1
10
1
-
https://archives.deerfieldlibrary.org/files/original/d2fa96de2ad585436919f0877d6de8e0.pdf
39c59b4617d0e0e281ad1f7919a30532
PDF Text
Text
Deerfield Public Library Board of Trustees
Deerfield Public Library
920 Waukegan Road, Deerfield, IL 60015
Finance Committee Agenda
6:30 pm
Monday, March 9, 2015
1. ROLL CALL AND CALL TO ORDER
2. OPPORTUNITY FOR THE PUBLIC TO ADDRESS THE BOARD, and CORRESPONDENCE
3.
OLD BUSINESS
a. None
4. NEW BUSINESS
a.
b.
c.
d.
The proposed movement of money from the General Fund to Reserve Fund
Recommended investment schedule for the Reserve Fund
Suggestions for Finance Policies changes
Proposed new salary schedules (if necessary)
5.
EXECUTIVE SESSION (if needed, for purposes allowed by law)
6.
ADJOURNMENT
The Deerfield Public Library is subject to the requirements of the Americans with Disabilities Act of 1990. Individuals with disabilities who
plan to attend this meeting and who require certain accommodations in order to allow them to observe and/or participate in this meeting, or
who have questions regarding accessibility of the meeting or the facilities, are requested to contact Mary Pergander at 847-945-3311 to allow
the Library' to make reasonable accommodations.
�Deerfield Public Library
Finance Committee Minutes
March 9,2015
1. ROLL CALL AND CALL TO ORDER
The meeting was called to order at 6:30 p.m., in the Boardroom, 920 Waukegan Road, Deerfield, IL 60015.
Present Committee members: Jeff Rivlin - Committee Chair, Seth Schriftman, and Ron Simon - Board
President
Absent: Ken Abosch
Staff: Business Manager Trisha Steele
2. OPPORTUNITY FOR THE PUBLIC TO ADDRESS THE BOARD, and CORRESPONDENCE
No request to address the Board.
3. OLD BUSINESS
a. None
4. NEW BUSINESS
a. The proposed movement of money from the General Fund to Reserve Fund
Mr. Jeff Rivlin explained the Board’s process of transferring excess from the General Fund to the Reserve
Fund and said that the Board’s goal was to restore $2 million in the Reserve Fund. He asked Ms. Trisha
Steele to provide information about the recommendation of a $991,000 transfer.
Ms. Steele explained that no funds were transferred during the previous two years due to the uncertainty of
various building-related issues. The budget adjustment in the prior year, which involved transferring money
from the Reserve Fund to the General Fund for building improvements, was calculated without
consideration of the eventual move of monies back to the Reserve Fund in order to keep the transfers
uncomplicated and easily tracked.
The committee members discussed the amount and how it compared to prior year’s contributions. The
elements of the calculation were considered, including the funding needs in the General Fund until major tax
revenues are received in June.
Motion: Mr. Ron Simon made a motion to recommend that the Board approve of a transfer from the General
Fund to the Reserve Fund in the amount of $991,000. Mr. Seth Schriftman seconded the motion.
All were in favor and the motion passed.
b. Recommended investment schedule for the Reserve Fund
The committee members reviewed the current ladder plan for the Reserve Fund and considered whether the
amounts should be increased, or the ladder should be extended.
Mr. Rivlin explained that a ladder plan provides safety and ensures that the Library will be able to take
advantage of better rates, once they are available. Ms. Steele added that laddering also provides emergency
funding options and can be easily modified or discontinued to ensure access to the funds when the Board has
specific long-term improvement plans.
Mr. Rivlin asked for more information about the collateral provided and how it is held. Ms. Steele said she
would scan the most recent report and email it to the committee members.
Mr. Rivlin said that the Reserve Fund investment ladder amounts should be increased to at least $250,000,
the amounts per maturity period should be equalized, and the ladder should be extended, but not beyond
three years. Mr. Schriftman and Mr. Simon agreed.
Page 1 of 2
�Deerfield Public Library
Finance Committee Minutes
March 9, 2015
c. Suggestions for Finance Policies changes
Ms. Steele explained that several of the finance policies were recently reviewed by staff and no changes
were recommended, and asked if the committee members agreed that no changes were needed at this time.
These policies were: Purchasing Policy, Petty Cash Policy, Ethics Ordinance, and the Identity Protection
Policy. No changes were proposed.
Ms. Steele shared two changes to the Investment Policy recommended by the Library’s investment advisors
at PM A. The suggested modifications were to paragraph 8, Authorized and Suitable Investments, and
paragraph 9, Collateralization. The recommended changes reflect the strategies implemented by PMA on
behalf of the Library. Ms. Steele noted that the current policy is based on the State’s Public Fund
Investment Act, which was designed to accommodate large entities, such as counties. Some of the State’s
authorized investments are not suitable for a smaller entity that doesn’t have the investment diversity
capacity of a larger entity.
The committee members discussed collateralization and the recommended investment options, noting that
the suggested options are the more conservative elements of the State’s Public Fund Investment Act. Mr.
Rivlin asked if Illinois Funds would be affected by upcoming changes to money market accounts, where
stable rates could become floating rates and possibly dip below zero. Ms. Steele said she would follow-up
on that issue.
Mr. Simon recommended that the changes be approved, pending the satisfactory resolution of Mr. Rivlin’s
question; Mr. Rivlin and Mr. Schriftman agreed. There was some discussion about the procedure for
implementing the change and it was agreed that the changes would be discussed at the next Board meeting.
d. Proposed new salary schedules (if necessary)
Ms. Steele said that Mr. Ken Abosch had worked with the Library Director, Ms. Mary Pergander, on the
proposed new salary schedules and that they had determined that there was sufficient funding under the
current budget so that the new schedules did not need to be reviewed by the Finance Committee.
5. EXECUTIVE SESSION
None.
6. ADJOURNMENT
At 7:02, there being no further business, Mr. Schriftman made a motion to adjourn, seconded by Mr. Simon.
The meeting was adjourned.
Ken Abosch, Secretary
Minutes approved by the Board on
Page 2 of 2
�
Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Title
A name given to the resource
Deerfield Public Library Board of Trustees Meetings
Subject
The topic of the resource
Public Library Governance
Description
An account of the resource
This collection consists of meeting minutes created around or after meetings of the Deerfield Public Library Board of Trustees as well as supporting materials such as village ordinances, salary scales and land agreements.
Creator
An entity primarily responsible for making the resource
Deerfield Public Library Board of Trustees
Source
A related resource from which the described resource is derived
Deerfield Public Library Board of Trustees
Publisher
An entity responsible for making the resource available
Deerfield Public Library
Date
A point or period of time associated with an event in the lifecycle of the resource
1966-2013
Language
A language of the resource
English
Identifier
An unambiguous reference to the resource within a given context
DPL.0002
Coverage
The spatial or temporal topic of the resource, the spatial applicability of the resource, or the jurisdiction under which the resource is relevant
Board meeting minutes from the Deerfield Public Library Board of Directors are held on the Deerfield Public Library Website until they are five years old, and are then moved to this collection.
Text
A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text.
Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Title
A name given to the resource
Finance Committee Meeting Minutes -- March 9, 2015
Creator
An entity primarily responsible for making the resource
Abosch, Kenan
Source
A related resource from which the described resource is derived
Deerfield Public Library Board of Trustees
Publisher
An entity responsible for making the resource available
Deerfield Public Library
Date
A point or period of time associated with an event in the lifecycle of the resource
03/09/2015
Contributor
An entity responsible for making contributions to the resource
Rivlin, Jeffrey
Schriftman, Seth
Simon, Ronald
Language
A language of the resource
English
Identifier
An unambiguous reference to the resource within a given context
DPL.0002.782
Deerfield Public Library
Deerfield Public Library Board of Trustees
Deerfield Public Library Board of Trustees Finance Committee
Deerfield Public Library Building and Property Maintenance
Deerfield Public Library Emergency Funding Options
Deerfield Public Library Ethics Ordinance
Deerfield Public Library Financial Policies
Deerfield Public Library General Fund
Deerfield Public Library Identity Protection Policy
Deerfield Public Library Investment Policy
Deerfield Public Library Money Market Accounts
Deerfield Public Library Petty Cash Policy
Deerfield Public Library Purchasing Policy
Deerfield Public Library Reserve Fund
Deerfield Public Library Salaries
Illinois Fund Practices
Illinois Public Fund Investment Act
Jeffrey Rivlin
Kenan Abosch
Mary Pergander
PMA Financial Network Inc.
Ronald Simon
Seth Schriftman
Trisha Steele