The Finance Committee of the Rockingham Free Public Library Trustees Board of Trustees met on Monday Oct 27, 2014, at 6:25pm at the Rockingham Library.
1. Meeting was called to order by Pat Fowler, Treasurer, at 6:25 pm.
2. There were no additions or changes to the agenda.
3. No public comments.
4. Discussion on moving funds from Merchants Bank Cd which has matured, to the River Valley Credit Union account. Motion was made by Jan to move total balance to existing River Valley Credit Union money market account, seconded by Carol. Funds will be available for emergencies and .2 interest rate is the best that we can do without tying up the funds for 5 years. One signature can withdraw funds from the account, either Celina, Pat or Doreen as Town Treasurer. The name of the account has been clearly defined as belonging to the Library, rather than the Town. Vote unanimously passed.
5. FY 2015 Budget review: Committee reviewed areas of expected overages of spending greater than $1000, as is required in Celina’s contract. The total expected overage is $-8606 at this time. Last year’s unaudited budget showed a surplus of $13,393. Motion by Carol, seconded by Ray, to approve recognition of expected overages for Board of Trustees to review so that expenses can be paid if they do occur. Pat, Carol & Ray in favor, Jan abstained.
6. FY 2016 Budget Review: The Maintenance costs are estimated at $11,700. Technology costs proposal: we reviewed them and felt that we need additional information on the computer specifications from Emily. Salary Proposal: Emily and Sam’s salary will be determined under collective bargaining negotiations and Celina’s will be tied to their salaries. Discussion on pay scale for library employees and whether or not to recommend a 5% increase (approximately 1% increase for 3 past years, none budgeted for this year). Committee requested that Celina prepare an analysis of what other local libraries of similar size pay their staff, along with what percentage payroll costs are of the entire budget, plus information on pay scale for Rockingham Town employees that she already has available. Discussion by the Committee of the large number of budgeted items that we have no control over spending. Improvement of Book Sale presentation to increase sales was also discussed, along with ways to increase direct appeal fund raising. The committee recommended that the Board consider increasing the non resident membership cost to $60 to reflect increased operating costs and put their fee more on par with the per capita resident cost.
7. Other Business – none
Next meeting Nov 10 at 6:15pm
Adjourned at 8:55pm
Pat Fowler with notes from Carol Blackwood