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Financial Policy

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Purpose

The Library Board establishes this financial policy to ensure fiscal accountability, appropriate use of funds in support of the Library's mission and goals, and compliance with appropriate laws and ordinances.

Policy

  1. Budget
    1. The Library Board shall establish an annual budget request according to City guidelines and submit it to the Mayor and City Council for inclusion in the city's annual budget.
    2. After budget adoption by the City Council, the library director will present the adopted budget for the year to the Library Board for review and approval.
    3. The Board delegates to the director the expenditure of monies and the development of an annual collection budget to allocate funds available for library materials.
  2. Expenditures
    1. The library director will review expenditures of budgeted funds and forward approved invoices to City Finance for payment.
    2. The library director will work together with City Finance staff, using City forms and procedures for payment of invoices, and will keep library practices in compliance with City practices and policies.
    3. On a monthly basis, staff shall present a list of all expenditures to the Board for review and approval. Staff will also present a monthly financial report showing the status of all accounts and funds.
  3. Receipts
    1. Monies received as revenue by the Library from overdue fines, reimbursements for lost or damaged materials, reader-printer copies, and computer printouts will be submitted to the City as revenue, and may be used to defray expenses in these areas as authorized by the Library Board.
    2. Library staff will implement petty cash procedures consistent with City of Appleton procedures, for use when immediate payment or reimbursement for a purchase or service is required.
    3. Grants & Donations

                                            i.            Funds donated may be allocated according to the wishes of the donor to be held in trust by the Trinidad Library Foundation who will expend  the funds as appropriate.

                                          ii.            All donations to the Library shall be subject to the approval of the Library Board per the Gifts Policy.

  1. Disposal of property
    1. Withdrawn library materials, materials donated but not added to the collection, and small items of library equipment valued at $50 or less may be sold by the Friends of the Carnegie Library. The Friends group will sell these materials to raise funds for their projects. Materials deemed by to be unfit for sale may be discarded.
    2. If another library or organization expresses an interest in a piece of equipment or other item no longer used by the Carnegie Public Library, the Library Director may negotiate sale or trade of the items for reasonable compensation
    3. Under certain circumstances, the Library Board may opt to loan certain items to other public entities for a proscribed duration, subject to return upon request. 
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