Library Finance Committee

Wheaton Public Library Board of Trustees Finance Committee Meeting October 17, 2016 I. Call to Order and Roll Call: Finance Committee Chair Ray Sanguinetti called the October 17, 2016 Wheaton Public Library Board of Trustees Finance Committee meeting to order at 6:17 p.m. in the Director’s Office. Present at roll call were Finance Committee Members Mrs. Lindsey, Mr. McHaley and Mr. Sanguinetti. Board President, Mrs. Fenne, was there as ex officio. Also in attendance was Library Board Member Barb Wonser. Library Director Betsy Adamowski and Library Finance Manager Lisa Christell-Sandri were also present. II. Citizens to Be Heard: None. III. Motion to Approve the Minutes of the Finance Committee Meeting of September 19, 2016: Mrs. Lindsey moved and Mr. McHaley seconded that the minutes of the September 19, 2016 Finance Committee meeting be approved. Roll Call Vote Ayes: Mrs. Lindsey Mr. McHaley Mr. Sanguinetti Nays: None Absent: None Motion Carried IV. FY17/18 Draft Budget Discussion: Mrs. Adamowski said she met with City Manager, Mike Dzugan, to go over the Library’s budget draft. He requested to add the Library’s Debt Fund as part of the budget and approved a contribution deduction of 50% for the Capital Equipment Replacement Fund. This fund will be reassessed as its components need to be updated. As of now, he is satisfied with the rest of the draft budget. Mrs. Adamowski noted that the predicted revenue for Fines and Fees is lower due to a downward trend last year and through the beginning of this fiscal year. Also, the Per Capita Grant has been budgeted about 62% lower; to the amount the library received this last year. V. Adjournment: Mr. Sanguinetti moved and Mr. McHaley seconded that the Finance Committee of the Wheaton Public Library Board of Trustees adjourn. Roll Call Vote Ayes: Mr. Sanguinetti Mrs. Lindsey Mr. McHaley Nays: None Absent: None Motion Carried at 6:58 p.m. Respectfully submitted, Lisa Christell-Sandri Secretary, Pro Tem