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HomeMy WebLinkAbout2008-10-20 - Agendas - Final 0 FAYE'ITEVILLE PUBLIC LIBRARY Bryond Wont k RECEIVED Board of Trustees 2P0 October 20, 2008 4 pm OCT 1 6. . Regular Meeting TY of FAYET> EVILLE CITY CCLERK'S OFFICE Ann Henry Board Room Trustees: Beverly Schaffer, Treasurer Dan Ferritor, President Marla Hunt Lorraine Brewer, Vice-President Mike Malone Elizabeth Jordan, Secretary Don Marr I . Call to order 11 . Approval of minutes A. Minutes 8/18/08 — page 2 B. Signed minutes 6/16/08— page 3-4 C. Signed minutes 7/21/08 — page 5 III . Reports A. Management reports (L. Schaper et al) 1 . August-September strategic plan progress — page 6-7 2. September 2008 performance measures — page 8 3. August 2008 performance measures — page 9 4. Summer reading club comparison — page 10 • B. Financial reports (C. Rew) 1 . September 2008 budget comparison — page 11 2. September 2008 balance sheet — page 12- 13 3. September 2008 profit and loss — page 14- 16 4. August 2008 budget comparison — page 17 5. August 2008 balance sheet — page 18-19 6. August 2008 profit and loss — page 20-22 C. Finance Committee report (L. Brewer) IV. Unfinished business A. Discussion of strategic direction and issues B. 2009 budget V. New business A. Presentation: Focus Group results (Blake Woolsey) B. Retirement plan revision — page 23 C. Investment policy revision — page 24-28 D. Recommendation for asset manager — page 29-45 E. Climate study recommendations — page 46 F. Recommendation for nomination of FPLF director (to be presented) VI . Adjournment VI I . Attachments A. Projected 2008 meeting agendas B. Key upcoming events C. Copies of sample letter sent to elected officials, September 23, 2008 D. "Can you Spot the Difference" cartoon in NWA Times, August 24, 2008 E. Email from Eileen Burg, Director of Library Services, ASU Mountain Home, October 10, 2008 F. FOLUSA News Update, September 2008 • G. ALTA newsletter, fall 2008 H. Letter from Y. Fields, Community Resources Director, re: CDBG grant, September 15, 2008 I . Email from S. St. Louis, FrontlineMorld, re: social entrepreneurs grant announcement, Aug. 2 , 2008. J. Crystal Bridges flyer with S. Thorup as event speaker K. Perlman, Ellen. "This Little Light of Mine." Governing.com' August 13, 2008 (features FPL) L. Starry Starry Night artists (incl. L. Schaper) for Vouth Can! Community Imagination Studio. Fayetteville Public Library • Board of Trustees Regular Meeting August 18, 2008 Minutes Prepared by S. Terry, Manager of Communications Board Members present: L. Brewer, D. Ferritor, M. Hunt, E. Jordan, M . Malone, D. Marr and B. Schaffer. Staff present: C. Rew, L. Schaper, S. Thorup, S. Terry and L. Yandell. Press: The Morning News and The Northwest Arkansas Times. I. The Board of Trustees meeting was called to order at 4:07 p.m . by D. Ferritor. A quorum was present. II. Approval of minutes. D. Marr made a motion to approve minutes from June meeting. L. Brewer seconded. All voted aye. L. Brewer made a motion to approve minutes for a special meeting in July. B. Schaffer seconded. All voted aye. III . Reports. A.) Management reports — L. Schaper announced the library circulated 100,362 items in the month of July — a one month record for FPL and the first time to hit 100,000 in a single month. Schaper also announced new computer controlled LED lighting had been installed in the library's donor wall. S. Thorup said the Summer Reading Club, which concluded Aug. 6, had seen a slight decrease in attendance, which she attributed to high gas prices. However, Thorup noted the number of book logs used to track reading during SRC has increased. Thorup also said the library's Lending Hands program was the recipient of a Community Development Block Grant, which was used to double participants and volunteers for the program . Thorup also noted the library has applied to be a passport granting agency. Fulltime staff members have been trained, but the part-time staff members have not. The library is in the process of obtaining the Supplies needed to run the program in the near future. S. Terry noted the library signed up 26 new volunteers in June and July. The library also'completed and distributed its 2007 annual report. Terry also noted the library has launched a Facebook site, aimed primarily at teens. Since launching in July, the site has received 130 fans. C. Rew said the budget is on track, noting that the cooler weather in August has helped defray the library's utility cost. Rew also noted that informatii5h technology funds are now being spent since the IT director was hired. B.) Upcoming events — S. Terry highlighted key • __. events including a reception exhibit for artist Robert Glick on Aug..- 29, the second annual Ozark Writers Live on Sept. 13, a Banished Books Lunch Club on Sept. 29 through Oct. 2. C.) Finance Committee Report — L. Brewer said the finance committee had reviewed the auditor's management letter and discussed investment policies. She said Garrison Asset Management will be asked to present an investment policy to the library and noted that the group is working with the Foundation to develop a disbursement policy that will provide more sustainable funding. D.) Audit Committee Report: B. Schaffer said the audit committee met with the auditors earlier this month. There were no material weaknesses, Schaffer said. M. Hunt made a motion to accept the letter from the staff in response to the auditor's management letter. L. Brewer seconded. All voted aye. IV. Unfinished Business. None. V. New business. A.) 2009 Budget Submission — L. Schaper said the library learned there would be no health insurance increases, so that item was removed from the library's budget requests. Schaper said it would not be insignificant to have another year of flat funding and expressed concern that the library's merit increases would not be funded. Schaper noted that it was time for the staff and board to advocate to the council for the budget requests. B.) Staff presentation: Information technology directions — L. Yandell presented information about the IT department. C.) Donation of 4 PCs to the Fayetteville Senior Center — The library will donate four surplus computers to the Fayetteville Senior Center. D. Marr made a motion to donate the computers. B. Schaffer seconded. All voted aye. D.) Discussion of strategic directions and issues — The library staff has requested additional funding in 2009 to cover 48% of merit increases, as well as additional hours of service and downloadable media. D. Marr advocated meeting with the City Council. He proposed the meeting begin with a walking tour of the library, splitting the council into small groups to conduct the tour faster. He also suggested a brief agenda that includes comparisons between the library and other city services, such as parks and recreation. All board members expressed interest in having a meeting with the council. D. Ferritor requested L. Schaper try to schedule the meeting with the City Council for Monday, Sept. 15 during the time typically reserved for council tours or September 30. VI. Adjournment: B. Schaffer moved to adjourn. L. Brewer seconded. All voted aye. Meeting adjourned at 5:32 p.m. VII. Executive Session: No action taken. M. Malone moved to adjourn; B. Schaffer seconded. All voted aye. The • session adjourned at 7 p.m. 2 • Fayetteville Public Library Board of Trustees Regular Meeting June 16, 2008 Minutes Prepared by S. Terry, Manager of communications Board Members present: L. Brewer, D. Ferritor, M. Hunt, M. Malone, D. Marr and B. Schaffer. Absent: E. Jordan. Staff present: L. Greenwood, S. Houk, G. Jelinek, S. Palmer, K. Rago, M. Raine, C. Raw, L. Schaper, S. Thorup and S. Terry. Press: The Morning News. Oath of Office administered by Judge Rudy Moore to D. Ferritor. The Board of Trustees meeting was called to order at 4:07 P.M . by D. Ferritor. A quorum was present. 1 . Approval of minutes. M. Hunt made a motion to approve minutes. L. Brewer seconded. All voted aye. 2. Reports. A.) Upcoming events — L. Schaper highlighted key events including a three-part design daze for teens that focuses on architecture, interior design and fashion design as part of Summer Reading Club. Jeff Scherer and Leanne Larson of MS&R donated their time and travel to do two of the programs. Other events include a parliamentary procedure course on July 29. B.) Management reports — L. Schaper noted the library hired a new director of Information Technology, Lynn Yandell. Schaper also noted that Blake Woolsey will be conducting three library focus groups courtesy of the Care Foundation. Schaper reported that FPL made a proposal at the recent LDD1 group (Library Development District I) for joint procurement of downloadable digital resources that would include films, audio books and e- • books. K. Rago reported that about 75 people attended the Volunteer Appreciation Luncheon in May and noted that the Volunteer Manager hosts monthly meetings. K. Rago noted that the Northwest Arkansas Times donated about 15 ads and KUAF is doing weekly announcements to promote Summer Reading Club at FPL. Rago announced Wal-Mart Foundation's donation of $35,000 for the Summer Reading Club. Rago also noted the Jim Blair portrait was unveiled in May. Rago said that Friends of the Library donated approximately 1200 children's books for the Reading Roadshow. S. Thorup presented the Operations Team to the Board of Trustees and reported that S. Houk is working on the Authority Control Project, and L. Greenwood and M. Raine are working on collection development. S. Thorup noted Raine received a $1 ,000 grant from AUTIS that will give the library funds for podcasting. Thorup mentioned the Solar Bug Tug workshop to teach 6th through gth graders how to build small solar-powered boats. It was funded through an IEEE grant and implemented via a partnership with the UA College of Engineering. C. Rew reported a new Assistant Facilities Manager has been hired. C. Rew said a short term lease with Arsaga's was negotiated and an RFP for the cafe will soon be going out. L. Schaper said circulation continues to rise but slightly less than expected, which was attributed to customers making fewer trips to the library because of high gas prices. C. ) Financial reports — C. Rew noted the retirement plan fund has grown because there are several new employees, who are not eligible for the retirement plan during the first year. C. Rew requested adding more LED lights in the garage and making one-time expenditures for IT. D. Ferritor asked D. Marr if any companies reward employees for the first year of service in the retirement fund; D. Marr said some do. L. Schaper said she would like employees to be able to participate in the retirement benefit upon hire. In a review of the financial statements, D. Marr asked C. Rew to use percentages to the budgets along with a dollar amount. 3. Old business. D. Ferritor announced members of the newly-created audit committee: Rhoda Woods, treasurer of Friends; Amy Sorrel, treasurer of the Foundation; and B. Schaffer, treasurer of the Board of Trustees. 4. New business. A.) Policies — Library card eligibility and Registration. (1 ) Library card eligibility: The change clarified the definition of a person eligible for a non-resident non-fee r,J card and made provisions for minor children living with non-residents. D. Marr made a • motion to approve the clarified policy. M . Hunt seconded. All voted aye. (2) Registration clarification : The change clarified that library card applicants must provide their full name, out-of-town residents who work in Fayetteville must provide a current pay stub and those attended school in Fayetteville can provide a letter of enrollment, a report card or student ID. M. Hunt made a motion to approve the policy. L. Brewer seconded. All voted aye. B.) 2009 Preliminary Budget Discussion — L. Schaper said no information has been provided by the city, county or state. C. Rew said she anticipated the library will be flat in its funding from the city. City representatives have asked Rew to provide an estimate of the increased cost in the salary and insurance during 2009. D. Marr said the decreases forecasted in the budget have not happened, which should give the library reason to be somewhat optimistic. The Board of Trustees will revisit the budget discussion in July. D.) Discussion of strategic directions and issues — The Board of Trustees will meet with members of the City Council in late July and plan to discuss, among other items, how the city council considers the library in its budgeting process. D. Marr said it is critical to sell the library's assets to the council. D. Marr said the library should work to add more hours of operation until it reaches its goal. D. Marr suggested discussing the library's top three or four goals with the council. D. Ferritor asked D. Marr to meet with L. Schaper to draft an agenda for the meeting with the council. C.) Staff presentation: Green building tour 5. • Adjournment: M. Hunt moved to adjourn. L. Brewer seconded. All voted aye. Meeting adjourned at 5:38 p.m. • 4 1 • Fayetteville Public Library Special Board of Trustees Regular Meeting July 21 , 2008 Minutes Prepared by S . Terry, Manager of Communications Board Members present: L. Brewer, D. Ferritor, . M. Hunt, E . Jordan and M. Malone. Absent: D. Marr and B . Schaffer. Staff present: K. Rago, C. Rew, L. Schaper, S . Thorup and S . Terry. Press: The Northwest Arkansas Times. The Board of Trustees special meeting was called to order at 1 :03 p. m . by D. Ferritor. A quorum was present. 1 . Proposed budget and authorization for submission to City of Fayetteville : L. Schaper said the city has slated to provide the library the same amount in 2008 as 2009. She noted that funding from the city in 2008 was a $46, 781 decrease from 2007. • M. Malone asked why the city only funds 48 percent of the library's health insurance costs. C. Rew responded that the library has .a millage to help off set some of the costs. Other city departments may not have similar outside funding. • L. Schaper said library circulation 'is running 5 percent up from this year, slightly lower than anticipated. While library use generally increases during economic • recessions, Schaper said people may be making fewer trips to the library because of the cost of gas. Schaper projects that circulation will increase slightly in 2009 and the number of library cards will increase by about 6,500 in 2009. • The proposed request to the City includes $24, 913 for a 3 percent merit and cost of living increase, $3,067 for the increases in health insurance costs, $26,000 for four additional hours of service (for a total of 68 hours per week) and $15,000 for downloadable digital content including e-books, audio-books and film . • D. Ferritor complimented the staff on the proposal , saying the first two requests are issues of fairness to staff, benefits they have received in the past and should` continue to receive. The final two requests would be significant benefits to the community. L. Brewer moved to accept the tentative budget realizing that as facts become clearer we will get up-to-date numbers and the four areas of targeted services we are asking for. M . Hunt seconded. All voted aye. 2. Adjournment: M . Malone moved to adjourn. L. Brewer seconded. Meeting adjourned at 1 :45 p.m. ® FAYETTEVILLE PUBLIC LIBRARY s • Strategic Plan Progress Report August-September 2008 Our Mission: To strengthen our community and empower our citizens through free and public access to knowledge . Our Vision: To be powerfully relevant and completely accessible. I . Access: Implement strategies to improve and extend access to library collection and services. a. Hours: Received much local press and citizen comments re: funding to expand hours. b. Facilities: i . Received responses to RFP for cafe contract. Awaiting signed lease from Arsaga's. ii. Painted Wal-mart Story Time Room and public stairwells. iii . Reviewed proposals to upgrade AV system and selected Commercial Audio Systems. iv. Completed programming on LED donor wall lights and most of regular fall maintenance. v. Started diamond polishing the grand staircase. c . Branches: NTR d . Website: i . Conducted three focus group interviews on FPL's website ( Blake Woolsey). e. Computing and networking resources: i . Completed Polaris build upgrade and voted for enhancement requests. ii . Evaluating Early Literacy stations as a possible replacement for software on Starr Island . iii . Worked with Wichita Public Library, a new Polaris library, on user functionality. iv. Met with Bill Schickling, CEO, Polaris re: FPL needs. v. Rolled out 19 new PCs (replaced those 4+ years old)' and began rollout of MS Office 2007 . f. Outreach services: i . Resumed Reading Roadshow at Head Start centers, Richardson Center and Children's House. • Il . Collections: Develop collections that are responsive to the needs and demands of its community. a. Adult materials: i . Compared collection against ForeWord's best mysteries from independent presses; Publishers' Weekly "Health Front and Center" cover story; and Booklists ' Top Ten Literary Travel Books. b. Reference: i . Completed week-long Basic Computer Boot Camp to rave reviews. ii . Nonprofit Resource Center continued Find It, Fund It programs. c. World languages: NTR . d . Youth services: i . Further defined juvenile awards collection and added multiple copies of titles. ii . Evaluated juvenile reference collection , moving half to the circulating collection and discarding outdated materials. iii . Affixing new, updated spine label stickers to all YA materials. iv. Taped all Toddler book spines to extend shelf life and added over 100 new items. v. Evaluated the collection against the Children's Choice Book Awards. e. Nonprint: NTR . f. E-collections: i . Tested the Smithsonian 's Scores database. ii. Reviewing upgrades to ReferenceUSA database. Ill . Services: Define its essential activities and service levels. a . Programming and events: i . Hosted mayoral debate, second annual Ozark Writers Live ! and a program on the Orphan Train : ii. Hosted Jennifer Nixon , ADG travel writer, as part of the Summer in the Stacks program. iii . Presented 18 adult programs in September, including yoga and book club series. iv. Continued weekly story times and began Saturday morning family storytime. • v. Participated in back to school events at Border's bookstore and Life Harvester Church. vi. Hosted a pizza party for the top 20 summer readers. vii . Held Saturday youth events, e.g. international story time, a book release party for teens. viii . Began the fall series of creative writing workshops for elementary age and teens. ix. Continued Teen Anime and Knitting grolyps and revived Teen Advisory Board. x. Presented program on non-profit resources at weekly Mayor's meeting. xi . Developed content and presented Banished Book Lunch Club programs. xii . Appeared on Banned Books week panel on CAT-TV show " Book Notes. " • xiii . Worked with Vince Chadick to develop a performer contract. xiv. Held two artist receptions. b. Self-service strategies: i . Raw number of self checkouts increased by 4% while percentage of total decreased by 2%. c . Customer service: i . Conducted three focus group interviews re: website and other topics ( Blake Woolsey) d . Staffing and volunteers: i. Margaret Burdette was accepted into Leadership Fayetteville. ii . Hired and trained new circulation employees. iii . Trained staff on intellectual freedom. iv. Participated in Booklist Online webinar, School Library Journal webinar for reluctant readers and online demonstration of Overdrive Media. v. Accepted the resignation of Katy Bleyle, Youth Librarian . vi . Participated on a WAC planning committee to showcase the Magic Tree House in 2009. vii . Participated in the NWA Children's Librarians quarterly meeting. viii. Solicited vendor proposals on employee climate survey. ix. Attended Polaris systems administrator training. (L. Yandelq x. Updated the Library retirement plan and proposing improvement. xi . Prepared for annual benefits enrollment, adding the Fayetteville Public School Fitness Center. IV. Visibility and value: Promote the contributions and value of the library to the greater Fayetteville area . a. Marketing plan : 2008 plan completed . b. Marketing (visibility) and communications ii . Correcting errors in Annual Report. iii . Met with Cox Media and KNWA to explore TV advertising. iv. Filmed TV spots about upcoming programs at FPL v. Did media interviews on library green features, Ozark Writers Live, library circulation during • economic crisis and Bikes, Blues & BBQ Movie Marathon vi . Met with media reps about advertising in 2009 vii . Submitted an article to IEEE Foundation and photos to the NWA Times for ' Faces' section c . Collaboration: i . Collaborated with SBDC on a Business Plan program, Arkansas Yoga Center on free classes, League of Women Voters on the mayoral debate and Osher Lifelong Learning Institute on a genealogy workshop. ii . Organized the Reading Roadshow for Adults with Fayetteville Senior Center. iii. Represented FPL at Natural Heritage Association " Plan for Green Infrastructure" meeting. iv. Met with WAC leadership to brainstorm ways to increase collaboration. v. Met with Kathy Wilson, Pat Carr and Ann Sugg re options for recordings of local authors' works. vi . Donated four computers to Fayetteville Senior Center. vii . Met with John Coleman , City of Fayetteville, re bike exchange program. V. Sustainable funding: Seek funding sources that are reliable, sustainable, and adequate to carry out the Library's mission ; these sources will grow as the community grows. a. Funding strategies and sources: i . Held first Audit Committee meeting with representatives of Friends, Foundation, and Library. ii . Awarded CDBG grant and Bank of America sponsorship for Reading Roadshow. J . Attended State Library Board meeting and held LDD1 meeting in Springdale . b. Advocacy: i . Held joint tour and meeting on 9/15 with the BOT, Mayor and City Council . c . Friends and Foundation i . Bookstore sales: August $2211 and September $ 1944 ii . Presented Donald Harrington a Friends' Lifetime Membership. iii . Silent Auction is scheduled for November 15th from 9am until 4pm . iv. Checking donor records against source and other documentation and consolidating households. • v. Friends approved a $35,000 disbursement to FPL for 2009 programs and collections. vi . Held FPLF Finance Committee meetings about disbursement policy. vii . Sent pledge reminders to outstanding RFS and Capital Campaign pledge holders. viii . 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N M O C r C co r V O 0) O r N O O V N OW ) VO t0 O W (0 ( U M (O n N (ar r C N N U) C 1m OO O O O rM c IT > O W N cm O LO OO N N M N d3 .pO Ln 0) Co n 0) M m O • O0OO 00 O V N M (D N N V co C CQ C N N Oa O O O W OD lqt04 n N 7 m ` O O O 7 N r N d N M M r _ � C m 0 -0 O N V O N COO t17 r Co Q N C 0 3 N v n ° .°' d `Ia Oo c N o n v ccoo N O m N N M t0 10 E W d O1 O O a TOM r E O O n r 00 N � j n c C N 00 N f` O O r� '0 C V r n d d _N O n M O 00 N O d d Z' co F— L N C Q) 3 vi R of 2 CL � co 0) � U) rn N r 0 rn ( Of O O C m N N p T 00 N t0 r C d (D J O 00 01 N co r tl O O) a) V V ao O rn co w rn ct ° C o E d o a o o v d — r d c y 'o ami G1 G1 D n Q a co o 'E m E m 9 d d 3 c E> Leo d p c N y 0 .2 i oo o Eo m ° L r HE aa) a aco • {Q .n N E d d E d y t0 N O O N O (a O d d Ma d d CD (D O N LL U) 0_ CO F d W F- C W F- d F- 0: w INS i 10 Fayetteville Public Library Budget Comparison September 30, 2008 Current Monthly Current % Budget Annual *Month 9 Month Budget YTD YTD YTD Budget Sources of Funds Millage Receipts 89, 167 89, 167 802,500 75.00% 802,500 120702000 City of Fayetteville 1309530 130,530 11174,771 75.00% 1 ,174,774 11566,365 City CIP books 25, 168 252167 226,414 74.97% 226,500 302,000 City CIP other 11917 23,000 100.00% 17,250 23,000 State Aid 9,916 992758 83.83% 89,247 1182996 Foundation 20,917 250,359 99.74% 188,250 251 ,000 Friends 22833 34,000 100.00% 25,500 34,000 All Other Sources 22,457 22,850 2492146 90.86% . 2052646 274, 195 Total Sources of Funds 267,322 303,296 21859,948 78.58% 2,729;667 37639,556 I Expenses Salaries & Wages 140,491 143,497 1 ,261 ,735 73.27% 12291 ,471 117213961 Payroll Taxes & Work Study 10,942 12,717 1013950 66.81 % 1142450 1523600 Employee Insurance 81840 11 ,283 81 ,927 60.51 % 101 ,550 135,400 Retirement 92770 15,725 91 ,279 48.37% 141 ,525 188,700 Processing Supplies 1 , 121 43167 9,687 19.37% 373500 503000 IT-Hardware 31007 112750 33,367 23.66% 105,750 141 ,000 IT-Software & Maintenance 3,644 8,292 14, 166 14.24% 74,625 999500 Cleaning Supplies 32024 13500 11 ,408 63.38% 133500 18,000 • Other Supplies 3,881 89417 613934 61 .32% 75,750 101 ,000 Youth Programming 640 2,700 182252 56.33% 24,300 32,400 Adult Programming 4,230 21517 9,471 31 .36% 22,650 30,200 Library Materials 25,950 332858 239,458 58.94% 3049721 4062295 Telephone & Internet 32668 3,083 223460 60.70% 27,750 379000 Utilities 103832 10,583 80,886 63.69% 95,250 127,000 Postage 3,000 32517 15, 782 37.40% 31 ,650 420200 Travel & Training 745 4,200 30,409 60.34% 37,800 509400 i Prof./Contractual Services 956 61267 53,537 71 . 19% 56,400 753200 Landscape Maint. 989 32083 69467 17.48% 27,750 37,000 Building/Equip. Maint. 825 12,058 582156 40.19% 108,525 144,700 Insurance 750 2,970 33.00% 6,750 9,000 Public Rel. & Other 11873 41650 81318 14.91 % 41 ,850 55,800 Furniture & Equipment 31750 22115 4.70% 332750 453000 Total Expenses 238,428 3082363 2,215,734 59.88% 217750267 3,700,356 Excess/Deficit 28,894 -51067 6442214 450600 -602800 i 11 I 2:25 PM Fayetteville Public Library 10113108 Balance Sheet Cash Basis As of September 30, 2008 • Sep 30, 08 ASSETS Current Assets Checking/Savings General Operating Funds Bank of Fayetteville-Deposits 35,873.65 Petty Cash 408.00 Total General Operating Funds 36,281 .65 Merrill Lynch-WCMA Operating portion of account 1 ,338,857.57 Total Merrill Lynch-WCMA 1 ,338,857.57 Schwab -Millage 4108-2175 878,864,14 1125 • Schwab Institutional - longterm 181 ,306.49 For long term Facilities repairs & replacements 264,970.30 For major repair & replacement of furniture & equipment 208,919.30 For major replacements of Tech. items, conveyor, phone system... - 239,096.30 Total Checking/Savings 3,148,295.75 Other Current Assets 1220 - Due to/ from other Gov. Units 1 ,177,424.45 1250 - Prepaid Expenses 64,174,77 Total Other Current Assets 1 ,241 ,59922 Total Current Assets 4,389,894.97 Fixed Assets Fixed Assets Library Buildings 20,754,629.47 Equipment . 1 ,030,300.23 • Furniture & Fixtures 233,599.94 Accumulated Depreciation -1 ,782,080.84 Total Fixed Assets 20,236,448.80 Library Owned Art 150,000.00 Total Fixed Assets 20,386,448.80 TOTAL ASSETS 24,776,343.77 LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities Accounts Payable-Other AIP Vacation accrual 131 ,196.66 AIP Salaries & Wages Accrual 15,298.87 AIP Other Payroll Liabilities 44,033.53 1929 - AIP Sick Time 58,687.01 Accounts Payable-Other - Other 8,631 .40 Total Accounts Payable-Other 257,847.47 Payroll Tax Liabilities State Unemployement Payable 683.90 Payroll Tax Liabilities - Other 147,39 Total Payroll Tax Liabilities 831 .29 Other Payroll Liabilities Health & Dental Insurance 566.67 2330 • Vision Insurance 207,78 2340 • Vol. Life & AD&D 8.00 2345 - Voluntary Group Life 53.38 • Total Other Payroll Liabilities 835.83 Total Other Current Liabilities 259,514.59 12 Page 1 • 2:25 PM Fayetteville Public Library 10/13/08 Balance Sheet Cash Basis As of September 30, 2008 • Sep 30, 08 Total Current Liabilities 259,514.59 Total Liabilities 259,514.59 Equity , Investment in Fixed Assets 21 ,361 ,499.04 Fund Balance-Undesignated 2,069,739.36 Fund Balance-Reserved facilitie major repairs & rep 264,970.30 for reparis & replacements 239,096.30 If & f repairs & replacements 208,919.30 Total Fund Balance-Reserved 712,985,90 Fund Balance-Current Year Net 1 ,752.15 Net Income 370,852.73 Total Equity 24,516,829.18 TOTAL LIABILITIES & EQUITY 24,776,343.77 • i j13 Page 2 2:24 PM Fayetteville Public Library 10/13/08 Profit & Loss YTD Comparison Cash Basis September 2008 Sep 08 Jan - Sep 08 • Ordinary Income/Expense Income Revenue & Support 4150 - Miscellaneous Income sale of items, or regist. 0.00 350.00 Sale of new merchandise 442.50 2,837.60 4500 - Misc. M.J. 4501 - Designated Gifts Other 0.00 495.78 Donations Materials 2,300.00 39,337.00 non restricted gifts 0.00 18.00 non restricted gifts to child 0.00 1 ,005.00 4500 • Misc. M.J. - Other 23.86 489.81 Total 4500 - Misc. M.J. 2,323.86 41 ,345.59 4150 • Miscellaneous Income - Other 0.00 5,987.85 Total 4150 - Miscellaneous Income 2,766.36 50,521 .04 Cafe Rental 1 ,200.00 10,722.06 charges for set up and equipm 175.00 2,355.00 Fines & Fees Fees collected at front desk 11 ,51229 118,158.06 4315 - Library Cards 210.00 1 ,095.00 4320 - Research & Misc. Genealogy 53.00 754.50 Sales of T-Shirts, Wanderer, 0.00 125.00 4360 - Lost and Paid 4365 - Refund of Lost & Paid 0.00 -413.18 4360 - Lost and Paid - Other 121 .82 1 ,547.40 Total 4360 - Lost and Paid 121 .82 1 ,134.22 4370 • Damaged and Paid 0.00 583.19 4380 - Copier and Printer income 1 ,757.86 16,916.66 4390 • Short and Over 577.51 44.63 Total Fines & Fees 14,232.48 138,811 .26 Interest 4401 - Interest-Operating 2,014.36 17,032.28 Total Interest 2,014.36 17,032.28 State Aid to Libraries Grant monies that need to be 2,069.00 2,069.00 state aid 0.00 99,758.00 Total State Aid to Libraries 2,069.00 101 ,827.00 Revenue & Support - Other 0.00 0.00 Total Revenue & Support 22,457.20 321 ,268.64 Total Income 22,457.20 321 ,268.64 Expense Operating Expenses Office Supplies 5110 - Administration Expenses 3,881 .70 50,461 .76 Foundation, marketing and Volunteer needs 1 ,624.60 15,850.95 computer supplies & minor eq. 5113 - Computer Supplies 0.00 139.81 5114 - Computer Software, Lic. & Maint 3,643.66 14,166.16 5115 • Computer hardware & supplies 3,006.79 33,228.08 Total computer supplies & minor eq. 6,650.45 47,534.05 supplies to be reimb by Found - 0.00 87.67 5130 • YProgram • 51311 - Young Children Frog. & Supplies 298.10 10,633.43 5133 - Young Adult Expenses 342.05 6,772.01 Total 5130 - Childrens Program 640.15 17,405.44 Adult prog. expenses 4,230.19 9,472.41 14 Pagel 2:24 PM . Fayetteville Public Library 10/13108 Profit & Loss YTD Comparison Cash Basis September 2008 • 1 Sep 08 Jan - Sep 08 5140 - Book Repair & Circ. Supplies 1 ,120.75 9,684.68 supplies for cleaning the bdg 3,024.05 11 ,407.13 signage materials 0.00 356.59 Total Office Supplies 21 ,171 .89 162,260.68 Postage 3,000.00 15,781 .89 Travel & Training 745.23 30,408.98 Public Notice 220.74 2,756.62 5725 • Public Relations 28.21 1 ,057.86 Professional Services 956.00 53,219.93 Equipment & furnishings 0.00 2,115.45 Utilities Telephone & Internet 3,667.80 22,459.51 Utilities - Other 10,831 .61 80,884.78 Total Utilities 14,499.41 103,344.29 Insurance-General ' 0.00 2,970.00 Total Operating Expenses 40,621 .48 373,915.70 Salaries & Wages Adult Services 21 ,353.65 204,520.80 Materials processing 10,222.72 91 ,206.61 Children's Library 16,614.44 143,491 .66 Circulation 26,420.42 253,726.96 Custodial 6,815.09 56,776.85 Administration 44,296.61 368,294.66 6498 Vacation Time Used 12,917.49 119,971 .87 6499 Sick Time Used 1 ,850.60 23,745.94 Total Salaries & Wages 140,491 .02 1 ,261 ,735.35 Payroll Expenses FICA/Medicare Expense 10,694.27 96,099.48 Payments to UofA for students 7.12 687.64 State Unemployment Expense 184.52 , 4,558.13 Voluntary AD & D 79.44 374.98 Long Term Disability 344.79 21337.12 Life Insurance 264.69 2,484.61 Payroll Expenses - Other 56.46 543.94 Total Payroll Expenses 11 ,631.29 107,085.90 for yearend accruals 0.00 61 .47 Employee Benefit Expenses Health & Dental Insurance 7,096.09 66,099.99 Company paid portion of HSA 1 ,054.56 10,629.21 Retirement Contributions 9,769.89 85,753.93 6655 • Retirementment Plan Expenses 0.00 5,524.73 Total Employee Benefit Expenses 17,920.54 168,007.86 Publications Book Acquisitions all books child & adult 19,939.08 154,310.09 7120 • Adult Reference Materials 66.85 1 ,232.25 7140 Genealogical Materials 20.00 2,757.70 7160 • Childrens Books 143.55 176.60 Book Acquisitions - Other 209.10 -1 ,046.40 Total Book Acquisitions 20,378.58 157,430.24 7130 • Electronic Resources 2,596.13 31 ,475.13 Periodicals 0.00 11 ,423.74 Audio Visuals • 7610 • FilmlDVD 2,237.28 28,193.85 7620 • Audio 737.89 10,576.99 7640 • Music 0.00 356.69 Total Audio Visuals 2,975.17 39,127.53 15 Page 2 2:24 PM Fayetteville Public Library 10/13108 Profit & Loss YTD Comparison Cash Basis September 2008 Sep 08 Jan - Sep 08 • Total Publications 25,949.88 239,456.64 Building & Equipment Building & Grounds 226.76 483.94 Landscape Maintenance 988.64 6,464.84 Building Maintenance 598.60 57,563.39 Office Machine Maintneance 0.00 108.50 Total Building & Equipment 1 ,814.00 64,620.67 Total Expense 238,428.21 2,214,883.59 Net Ordinary Income -215,971 .01 -1,893,614.95 Other Income/Expense Other Income Inter-Agency Transfers Transfer from City 130,530.00 1 ,174,770.00 9150 - Transfer-Millage 21 ,338.56 555,998.79 Transfer for Books 25,148.84 226,339.48 Transfer from City-CIP Other 0.00 23,000.00 Transfer from Friends 0.00 34,000.00 Transfers from Foundation 0.00 250,359.41 Total Inter-Agency Transfers 177,017.40 2,264,467.68 Total Other Income 177,017.40 2,264,467.68 Net Other Income 177,017.40 2,264,467.68 Net Income -38,953.61 370,852.73 • • 16 Page 3 i i Fayetteville Public Library Budget Comparison August31 , 2008 Current Monthly Current % Budget Annual •Month 8 Month Budget YTD YTD YTD Budget Sources of Funds Millage Receipts 89, 167 892167 7133333 66.67% 713,333 1 ,070,000 City of Fayetteville 1305530 130,530 1 ,044,241 66.67% 12044,243 11566,365 City CIP books 252168 25, 167 201 ,246 66.64% 201 ,333 302,000 City CIP other 15917 232000 100.00% 152333 233000 State Aid 27,635 91916 99,758 83.83% 79,331 118,996 Foundation 202917 250,359 99.74% 167,333 251 ,000 Friends 34,000 2,833 34,000 100.00% 22,667 34,000 All Other Sources 50,875 22,850 2263689 82.67% 182,797 274,195 Total Sources of Funds 357,375 303,296 2,5922626 71 .23% 21426,371 316393556 Expenses Salaries & Wages 137,712 143,497 11121 ,244 65.11 % 1 , 147,974 12721 ,961 Payroll Taxes & Work Study 8,296 12,717 91 ,008 59.64% 101 ,733 152,600 Employee Insurance 8,831 11 ,283 73,087 53.98% 90,267 135,400 Retirement 11 ,401 15,725 81 ,509 43.20% 125,800 188,700 Processing Supplies 167 41167 83566 17.13% 33,333 50,000 IT-Hardware 525 11 , 750 30,360 21 .53% 942000 141 ,000 IT-Software & Maintenance 1 , 100 83292 10,522 10.57% 66,333 9%500 Cleaning Supplies 11367 1 ,500 81384 46.58% 12,000 18,000 • Other Supplies 5,583 81417 58,053 57.48% 679333 101 ,000 Youth Programming 1 ,248 2,700 17,612 54.36% 21 ,600 32,400 Adult Programming 484 23517 5,241 17.35% 20, 133 30,200 Library Materials 165689 33,858 2130508 52.55% 270,863 406,295 Telephone & Internet 20895 31083 18,792 50.79% 24,667 37,000 Utilities 9,939 10,583 70,054 55.16% 843667 1273000 Postage 11590 31517 12,782 30.29% 283133 422200 Travel & Training 11603 4,200 29,664 58.86% 33,600 50,400 Prof./Contractual Services 850 6,267 523581 69.92% 50,133 753200 Landscape Maint. 1 ,522 39083 53478 14.81 % 249667 373000 j Building/Equip. Maint 11271 12,058 57,331 39.62% 96,467 144,700 Insurance 750 2,970 33.00% 61000 91000 Public Rel. & Other 30740 41650 63445 11 .55% 373200 55,800 Furniture & Equipment -3,781 3,750 22115 4.70% 30,000 45,000 Total Expenses 213,032 308,363 1 ,977,306 53.44% 2,466,904 3,7009356 . Excess/Deficit 144,343 -53067 6152320 -40,533 -60,800 • 17 2:25 PM Fayetteville Public Library 10/13/06 Balance Sheet Cash Basis As of August 31 , 2008 Aug 31 , 08 • ASSETS Current Assets Checking/Savings General Operating Funds Bank of Fayetteville-Deposits 16,863.98 Petty Cash 408.00 Total General Operating Funds 17271 .98 Merrill Lynch-WCMA Operating portion of account 1 ,328,734.48 Total Merrill Lynch-WCMA 1 ,328,734.48 Schwab -Millage 4108.2175 946,710.74 1125 • .Schwab Institutional - longterm 181 ,306.49 For long term Facilities repairs & replacements 264,970.30 For major repair & replacement of furniture & equipment 208,919.30 For major replacements of Tech. items, conveyor, phone system... 239,096.30 Total Checking/Savings - 3,187,009.59 Other Current Assets 1220 - Due to/ from other Gov. Units 1 ,177,424.45 1250 - Prepaid Expenses 64,174.77 Total Other Current Assets 1 ,241 ,599.22 Total Current Assets 4,428,608.81 Fixed Assets Fixed Assets Library Buildings 20,754,629.47 • Equipment 1 ,030,300.23 Furniture & Fixtures 233,599.94 Accumulated Depreciation -1 .782,080.84 Total Fixed Assets 20,236,448.80 Library Owned Art 150,000.00 Total Fixed Assets 20,386,448.80 TOTAL ASSETS 24,815,057.61 LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities Accounts Payable-Other - A/P Vacation accrual 131 ,196.66 A/P Salaries & Wages Accrual 15,298.87 AIP Other Payroll Liabilities 44,033.53 1929 - A/P Sick Time 58,687.01 Accounts Payable-Other - Other 8,631 .40 Total Accounts Payable-Other 257 847.47 Payroll Tax Liabilities State Unemployement Payable 499.38 Payroll Tax Liabilities - Other 82.30 Total Payroll Tax Liabilities 581 .68 Other Payroll Liabilities Health & Dental Insurance 784.29 2340 • Vol. Life & AD&D 8,00 2345 • Voluntary Group Life 53.38 Total Other Payroll Liabilities 845.67 • Total Other Current Liabilities 259,274.82 Total Current Liabilities 259,274.82 18 Page 1 2:25 PM Fayetteville Public Library 10/13/08 Balance Sheet . Cash Basis As of August 31 , 2008 • Aug 31 , 08 Total Liabilities 259,274.82 Equity Investment in Fixed Assets 21 ,361 ,499.04 Fund Balance-Undesignated 2,069,739.36 Fund Balance-Reserved facilitie major repairs & rep 264,970.30 for reparis & replacements 239,096.30 f & f repairs & replacements 208,919.30 Total Fund Balance-Reserved 712,985.90 Fund Balance-Current Year Net 1 ,752.15 Net Income 409,806.34 Total Equity 24,555,782.79 TOTAL LIABILITIES & EQUITY 24,815,057.61 I t • i I I t 19 Page 2 2:24 PM Fayetteville Public Library 10/13/08 Profit & Loss YTD Comparison Cash Basis August 2008 Aug 08 Jan - Aug 08 • Ordinary Income/Expense Income Revenue & Support 4150 • Miscellaneous Income sale of items, or regist. 0.00 350.00 Sale of new merchandise 182.00 2,395.10 4500 . Misc. M.J. 4501 - Designated Gifts Other 200.00 495.78 Donations Materials 50.00 37,037.00 non restricted gifts 0.00 18.00 non restricted gifts to child 0.00 1 ,005.00 4500 - Misc. M.J. - Other 85.88 465.95 Total 4500 - Misc. M.J. 335.88 39,021 .73 4150 • Miscellaneous Income - Other 5,679.37 5,987.85 Total 4150 - Miscellaneous Income 6,197.25 47,754.68 Cafe Rental 1 ,200.00 9,522.06 charges for set up and equipm 120.00 2,180.00 Fines & Fees Fees collected at front desk 12,816.01 106,645.77 4315 • Library Cards 90.00 885.00 4320 • Research & Misc. Genealogy 165.50 701 .50 Sales of T-Shirts, Wanderer, 0.00 125.00 4360 • Lost and Paid 4365 - Refund of Lost & Paid -31 .90 -413.18 4360 - Lost and Paid - Other 182.76 1 ,425.58 Total 4360 • Lost and Paid 150.86 1 ,012.40 4370 - Damaged and Paid 0.00 583.19 • 4380 - Copier and Printer income 1 ,853.84 15,158.80 4390 - Short and Over -1 ,042.64 -532.88 Total Fines & Fees 14,033.57 124,578.78 Interest 4401 • Interest-Operating 1 ,688.92 15,017.92 Total Interest 1 ,688.92 15,017.92 State Aid to Libraries state aid 27,635.00 99,758.00 Total State Aid to Libraries 27,635.00 99,758.00 Total Revenue & Support 50,874.74 298,811 .44 Total Income 50,874.74 298,811 .44 Expense Operating Expenses Office Supplies 5110 • Administration Expenses 5,582.70 46,580.06 Foundation, marketing and Volunteer needs 3,197.54 14,226.35 computer supplies & minor sq. 5113 - Computer Supplies 0.00 139.81 5114 - Computer Software, Lic. & Maint 1 ,100.00 10,522.50 5115 - Computer hardware & supplies 525.33 30,221 .29 Total computer supplies & minor eq. 1 ,625.33 40,883.60 supplies to be reimb by Found 0.00 87.67 5130 • Childrens Program 5131 - Young Children Prog. & Supplies 339.20 10,335.33 5133 • Young Adult Expenses 909.28 6,429.96 • Total 5130 • Childrens Program 1 ,248.48 16,765.29 Adult prog. expenses 484.00 5,242.22 5140 - Book Repair & Circ. Supplies 166.95 8,563.93 supplies for cleaning the bdg 1 ,366.50 8,383.08 2 0 Pagel 1 2:24 PM Fayetteville Public Library 10113/06 Profit & Loss YTD Comparison Cash Basis August 2008 �• Aug 08 Jan - Aug 08 signage materials 0.00 356.59 Total Office Supplies 13,671 .50 141 ,088.79 Postage 1 ,589.54 12,781 .89 Travel & Training 1 ,602.93 29,663.75 Public Notice 128.82 2,535.88 5725 • Public Relations 416.37 1 ,029.65 Professional Services 849.70 52,263.93 Equipment & furnishings -3,781 .11 2,115.45 Utilities - Telephone & Internet 2,894.53 18,791 .71 Utilities - Other 9,938.62 70,053.17 Total Utilities 12,833.15 188,844.88 Insurance-General 0.00 2,970.00 Total Operating Expenses 27,310.90 333,294.22 Salaries & Wages Adult Services 21 ,292.63 183,167.15 Materials processing 9,225.66 80,983.89 Children's Library 17,294.20 126,877.22 Circulation 29,814.53 227,306.54 Custodial 6,259.33 '49,961 .76 Administration 40,980.74 323,998.05 6498 Vacation Time Used 9,768.63 107,054.38 6499 Sick Time Used 3,076.47 21 ,895.34 Total Salaries & Wages 137,712.19 1 ,121 ,244.33 • . Payroll Expenses FICA/Medicare Expense 10,481 .65 85,405.21 Payments to UofA for students -2,459.80 680.52 State Unemployment Expense 219.32 4,373.61 Voluntary AD & D 59.26 295.54 Long Term Disability 340.21 1 ,992.33 Life Insurance 280.55 12,219.92 Payroll Expenses - Other 54.48 487.48 Total Payroll Expenses 8,975.67 95,454.61 for yearend accruals 0.00 61 .47 Employee Benefit Expenses Health & Dental Insurance 7,096.09 59,003.90 Company paid portion of HSA 1 ,054.56 9,574.65 Retirement Contributions 9,564.89 75,984.04 6655 - Rellrementment Plan Expenses 1 ,836.40 5,524.73 Total Employee Benefit Expenses 19,551 .94 150,087.32 Publications Book Acquisitions all books child & adult 10,665.05 134,371 .01 7120 • Adult Reference Materials 600.00 1 ,165.40 7140 Genealogical Materials 2,687.70 2,737.70 7160 • Childrens Books 0.00 33.05 Book Acquisitions - Other -445.00 -1 ,255.50 Total Book Acquisitions 13,507.75 137,051 .66 7130 - Electronic Resources 0.00 28,879.00 Periodicals 0.00 11 ,423.74 Audio Visuals 7610 • Film/DVD 2,568.11 25,956.57 7620 • Audio 612.79 9,839.10 • 7640 • Music 0.00 356.69 Total Audio Visuals 3,180.90 36,152.36 1 Total Publications 16,688.65 213,506.76 Building & Equipment 21 Page 2 2:24 PM Fayetteville Public Library 10/13/08 Profit & Loss YTD Comparison Cash Basis August 2008 Aug 08 Jan - Aug 08 • Building & Grounds 0.00 257.18 Landscape Maintenance 1 ,521 .64 5,476.20 Building Maintenance 1 ,270.77 56,964.79 Office Machine Maintneance 0.00 108.50 Total Building & Equipment 2,792.41 62,806.67 Total Expense 213,031 .76 1 ,976,455.38 Net Ordinary Income -162,157.02 -1 ,677,643.94 Other Income/Expense Other Income Inter-Agency Transfers Transfer from City 130,530.00 1 ,044,240.00 9150 • Transfer-Millage 28,291 .31 534,660.23 Transfer for Books - 25,148.84 201 ,190.64 Transfer from City-CIP Other 0.00 23,000.00 Transfer from Friends 34,000.00 34,000.00 Transfers from Foundation 0.00 250,359.41 Total Inter-Agency Transfers 217,970.15 2,087,450.28 Total Other Income 217,970.15 2,087,450.28 Net Other Income 217,970.15 2,087,450.28 Net Income 55,813.13 409,806.34 • • 22 Page 3 0 FAYETTEVILLE PUBLIC LIBRARY I ! Memo To: Board of Trustees, Fayetteville Public Library From: Catherine Rew, Director of Administrative Services and Louise Schaper, Executive Director Date: 10/20/08 Re: Retirement Plan Updates Background It is necessary to restate our retirement accounts by 1/1/09 to be in compliance with the Employee Retirement Income Security Act of 1974 (ERISA). ERISA is a federal law that sets minimum standards for most voluntarily established pension and health plans to provide protection for individuals in these plans. The Library administration has requested an additional amendment at this time to allow employees to enter the plan earlier. The Library staff further is recommending the changes that were made to the City plan be implemented in the Library plan. I The plan was emailed to Trustees on October 13, 2008. Analysis Based on conversation at a recent Board meeting the Library staff asked to have employees be allowed to join the Library 457 Plan one month following the date of hire. This is the same time that they would be allowed to receive the Health Insurance benefit. This would be employee only contributions so would not affect the Library budget. The other changes are to allow for early retirement at age 55, to allow for once per year emergency withdrawals for employees that have reached the age of 62, to make fewer distribution forms available and make the default a lump sum distribution if no option is selected. The distribution forms that were removed were various annuity options, these were combined and simplified to one annuity option. Recommendation Staff recommends that these changes be accepted and implemented so the Fayetteville Public Library Employee Retirement Savings Plan and the Fayetteville Public Library 457 Plan remain in compliance with I ERISA. • 1 23 0 FAYETTEVILLE PUBLIC LIBRARY Memo To: Board of Trustees, Fayetteville Public Library From: Catherine Rew, Director of Administrative Services and Louise Schaper, Executive Director Date: 10/20/08 Re: Investment Policy Background On April 21 , 2003 the Library Board of Trustees adopted the City of Fayetteville Investment Policy, replacing City with Library, Mayor with Executive Director, and Finance and Internal Services Director with Director of Administrative Services. The investment parameters remained the same. Given that the Library now has a Finance Committee that can make recommendations for money management, this revision • proposes a change in authority and responsibility to the Board of Trustees. Analysis The proposed revision delegates authority/responsibility for management of the investment of Library funds to the Fayetteville Public Library Board of Trustees. This includes the ability to delegate this authority for investment transactions, and the ability to contract for the services of an asset manager, investment advisor, or other expert advisor. This would replace the Executive Director and Director of Administrative Services having this authority. The Executive Director and Director of Administrative Services would continue to open and dose accounts with financial institutions in the name of the Library; make wire transfers of funds for the Library; make deposits of funds for the Library; execute collateral, depository and investment agreements for the Library; and take any other actions needed to carry out their responsibilities for the depositing and investing of the Library's funds. Recommendation The Finance Committee recommends approval of the revised investment policy. • 1 24 i PROPOSED REVISION Code: FI Date Approved: 4/21 /03 Date Revised : 02/14/08(D) 10/20/08 i Policy: Investment Policy 1 . Purpose: The purpose of this policy is to provide guidelines for investment of Fayetteville Public Library operating funds to preserve the safety of principal, to maintain adequate cash flow, and to maximize interest earnings. I 2. Scope: This policy applies to the investment of Fayetteville Public Library operating funds not needed for immediate expenditures. This policy does not govern the investment of employee retirement or pension funds or proceeds of bond issues. 3. Standards/objectives Investments will be made within the constraints of applicable State laws and this policy, taking into consideration liquidity needs of the Library. Investment decisions will be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived. Investment of the funds of the Fayetteville Public Library shall be directed to the primary objective of safety of principal; the secondary objective shall be maintaining adequate cash flow; and the final objective shall be maximizing investment yield. Except for cash in certain restricted and special funds, the Library may consolidate moneys from individual funds to maximize interest earnings. Investment income will be allocated to the various funds based on each fund's participation. 4. Delegation of authority/responsibility: Management of the investment of Library funds regulated by this policy shall be the responsibility of the FxPc;utivP Direnter -and t4e-D s A, + « c Favetteville Public Library Board of Trustees. The Ex2c,.`.;•e r?;rec.,,,,zand the MiFPGt0F Af AdminiStFative SewicesFavetteville Public Library Board of Trustees may delegate authority for investment transactions. The ServisesFayetteville Public Library Board of Trustees may, by proper procurement procedures, contract for the services of an asset manager, an investment advisor, or other expert advisor(s) to invest all or a portion of Library funds regulated by this policy. Selection of an independent asset manager or investment advisor will be limited to those candidates who have an office within the City of Fayetteville. The Executive Director and the Director of Administrative Services and their designees are authorized to: open and close accounts with financial institutions in the name of the Library; make wire transfers of funds for the Library; make deposits of funds for the Library; execute collateral, depository and investment agreements for the Library; and take any other such actions needed to carry out their responsibilities for the depositing and investing of the Library's funds as authorized by State Statues and this policy. Theipes Favetteville Public Library Board of Trustees, and other Library employees assigned to manage the investment portfolio, acting within the intent and scope of this Investment Policy, shall be relieved of personal responsibility for an individual security's credit risk or market risk. Officers and employees involved in the investment process shall refrain from personal business activities that conflict with proper execution of the investment program .or impair their ability to make impartial investment decisions. 25 The Executive Director and the Director of Administrative Services shall establish operating procedures to implement this investment policy. 5. Authorized investments: The Library will invest only in book entry securities. • The Library may, without limitation, invest in the following instruments, provided, however, that at no time shall assets of the Library be invested in any instrument or security not authorized for investment by Arkansas Code Annotated §§ 14-58-309 (Act 1341 of 1999), and further defined in Section 23-47-401 ( Investment Powers and Limitations), or by the Local Government Joint Investment Trust Act, Arkansas Code Annotated §§ 19-8-301 et seq ., (Local Government Trusts) as they may from time to time be amended: • Direct obligations of the United States Government; • Obligations of agencies and instrumentalities created by act of the United States Congress and authorized thereby to issue securities or evidences of indebtedness, regardless of guarantee of repayment by the United States Government; • Obligations the principal and interest of which are fully guaranteed by the United States Government or an agency or an instrumentality created by an act of the United States Congress and authorized thereby to issue such guarantee. • Obligations the principal and interest of which are fully secured, insured, or covered by commitments or agreements to purchase by the United States Government or an agency or instrumentality created by an act of the United States Congress and authorized thereby to issue such commitments or agreements. • General obligations of the states of the United States and of the political subdivisions, municipalities, commonwealths, territories or insular possessions thereof (general obligation bonds); • Obligations issued by the Arkansas State Board of Education under authority of the State Constitution or applicable statues; • • Prerefunded municipal bonds, the principal and interest of which are fully secured by the principal and interest of a direct obligation of the United States Government; • Certificates of deposit with banks authorized by State law to receive deposits of public funds, that have branches or main offices within the Fayetteville Library limits, with which the Library has both a depository agreement and a collateral agreement. • Repurchase agreements that are fully collateralized by direct obligations of the United States Government, provided that any such repurchase agreement shall provide for the taking of delivery of such collateral directly or through an authorized custodian; • Securities of, or other interest in, any open-end type investment company or investment trust registered under the Investment Company Act of 1940, and which is defined as a "money market fund" under 17 CFR § 270.2a-7, provided that the portfolio of such investment company or investment trust is limited principally to United States Government obligations and to repurchase agreements fully collateralized by United States Government obligations, and, provided further that any such investment company or investment trust shall take delivery of such collateral either directly or through an authorized custodian. • Local Government Trusts. The Library may invest no more than twenty percent (20%) of the pooled investments in the following investment types and in accord with certain limitations described in Section VII Investing Parameters: • Corporate debt obligations (including commercial paper) of any corporation, with the following credit ratings: investment of Library funds in Corporate Bonds will be limited to those rated as Single A minus or better by both Moody's Investor Service and Standard and Poor's; investment of Library funds in Commercial Paper will be rated A-1 /P-1 , • • Securities of, or other interests in, an open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940, provided that the portfolio of such 26 2 investment company or investment trust is limited to United States Government obligations and to repurchase agreements collateralized by the same type of collateral used to collateral'ize other Library • deposits, and provided further that any such investment company or investment trust shall take the delivery of such collateral either directly or through an authorized custodian; Other Provisions • The Director of Administrative Services may establish an account with the Federal Reserve Bank to purchase U.S. Government Securities directly from the U.S. Treasury. Any Arkansas state legislative action that provides for additional investment vehicles or further restricts investment vehicles will be incorporated into the Library's investment policy and will supersede any previous language. • The Library will be allowed to hold to maturity any investments existing at the time of enactment of this policy. Reinvestment of such funds will be in accordance with this policy. The Executive Director and the Director of Administrative Services may set additional limitations on the parameters for various types and concentration of investments. Operating procedures will define requirements to implement this policy. 6. Investments not authorized: The following investment vehicles, authorized by Act 1341 of 1999, are not considered suitable investments for Fayetteville Public Library funds: • Warrants of political subdivision of the State of Arkansas and municipalities thereof having maturities not exceeding one ( 1 ) year. • The sale of federal funds with a maturity of not more than one (1 ) business day. • • Industrial development bonds for corporate obligors issued through any state of the United States or any political subdivision thereof. • Revenue bond issues of an state of the United States or an municipality or an Y y p y y political subdivision thereof. • Securities or other interests issued, assumed or guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the European Bank for Reconstruction and Development, the Asian Development Bank, or the African Development Bank. • Uninsured demand, savings, or time deposits or accounts of any depository institution chartered by the United States, any state of the United States, or the District of Columbia. 7. Investing parameters: A. Diversification The Library investments regulated by this policy shall be diversified by: • limiting investments to avoid over concentration in securities from a specific issuer to five percent (5%) of the cost basis of the Library's portfolio at the time of purchase, a limit of fifteen percent (15%) of the cost basis of the Library's portfolio will apply to each business sector as defined by any recognized rating agency (excluding U.S. Treasury securities and collateralized certificates of deposit), • investing in securities with varying maturities, and • continuously investing a portion of the portfolio in readily available funds to ensure that appropriate liquidity is maintained. • B. Maximum Maturities The Library will attempt to match investment maturities with cash flow requirements and will utilize investments in readily available funds, when needed, to meet ongoing obligations. The 27 3 Library anticipates a range of maturities of ninety (90) days to five (5) years. The Library will invest in securities maturing more than five (5) years from the date of purchase only when the funds are easily defined to be used after five (5) years. • 8. Allowed institutions: Security transactions on behalf of the Library by an asset manager, or the Library itself, will be conducted only with financial institutions and broker/dealers who have offices within Washington County unless otherwise authorized in writing by the Executive Director and Director of Administrative Services. A list of authorized financial institutions and broker/dealers to be used by an asset manager, an investment advisor, or the Library itself, will be maintained by the Library and provided to such asset manager or investment advisor on a mutually agreed upon basis. Security broker/dealers on the list will meet or exceed the capital adequacy standards set by the Federal Reserve Bank of New York and may include dealers designated as primary dealers by the Federal Reserve Bank of New York or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule 15C3-1 (Uniform Net Capital Rule). 9. Safekeeping /collateralization: A. Investment of Library funds, including cash held for investment, managed under contract of services by an asset manager, investment advisor, or other expert advisor(s) will be placed with a third party custodian approved by the Library. All trades, where applicable, will be executed by Delivery vs. Payment (DVP) to ensure that securities are deposited in an eligible financial institution prior to the release of funds. B. The custodian will make reports as requested by the Library or advisor(s) and will be accountable for the assets held by the custodian for the Library's account. The custodian will be required to maintain an office in Washington County, Arkansas. C. Collateralization will be maintained as required by State law and procedures established by the Library. Demand deposits, time deposits, repurchase agreements, and any other investments requiring • collateralization shall be collateralized at a level of 102 percent of the market value of principal and accrued interest, less the amount insured by the FDIC. • 28 4 0 , • FAYETTEVILLE PUBLIC LIBRARY Memo To: Board of Trustees, Fayetteville Public Library Frorrc C. Rew, Director of Administrative Services on behalf of the FPL Board Finance Committee Date: 10/20/08 Re: Asset Manager Background Historically the library has had few monies available to invest. This money was kept in relatively short term CD's at local banks. At the 12/18/06 Board of Trustees meeting, the Board voted to set up designated funds to accumulate • money to take care of future technology, furniture and building & equipment needs. The Board further voted to add any unexpended amounts from the related current year budgets from technology and building accounts to those designated funds. The Board approved this for 2007 unexpended monies on 2/18/08. Analysis It would better serve the library to have these funds managed for higher income. Garrison Asset Management has been holding and helping library staff with the millage income and Board restricted funds at no charge for some time. At the request of the Finance Committee, Garrison proposed a fee of 25 basis points for managing library funds. This highly discounted rate demonstrates Garrison's commitment to serving the library, Recommendation Fayetteville Public Library Finance Committee recommends engaging Garrison Asset Management to manage Library Board restricted funds and others as determined by the Finance Committee. I i I • 1 29 I i tE ,;� • '(D - (D W \ R O • MO w