309-944-6452

805 N. Chicago Street,
Geneseo, IL 61254

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Finance Meeting 2015

Geneseo Public Library District
New Trustee Introduction to Finances

Finance Committee Meeting
May 28, 2015


An introduction to how the Geneseo Public Library District’s funds are administered was held for new trustees on Thursday morning, May 28, 2015 at 9 a.m. at Miller Farm Services in Geneseo.  Those in attendance were Christine Bergren, Claire Crawford, Ray Rodgers and Susan Philhower.

 

Explanation of Detail of Monthly Financial Statement and Balance Sheet
Jim Luikart, the library’s accountant, explained the funding of the library.  Using the financial statement for April,  he described what the funds are that are shown in the Summary of Cash Accounts and what monies they represent.  A brief overview of the library’s finances leading up to and at the completion of the new library was given, noting that the building building is paid in full.

The benefits of the library’s membership with RAILS was discussed.  For a yearly fee, the library receives daily book deliveries, RAILS offers classes, provides grants and assists with library functions. There are 350 libraries in this system.

Finance Committee Meeting
At 10 a.m., Mary Farrell and Bill Menendez joined the group for the Finance Committee meeting.  The preliminary budget for the next fiscal year, beginning 01 July 2015, was reviewed.  Claire explained the process of adopting the new budget and how the tax levy affects it. Jim explained that the goal is for a balanced budget each year. 

The budget worksheet showed the amount received/spent on each item from 01 July 2014 to 15 May 2015, what the budget amount was for 2014/2015 and what is tentatively budgeted for the new year.  Each line item was reviewed. Questions were asked and there were several discussions.

Highlights from the discussions included:

  • Subscriptions for online databases on our website that are rarely used have been dropped, per Sarah Alexander’s recommendations
  • Due to two expensive lights going out and the high cost to retro-fit them, the cost of replacing all lights with LED bulbs was suggested as an energy-efficient way to save on electricity costs. (When the library was built, these lights were not widely used and the architect did not include them in his plan)
  • Dave is working with natural gas providers to try to lower those costs
  • Liability Insurance on board members should probably be higher; a quote will be obtained for consideration
  • The addition of an emergency door was suggested as was the addition of an emergency shelter. These items will be further investigated before any consideration is made
  • President Bill Menendez requested that all board members prepare questions for Brant regarding his recent software request.  When the questions are completed, Brant will be invited to attend a board meeting to discuss technology in the library

Actions Taken:
Requests for revision on the proposed budget:

  1. The amount spent on adult book purchases was suggested to be increased an additional $2,000 to the budget
  2. Due to the estimated cost of $8,000 to replace lighting with energy-efficient bulbs, the line item of light bulb replacement will be added to the proposed budget at a cost of $10,000

These two changes will be made to the proposed budget, to be discussed in June.  No other actions were taken and the meeting adjourned at 11:25 a.m.

 

Respectfully submitted,
Kathi Fluck
Scribe

Library Information

805 N. Chicago Street,
Geneseo, IL 61254
Phone: 309-944-6452
Fax: 309-944-6721
Email: gpld@geneseo.lib.il.us
Toll free number for renewals: 1-888-542-7259