Library Finance Committee

Wheaton Public Library Board of Trustees Finance Committee Meeting October 12, 2015 I. Call to Order and Roll Call: Chairman John Piemonte called the October 12, 2015 meeting of the Finance Committee of the Wheaton Public Library Board of Trustees to order at 7:00 p.m. in the 3rd floor Board Room. Present at roll call were Finance Committee Members Mr. Harding, Mrs. Lindsey and Mr. Piemonte. Board President, Mrs. Fenne, was there as ex officio. Library Director Betsy Adamowski and Library Finance Manager Lisa Christell-Sandri were also present. II. Citizens to Be Heard: None. III. Minutes of the Finance Committee Meeting of November 24, 2014: Mr. Harding moved and Mrs. Lindsey seconded that the minutes of November 24, 2014 be approved. Roll Call Vote Ayes: Mrs. Fenne Mr. Harding Mrs. Lindsey Mr. Piemonte Nays: None Absent: None Motion Carried IV. Review of Current Budget for FY 2015-2016: Mrs. Adamowski reviewed for the new members how the current year’s budget was done. She noted that in the first 5 months of this fiscal year, revenues and expenses are within the planned budget. V. Discussion on Replacement Funds: Mrs. Adamowski explained that the replacement funds consist of Technology, Capital and Building Renewal which are funded through the budget every year according to schedules that the City has. VI. Discussion on Employee Insurance Contributions: Mrs. Adamowski would like to keep the employee insurance contributions the same in 2016-2017. There was some discussion on what portion they pay and what the norm is for other libraries. Mrs. Adamowski did a survey last year of other libraries and noted that most do not pay for dependent coverage. VII. Review Budget Process for FY 2016-2017: Mrs. Adamowski explained that the majority of next year’s budget is done, but there are still a few items we are waiting for numbers on. She said the revenues will be close to this fiscal year’s budget. Mr. Harding pointed out that there will be added revenue from the rental of the coffee café that was not on the draft. Mrs. Adamowski explained that at the next Finance Committee meeting, they will need to approve the budget to be moved to the Library Board at the November meeting for their approval. That approval is to move it before the City Council for final approval. She also noted that, along with getting the budget done, the Library needs to complete a five-year financial forecast for the City, which is due near the end of October. This is the first time the Library has had to do this. VIII. Review of Library Funds: Mr. Piemonte briefly went over the five restricted funds/accounts that he has been working on to determine if/how they can be better invested. This is something that will be worked on more fully after the budget process is complete. IX. Adjournment: There being no further business of the Finance Committee of the Wheaton Public Library Board of Trustees, Mrs. Lindsey moved and Mr. Harding seconded for adjournment. The meeting adjourned at 8:06 p.m. Respectfully submitted, Lisa Christell-Sandri Secretary, Pro Tem