Russell Library Board of Trustees

RusssEELEL \ A gr€c}t plcgL-e lc) be, Finance Committee Meeting Tuesday, November 6, 2018 Director'sofrlce 8:30 a.in.-9:30 a.in. Present: Trustees Becker, Berlind, and Thazhampallath; Committee Member Robert Kirkpatrick; Library Director and CEO Burkey; Director of Finance & HR Administration Harlow 1. Call to `Order: Chair Becker called the meeting to order at 8:33 a.in. 2. Public Session/Comment: There were no comments from members of the public. 3. Approval of Minutes: It was moved (Committee Member Kirkpatrick) and seconded (Trustee Thazhanpallath) to approve the minutes of the Finance Committee meeting of September 2018. The motion passed unanimously. 4. Discussion of CNR and operating budgets for the coming year: Library Director and CEO Burkey discussed the need to update and replace computers on a regular basis, about every 6 years; with 120 computers in the library, about 20 should be replaced each year, resulting in a request for $20,000. Also discussed was the desirability of purchasing (rather than continuing to lease) a utility machine for moving snow and mulch;`. currently the machine is available only 3 months at a cost of $5,000, plus many staff-hours of arranging a contract that satisfies both the leasing company and the city protocol. It is known that the city has much less available for capital purchases this year, so it was agreed that other funding sources such as LoCIP (state- funded grants) and a bond issue be looked into. It was moved (Trustee Thazhampallath and seconded (Trustee Berlind) to approve the 5 year CNR budget with the plan that all three funding possibilities be considered. The motion passed unanimously. 5. Finance Committee membership: There should be 5 members on the Finance Committee. Trustee Duggan, chair of the Nominating Committee, will be asked to find a new board member or two with financial know-how and to have the board appoint an additional member to the Finance Committee. 6. Finance Committee meeting: the next meeting is scheduled for Tuesday, December 11, at 8:30 a.in. 7. Other business: An insurance agent has surveyed the buildings and will report their value, with an eye to increasing the amount of insurance coverage provided on the City policies. Library Director and CEO Burkey is now on the list of approved signers of documents from Liberty Bank. It has been established with Essex Financial Services that two signatures are necessary for expenditure of funds from the endowment account. The Russell Family would like to donate a portrait of Samuel Russell to the library and is asking if the library would be willing to pay half of the cost (about $600) of its cleaning and restoration. Trustees Becker and Thazhampallath will speak to Tom Russell to clarify the family's intentions and to consider ways of funding the request. 8. Adjournment: It was moved (Trustee Thazhanpallath) and seconded (Committee Member Kirkpatrick) to adjourn the meeting at 9:30 a.in. Respectfully submitted, a LtwJlv\ BewVA¢ Wendy Berlind, Secretary