Library Board Approves Annual Budget, Begins Review of Financial Advisor Proposals
The Library Board of Trustees unanimously approved its working budget for the new fiscal year at its June 24 meeting and formally began the process of selecting a financial advisor to guide the institution through future capital projects.
The budget was passed following a final amendment to increase the funding for family programs to $25,000. The approval, finalized with a roll call vote where all trustees voted aye, sets the library’s financial course for the 2025-2026 fiscal year.
With the annual budget settled, the board’s focus shifted to long-term financial strategy. Executive Director Cathy Palmer announced that the library had received proposals from three different firms to serve as its financial advisor. This move is a critical step in advancing the library’s master plan, which is expected to involve significant capital investments and potential bonding.
“There are three financial advisor proposals included in this evening’s board packet,” Palmer told the trustees. She outlined a deliberate review process, stating that while no immediate action was needed, board members should review the documents in preparation for a detailed discussion at the July meeting.
To further aid the decision, Palmer said the library’s bond counsel will attend the August meeting to “provide additional insights and respond to questions.” She added that the library could also invite the applying firms to present their proposals directly to the board.
Board President Joseph Cirelli signaled his focus on the upcoming financial discussions, stating he is “very interested in the bonds and reports that will be presented in the future.”
The library’s financial position was bolstered by the recent receipt of a tax levy distribution payment of $1,074,525.42 on June 12, with a second distribution expected before the end of the month.
The board also approved the payment of bills totaling $107,153.65 and accepted the monthly financial report prepared by its bookkeeping firm, Lauterbach & Amen.
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