|Library Board Meeting Minutes|
Meetings are held on the fourth Wednesday of each month, except for November and December, which will be on the third Wednesday due to the holidays. The meetings are held at 2:00 P.M. in the library meeting room. The 2015 budget hearing and adoption will be scheduled at a later date.
Meeting minutes are published following board approval.
January 22, 2014 | February 26, 2014 | March 26, 2014 | April 17, 2014 | April 23, 2014 | May 28, 2014 | June 25, 2014 | July 23, 2014 | August 27, 2014 | 2015 Budget Hearing - TBA | September 24, 2014 | October 22, 2014 | November 19, 2014 | December 17, 2014
MINUTES OF THE MEETING
1. CALL TO ORDER: The Michigan City Public Library Board of Trustees' meeting was called to order by Don Montgomery, President, on Wednesday, January 22, 2014, at 2:00 PM. This regularly scheduled meeting was held in accordance with the Indiana Open Door Law.
2. OATH OF OFFICE: Mr. Sam Melnick, as Officer of the Court, presided over the Oath of Office taken by Mr. Sam Ferguson, who was reappointed to this Board by the Michigan City Area School Board. Sam Ferguson was welcomed back.
3. ADJOURNMENT: Motion was made by Patrick Dougherty and seconded by Judy Lange to adjourn this portion of the meeting in order to hold a Board of Finance meeting. All yea. No nay. Motion carried. This portion of the meeting adjourned at 2:07 PM.
1. CALL TO ORDER: The Board of Finance meeting was called to order by Don Montgomery at 2:07 PM.
2. ELECT PRESIDENT AND SECRETARY: Don Montgomery nominated Sam Ferguson as President and Pat Dougherty as Secretary. There were no other nominations. Motion was made by Judy Lange and seconded by Sam Melnick to accept the nominations for the Board of Finance as presented. All yea. No nay. Motion carried.
3. REPORT ON 2013 INVESTMENTS: Ed Claussen reported on all the Library's monies and fund accounts. The net balance in our checking account at Horizon Bank is $1,244.774.57. The Library's second depository account at Fifth Third Bank totals $27,798.09. The Library's total Endowment Investments held at Horizon Bank are $1,019,833.63, market value. The Library's total IMA Investments also held at Horizon Bank are $492,803.46, market value. Total on deposit at December 31, 2013 is $2,785,209.75.
4. SET INVESTMENT POLICY: The only change in the policy this year is that the Platt Coffin Fund ended and became the Library's IMA account. Under the advice of Trust Officers from Horizon Trust and Investment Management, the Library invests the IMA account money exactly as the Library Endowment Investment Account is invested ... fixed income mutual funds that invest in U.S. government securities made up of United States Treasury Notes and Government Agencies. The Library receives 67% of the interest earned from the Endowment Investment account and the remaining percentage is reinvested. This money is deposited quarterly into an Endowment Earnings Fund, which is expended according to a budget set every year.
The policy outlines where we hold our money, where our money is invested, and that receipts are deposited the same day they are collected. It also states that financial reports are received every month from the designated depositories that hold our investment accounts and these reports are reconciled monthly to the Library's records.
In 1994, the MCPL established an endowment fund with the Unity Foundation. The Unity Foundation holds the money and directs the investment of the fund. The Library receives money from this fund at the discretion of the Unity Foundation.
Monthly financial reports on all receipts and expenditures are made to the Board of Trustees. This policy also includes the petty cash fund of $300.
Motion was made by Judy Lange and seconded by Sam Ferguson to continue with the current investment policy. All yea. No nay. Motion carried.
5. DESIGNATE DEPOSITORIES: It is recommended that we retain our current depositories. Motion was made by Sam Melnick and seconded by Judy Lange to remain with Horizon and Fifth Third Banks as our depositories. All yea. No nay. Motion carried.
6. BOARD OF FINANCE ADJOURNMENT: Motion was made by Judy Lange and seconded by Sam Ferguson to adjourn this Board of Finance meeting. All yea. No nay. Motion carried. Board of Finance meeting adjourned at 2:20 PM.
I. CALL TO ORDER: The Michigan City Public Library Board of Trustees' meeting was called to order again by Don Montgomery, President, at 2:20 PM.
II. PUBLIC COMMENTS: No comments.
III. MINUTES: Motion was made by Judy Lange and seconded by Sam Ferguson to approve the Minutes of the regular Board Meeting of December 18, 2013, as presented. All yea. No nay. Motion carried.
IV. FINANCIAL REPORTS: The Statement of Receipts and Disbursements for the month ended December 31, 2013, shows an Operating Fund balance of $133,443.86 and a total funds balance of $2,785,209.75. The Operating Fund receipts for December were $36,969.15 and the disbursements were $533,211.90. This reflects the transfer of $300,000 from our Operating Fund to our Rainy Day Fund that was approved last month.
We received $812,653 from the Indiana Bond Bank's 2014 Advance Funding program on January 2, 2014. The interest rate for this amount should be around 1.6%. On January 31, 2014, the Library will receive the remaining $90,295 less interest. The Bond Bank will also be offering a Mid-year program that we will participate in.
In the packet were included reports for both the MCPL IMA Account and Endowment Investment funds for the year. For the 2013 year the Endowment Fund balance at market value decreased ($4,900) and the IMA fund balance at market value decreased ($31,963). The December 31, 2013 market value total balance for both funds in $1,512.637.
On January 2, 2014, the Library Endowment Earnings Fund received $768 from the IMA Investment Fund and $2,313 from the Endowment Investment Fund. The total amount received into the Endowment Earnings Fund was $3,081.
Principal money owed to the Indiana Bond Bank:
Ed Claussen reported that the Library received a CAGIT check in the amount of $27,663.18 and it was deposited today.
Mr. Claussen also reported that the Library's 2013 expenditures were 21% less than our budget. The Board commended management for doing a good job.
V. CORRESPONDENCE: No report.
VI. OLD BUSINESS: No report.
VII. DIRECTOR'S REPORT: The snow event cost us $2,449.80 and this includes extra time for our plowing contractor, hauling away the piles of snow, and the two north heating units had to have new circuit boards. Our area was considered emergency status and we may be getting some money to help defray these costs.
Youth Services had 16 programs with a total attendance of 516 in December. The drop-in craft programs are also well attended; we had three in December with over 144 people attending all three programs.
We brought back Mighty Mic in memory of Richard Fammeree who was host of these programs from 2001 through 2004. We had a great turnout of both audience and talent.
The Volunteer Income Tax Assistance (VITA) program in getting up and running.
The tax forms have begun to arrive. Tax season does not begin until January 31 according to the IRS (primarily due to the government shutdown). This information has been posted.
Beginning January 1, 2014, there is no longer a GED test in Indiana. Each state was required to choose a new test that reflects the same common core state standards that regular high school students are expected to demonstrate. Indiana's new test is called the TASC. Everyone is still in the process of learning about the changes and new testing procedures. So far no testing dates are scheduled.
The Pronunciator program is a very successful program that is offered.
VIII. COMMITTEE REPORTS:
IX. NEW BUSINESS:
X. PUBLIC COMMENTS: Members of the public, Claudia Hauer and Lorie Brody, thanked the Library for the many fine programs it offers.
XI. BOARD COMMENTS: Thank you to the members of the public and we are pleased they enjoy the Library's programs.
XII. QUORUM DETERMINATION: All present today will be able to attend the next Board Meeting on Wednesday, February 26, 2014, at 2:00 PM in the Library's Meeting Room.
XIII. ADJOURNMENT: Motion was made by Pat Dougherty and seconded by Sam Ferguson to adjourn this meeting. All yea. No nay. Motion carried. This meeting adjourned at 2:42 PM.