Library Finance Committee

Tuesday, August 28, 2018 6:30 p.m. I. Call to Order Present at roll call were Finance Committee Chair Mr. Sanguinetti and Member Mrs. Metanchuk. Absent: Mr. McHaley. Board members present: Mr. Lyon. Board President, Mrs. Fenne, was there as ex officio. 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 October 23, 2017. Mrs. Metanchuk moved and Mr. Sanguinetti seconded to approve the October 23, 2017 Finance Committee Meeting minutes. Roll Call Ayes: Mrs. Metanchuk Mr. Sanguinetti Nays: None Absent: Mr. McHaley Motion Carried Mr. McHaley entered at 6:31 p.m. IV. Library Budget Projection Discussion – Mike Dzugan, City Manager and Bob Lehnhardt, Finance Director Mrs. Adamowski explained how the Library Budget process works with the City and that this budget is the first Calendar Year budget for the City (and Library). Mr. Dzugan said that changing the budget year was a priority for the City so that the timing of the levy would line up with the budget. He brought handouts that helped to illustrate how the process worked. He also provided the levy amounts for the past several years for the different City departments and the Library as background information. The use of the Library’s excess fund balance was discussed along with the importance of carrying over a cash flow reserve into the new budget year to cover the first five months of expenditures until the first property tax distribution in May. After responding to questions, Mr. Dzugan and Mr. Lehnhardt left the meeting. V. Discussion of CY2019 Budget Mrs. Adamowski explained that the Library departments do their own budgets and then forward them to Ms. Christell-Sandri to put into the final format. It is then discussed with Mrs. Adamowski and adjustments are made, if necessary. Mrs. Adamowski then went through the budget. She noted that an important item she will be looking in the next year is the Building Renewal Fund. Because of the aging building, she wants to make sure that the proper amount is being put into this fund. There  WHEATON PUBLIC LIBRARY FINANCE COMMITTEE MEETING MINUTES August 28, 2018 was discussion among those present. The Finance Committee members came to a consensus to recommend that the full Board approve presenting the CY2019 Budget to the City Council. VI. Adjournment Mrs. Metanchuk moved and Mr. McHaley seconded to adjourn. A voice vote was taken and the motion for adjournment was carried at 8:00 p.m. Respectfully Submitted, Lisa Christell-Sandri Finance Manager 2