July 23, 2018, Finance Committee

Bryan-Bennett Library Board Finance Committee Meeting Minutes

Call to Order: Conducted by Committee member Tom Champion on July 23, 2018, at 4:30 p.m. at the Library.

Roll Call of Trustees: Those attending were Trustee Tom Champion, Board President Jane Gaston, and Board Vice President Joyce Raver. Absent were: Committee Chairperson and Board Treasurer Joyce Hahn and Trustee Gayla Wilkerson. Also present was Library Director Kim Keller.

Recognition of Visitors: No visitors were present.

Decision to move Bank Accounts: Board President Jane Gaston reported that she, Vice President Joyce Raver and Treasurer Joyce Hahn had visited area banks and check interest rates.

Board President Gaston reported that Marion County Savings Bank offered the optimal savings account interest. Additionally, the Board could capitalize on the amount of interest earned by consolidating all of the Library’s accounts into 2 main Bank accounts. There would be a large account into which the Library would deposit all funds. This account would be used to pay all operational costs. The Library would maintain a petty cash checking account to facilitate the day-to-day operation of the Library. Motion by Trustee Champion, seconded by Board Vice President Raver to move money from the 2 accounts at People’s State Banks to a general account at Marion County Savings Bank. Motion carried.

Those present also agreed that $70,000 of reserve funds could be placed into a higher-yielding financial package, without any negative impact to the revenue available for current operating expenses. Edward Jones was offering a CD in the amount of 2.35%, which was the best of the offers among the financial institutions. The Committee affirmed placing the $70,000 into CDs at Edward Jones.

Decision regarding increased hiring wage: Trustees discussed the various employment opportunities, which are now offering more than $9 per hour. Bryan-Bennett was still paying new employees minimum wage. Board members indicated that an increase in the hiring wage was due and that any expenses incurred would be covered by current property tax revenue. Motion by Trustee Champion, second by Board Vice President Raver to increase the wages of all current employees, now making less than $9 per hour to $9 per hour and to pay new employees $9 per hour.