Library Finance Committee

Wheaton Public Library Board of Trustees Finance Committee Meeting September 19, 2016 I. Call to Order and Roll Call: Finance Committee Chair Ray Sanguinetti called the September 19, 2016 Wheaton Public Library Board of Trustees Finance Committee meeting to order at 6:20 p.m. in the Director’s Office. Present at roll call were Finance Committee Members Mrs. Lindsey and Mr. Sanguinetti. Mr. McHaley was absent. 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. Minutes of the Finance Committee Meeting of April 18, 2016: Mrs. Lindsey moved and Mr. Sanguinetti seconded that the minutes of the April 18, 2016 Finance Committee meeting be approved. Roll Call Vote Ayes: Mrs. Lindsey Mr. Sanguinetti Nays: None Absent: Mr. McHaley Motion Carried IV. DuPage Foundation Investment Discussion: Mr. Sanguinetti felt that the Adams Trust funds should be moved to the DuPage Foundation soon as their rates are better and there’s an added advantage to the marketing they would do on behalf of the Library. He stated that the fees at the DuPage Foundation are in line with the fees JP Morgan charges. Mrs. Lindsey noted that, since she’s been on the Board, the Adams Trust Fund has consistently had gains. It was stated that this was not always the case and there had been many months were there were losses. Mrs. Adamowski said that if the money was transferred, the Board can review the status after a year. Mr. Sanguinetti asked if there was paperwork of the Garbe fund ($25,000) transfer. Ms. Christell- Sandri said there were. After discussion, Mr. Sanguinetti recommended that the decision to transfer the Adams Memorial Trust Fund money be left to the full Board. Mrs. Lindsey agreed. V. FY17/18 Budget Discussion: Mrs. Adamowski gave an overview of the history of how the budget process works. She went over the items that she wants to include in next year’s budget. These items covered Personnel, Library Building, Materials, Capital Projects and Use of Replacement Funds. It was noted that the category for Fines and Fees, which the City now combines in their budget, will be broken into 2 separate funds (the Library Budget has always broken out the two items). Also, the Children’s department will be renamed Youth Services, which will include Early Childhood, Tweens and Family. Ms. Christell-Sandri went over the Library’s budget sheets. VI. Adjournment: Mr. Sanguinetti moved and Mrs. Lindsey seconded that the Finance Committee of the Wheaton Public Library Board of Trustees adjourn. Roll Call Vote Ayes: Mr. Sanguinetti Mrs. Lindsey Nays: None Absent: Mr. McHaley Motion Carried at 7:02 p.m. Respectfully submitted, Lisa Christell-Sandri Secretary, Pro Tem