Byron Public Library District Board met April 29.
Here is the minutes provided by the board:
Committee Members Present: Lavonne Berkeley, Elaine Breck, Jill Grennan
Also Present: Emily Porter
Absent: None
Mrs. Grennan called the meeting to order at 4:03 p.m.
Mrs. Porter went through the library’s current financial status including the likelihood of having funds left over at the end of the year. These funds will help attain the board’s goal to have $250K in the Capital Repair Fund, as well as start the Operational Reserves fund, which has a goal of $400K.
Mrs. Porter reviewed the Capital Plan and future projects. Mrs. Breck suggested that the cost to install a washer/dryer and bottle filling stations could be funded with possible COVID-19 grant funding.
Mrs. Porter explained the increased Liability fund spending for Q3 was due to the installation of wall mounted emergency LED lighting, which was not initially budgeted. The tax levy for FY22 represents this increased liability spending, as well as adjustments to the other funds. These adjustments will hopefully result in a carryover balance equaling 1/3 of the estimated annual expenditures in each fund.
The tax computation report was received the week prior to the meeting and reflected a $32,000 shortfall. This shortfall will be absorbed by the lack of bond payment, as well as other budget adjustments due to COVID-19. These include lower budgeted funding for publicity, travel/education, and technology. The decreased expenses and the lack of a bond payment will result in an estimated $180,000 overage. Mrs. Breck asked if the library should cut taxes. Mrs. Berkeley and Mrs. Porter agree that there is a greater likelihood that the library will require an Operating Reserve fund in the near future, and this overage will allow the library to maintain its current level of service during the potential recession in the coming years. Mrs. Porter also noted that in previous years, the library has raised the tax levy 4-4.8% year over year. This year, Mrs. Porter presented a lesser 3% increase.
Mrs. Berkeley made a motion to submit the proposed FY21 budget to the board at the May meeting. The motion was seconded. There were no suggestions for amendments from the committee. The motion passed 3-0 in a roll call vote.
Mrs. Breck made a motion to adjourn the meeting and the motion was seconded. The meeting adjourned at 4:56pm.
http://byron.lib.il.us/wp-content/uploads/2020/05/2020-04-29-FinanceComm-minutes.pdf
Alerts Sign-up