1982-11-15O City of Beverly, Massachusetts
Public Meeting Minutes
Board: Library Trustees
Subcommittee: Finance Committee
Date: 11/15/1982
Place: Beverly Public Library
Board members present: Roger E. Morency, Richard L. Buckley, Katherine L. Fanning, Dr.
Edna M. McGlynn, and Neil B. Olson
Board members absent:
Others present: Vada Komich, League of Women Voters
Recorder: Nancy Abetman
Finance Committee
Board of Trustees-Beverly Public Library
November 15, 1982
6:00 p.m.
Present: Roger Morency, Chairperson; Nell Olson, Dr. Edna MeGlynn, Richard Buckley, Kay
Fanning.
Also present: Esther Calish, Nancy Aberman, Vada Komich, League of Women Voters
Documents distributed: Letter from Arthur Collins regarding trust funds; needs assessment
The Finance Committee met to discuss the matter of Trust Income expenditures. Mr. BuckIcy gave
a percentage breakdown of trust income expenditures from 1960 to present, by categories. The
question of designated funds arose and it was discussed that currently approximately $5800. of trust
income is earmarked for library books and materials. Some areas discussed were: 1) whether the
trustees want to use trust income to fill gaps in the appropriated budget, or if funds should be used
to accomplish a specific purpose; 2) how much the trustees want to restrict themselves in the use of
funds; 3) whether the Trustees want to determine any program or purchase which would benefit the
library.
After discussion, a motion was made by Mr. Olson to adopt a formula policy for the expenditure of
trust income for FY 1983 in the following distributions: not over 50% committed to books and library
materials; 5% for professional improvement; 5% discretionary to the director; 5% reserve fund;
balance (35%) for any library expense only on a vote of the Board of Trustees. Mr. Buekley
seconded. The motion passed.
Mrs. Calish asked for clarification of the reserve fund, which was explained as a cushion or automatic
carry over to hold in reserve. Mrs. Calish asked for direction for the upcoming budget. Mr. Morency
suggested that the director wait for a directive from the Mayor. She also asked if it might be a
possibility to attempt to receive an appropriation for books in the upcoming budget.
Mr. Morency suggested asking the roof architect about the from doors. Mr. Buckley noted the latest
figure on the roof repair is $80,000, with a possibility of reducing it to $74,000. Emergency repairs
are estimated at $3,000 and can begin without bid.
Mr. BuckIcy moved to adjourn. Mr. Olson seconded. The meeting was adjourned at 7:15 p.m.
Nancy S. Abennan
Recorder