation gift batches $500.00 1/16/2019
Donation gift batches $75.00 4/24/2019
total new Library gifts since September $1,723.70 to be transferred to SBLF
SB Library Gift Account Summary