HomeMy WebLinkAboutDraft Minutes - Library Board of Trustees - 09/17/2020 - Finance Committee Library Board of Trustees Finance Committee Draft Minutes Thursday, September 17, 2020 Location: Virtual Call via Zoom In Attendance: Library Trustees: Ted Lenski (chair), Diane Bugbee, Patrick Leduc, Penne Tompkins Library Director Jennifer Murray Minutes 1. The meeting was called to order at 5:33 p.m. 2. The order of items on the agenda were adjusted to address the Library Investment Policy draft and Blanchette funds status before item 5 (Library Budget). 3. There were no members of the public present. 4. Finance minutes of August 2019 were unanimously approved upon a motion by Patrick, seconded by Diane. 5. Chair Ted presented a Library Investment Policy draft for discussion. It was agreed to modify the language under the performance objectives section to say “may” instead of “will” to give more flexibility for reporting. Ted made a motion that the Investment Policy draft, with the discussed changes, be recommended to the full Library Board of Trustees for adoption. Patrick seconded the motion and it was approved. 6. Ted presented the standing of the Blanchette Funds investment portfolio as of August 30, 2020: $414,110.84. He commented that the portfolio mix is neither too conservative nor too risky. The amount of funds committed to the city was discussed. Jennifer will follow up with Project Director Ilona Blanchard to confirm the numbers used in the city’s calculations for the Library portion of the building fund and report back to the committee. We will also confirm when the city will want to start receiving the committed Blanchette funds. 7. Discussion: Library budget draft FY2021 and FY 2022
• Jennifer presented both a draft review of the FY2021 budgets and an organizational plan
• Areas covered included the HRIP about staffing needed for the new space, total staff hours desired for the new space and types of increased usage anticipated. With the new space right next door to one of our elementary schools, it is expected that many more children will be coming to the library after school.
• Jennifer described staffing plans for the new space and explained the goals for extended open hours
• On the financial side, the group noted some big savings areas by being in our own building that would help offset the increase in staffing expenses.
• Ted asked Jennifer to pull older budgets, pre the library’s move to the University Mall, for help in looking at the numbers overall.
• Ted will support Jennifer in working on the draft budgets in preparation for a first review in October.
• Patrick noted that one more perspective to consider in budget planning is the changeover in senior city management at the end of the current fiscal year next June.
There being no further comments: the meeting adjourned at 6:43 p.m.
Respectfully submitted, Penne Tompkins