MINUTES
FINANCE & INVESTMENTS COMMITTEE
ELISHA D. SMITH PUBLIC LIBRARY BOARD OF TRUSTEES
July 18, 2019
Called to order at 9:36am by Chairman Golz
Present: Golz, Englebert, and Lane
Excused: VanderHeyden
Also Present: Director Lenz and Dreyer (Business Manager)
Public Comment/Communication:
None
Approval of Minutes
Motion made by Englebert, seconded by Lane to approve the Finance & Investment Committee meeting minutes from September 26, 2018. Motion carried.
Library Endowment Fund
· Englebert moved and Lane seconded to transfer funds from the Memorial Fund held at the Community Foundation for the Fox Valley Region, Inc. to the checking account held at Nicolet National Bank as follows as per the donor:
10% from the Graves Fund for children’s materials
5% from the Howe Fund for children’s materials
5% from the Vollmer Fund for children’s materials
5% from the Loescher Fund for craft books and programs
Motion carried unanimously.
· The library received an annual disbursement from the Endowment Pool Fund held at the Community Foundation, which was deposited into the General Fund of the checking account.
Motion made by Lane, seconded by Englebert to allocate $5,500 to children’s programming and $1,592.12 to the General Fund. Motion carries unanimously.
· The committee would like to meet with Ann Engelhard, VP Donor Services & Gift Planning at the Community Foundation for the Fox Valley Region, Inc., to find out how the Community Foundation can help us grow our foundation, help us support programming and utilize our relationship more effectively.
Library Budget 2020
A 2020 endowment and city budget were drafted. The cost for health insurance is still unknown. The Mayor is asking that the budget request be completed by Friday, September 13.
Committee members:
· Retained the retirement line item to fund anticipated retirements over the next few years,
· Increased the materials budget line item,
· Increased promotional/marketing line item, and
· Increased training budget.
The committee would like to meet on Thursday, August 8, at 9:30am to review the final draft of the budget so that the Board of Trustees can approve it at their meeting in August.
Adjournment
Motion to adjourn the meeting at 10:52am was made by Englebert and seconded by Lane. Motion carried unanimously.
Respectfully submitted,
Kathy Dreyer, recording secretary
