Russell Library Board of Trustees

ife us S ,S E L L k§seRErfuRE¥ <dr^` ;`':?f€ct{ S!C.1C`e !{J b€~ Finance Committee Meeting Friday, June 29, 2018 Director's Office 8:30 a.in.-9:30 a.in. Present: Trustees Becker, Berlind, Markot, Thazhampallath; Committee Member Robert Kirkpatrick; Library Director and CEO Burkey; Chief Public Service Officer, Doyle; Director of Finance & HR Administration Harlow 1. Call to Order: Chair Becker called the meeting to order at 8:32 a.in. 2. Public Session/Comment: There were no comments from members of the public. 3. Review of FY19 Company Budget: Changes in the FY19 budget were explained. Consulting is up due to migration of content to a new website and due to anticipated expenses related to strategic planning; grants and IMLS funds may help with the planning expenses. Professional development is up to provide increased training and attendance at national conferences and to cover the cost of the Harwood Institute for Public Innovation on-line seminar. Operating expenses are up due to the need for new library cards and plarming expenses. Building maintenance is lower due to recent projects completed with money from the city budget left at the end of the fiscal year. Committee member Kirkpatrick suggested that a small contingency fund be included. It was moved (Trustee Thazhapallath) and seconded (Trustee Markot) that the Finance Committee approve and send to the full board in September the proposed FY19 budget with $ 1,000 taken from the Miscellaneous expense line to a Contingency line. The motion passed unanimously. 4. Investment Strategy: The discussion was led by Committee Member Rob Kirkpatrick, who distributed copies of a RFP recently issued by the Community Foundation of Middlesex County as well as a document outlining investment pitfalls. He pointed out that every few years the Finance Committee should review the performance of the Russell Company' s investment firm, and that ideally a fund should return 4.5% for withdrawals plus 2% to cover inflation. The only way the fund will reliably grow is through bequests, and he pointed to a need for fundraising. CEO Burkey mentioned that some libraries place planned giving brochures in law firm offices and that she will find out what firm advises the Library Comection. Committee member Kirkpatrick will ask a member of the CFMC to attend the next meeting of the Finance Committee, on Tuesday July 17, at 8:30 a.in. 5. It was moved (Trustee Thazhampallath) and seconded (Committee Member Kirkpatrick) to adjourn the meeting at 9:30 a.in. Proposed next Finance Committee meetings: Tuesday, July 17, 2018 8:30 a.in.-9:30 a.in. Tuesday, ATgust 14, 2018 8:30 a.in.-9:30 a.in. Respectfully Submitted, wtM4 wi Wendy Berlind, Secretary