Byron Public Library District Finance Committee met June 4.
Here is the minutes provided by the committee:
Committee Members Present: Lavonne Berkeley, Jill Grennan Also Present: Emily Porter
Absent: Elaine Breck
Mrs. Grennan called the meeting to order at 12:06 p.m.
Mrs. Porter led a discussion on payroll and implementing the new bi-weekly schedule. She explained the plan and the steps necessary to make a smooth transition.
Mrs. Porter presented the most recent Profit and Loss statement, and evaluated end of year finances. She estimates that there will be $50-80K to be put towards the reserve accounts. Currently, Capital Reserves has $200,000 (priority 1). Once we have reached $250,000, we can contribute to the Operating Reserves fund (priority 2).
Mrs. Porter presented the final draft of the FY19-20 budget. She explained that the changes made from last year include a reduced bond payment (our last!) as well as all that goes with a new teen department and librarian, including special programs, books/AV, furniture, wages, IMRF, etc.
Finally, Mrs. Porter presented the Budget & Appropriations Ordinance 2019-DRAFT. The fund amounts correspond with the FY19-20 budget. Mrs. Porter asked the committee to proof the draft for the July board meeting.
The meeting adjourned at 12:58 p.m.
http://byron.lib.il.us/wp-content/uploads/2019/06/2019-06-04-FinanceComm-minutes.pdf
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