Financial Policy
 adopted October 14, 2004

The Library Board establishes this financial policy to ensure fiscal accountability, appropriate use of funds in support of the Library's mission and goals, and compliance with appropriate laws and ordinances and City of Appleton policies.

Policy

1. Budget
   1. The Library Board shall establish an annual budget request according to City guidelines and submit it to the Mayor and City Finance Department for inclusion in the City's executive budget.
   2. Staff shall work with the Mayor, City Finance Department, and Common Council to seek adoption of the Board's request, reporting any changes or concerns to the Board.
   3. After budget adoption by the City Council, Library staff will present the adopted budget for the year to the Library Board for review and approval.
   4. The Board delegates to staff the expenditure of monies and the development of an annual collection budget to allocate funds available for library materials.
   5. Funds may be transferred between budget lines and between budget programs with the approval of the Library Board. Transfers over $15,000 between budget programs require approval of the Board Finance Committee and two-thirds of the full Library Board. New library appropriations funded by grants require the approval of the Library Board.
   6. Any budget adjustment approved by the Library Board will be reported to the Council Finance Committee as an informational item.
   7. The Board's authority over budget funds shall alpse at the end of the calendar year and any budget fund balances shall revert to City authority, subject to City carryover policies and procedures.
2. On an annual basis, all Library funds, expenditures and revenues will be audited as part of the City's audit. Any notes or communications from the City's auditor regarding the Library shall be communicated with the Board. Library finances will also be annually reported to the State of Wisconsin as required by the Department of Public Instruction.
3. Expenditures
   1. Staff will review expenditures of budgeted funds and forward approved invoices to City Finance for payment.
   2. Library staff will work together with City Finance staff, using City forms and procedures for payment of invoices, and will keep library practices in compliance with City practices and policies while preserving the Library Board's legal prerogatives under Wis. Stat 43.58(1) and 43.58(2).
   3. On a monthly basis, staff shall present a list of all expenditures to the Board for review and approval. Staff will also present a monthly financial report showing the status of all accounts and funds.
4. Receipts
   1. Monies received as revenue by the Library from overdue fines, rent and utility payments, and Outagamie County payments for library service will be submitted to the City as general revenue.
   2. Monies received as reimbursements for lost or damaged materials, reader-printer copies, computer printouts, and vending machine commissions will be submitted to the City as revenue, and may be used to defray expenses in these areas as authorized by the Library Board. Regular budget lines will be adjusted during the year as necessary to reflect differences between actual and projected revenues.
   3. Library staff will implement petty cash procedures consistent with City of Appleton procedures, for use when immediate payment or reimbursement for a purchase or service is required.
   4. Grants & Donations
      1. Funds donated may be allocated according to the wishes of the donor as donations to the Appleton Library Foundation, Friends of the Appleton Library, Frank P. Young Scholarship Fund, Memorial Fund for purchase of library materials, or may be undesignated. The Board shall determine the disposition of undesignated donations.
      2. All donations to the Library shall be subject to the approval of the Library Board per the Gifts Policy.
      3. Staff will track monies donated for the express purpose of purchasing library materials as a "Memorial Fund" and use them only for the purpose for which they have been donated. Staff will request carryover of any unexpended Memorial funds from one fiscal year to the next.
      4. The Board shall have the right to approve or deny library utilization of grant or contract funds on behalf of the Library by external organizations such as the Outagamie Waupaca Library System, Appleton Library Foundation or Friends of Appleton Library.
      5. Grants from the Frank P. Young Scholarship Fund shall be made as determined by the Board upon recommendation of the Scholarship Committee. Generally this will be done by annual expenditure of available interest from the Fund, but the Board may choose not to give an award every year.
   5. Library staff will work with City Finance to ensure appropriate journal entries and necessary budget adjustments to reflect these revenues and expenditures. Library staff will present all budget adjustments to the Board for approval.
5. Disposal of property
   1. Withdrawn library materials, materials donated but not added to the collection, and small items of library equipment valued at $20 or less may be sold annually to the Friends of the Appleton Library (FOAL) for the total sum of $1.00. The Friends group will sell these materials to raise funds for their projects. Materials deemed by staff or FOAL to be unfit for sale may be discarded.
   2. If another library or organization expresses an interest in a piece of equipment or other item no longer used by the Appleton Public Library, the Library Director may negotiate sale or trade of the items for reasonable compensation. Staff will report to City Finance any funds received as revenue from such sales, for such budget adjustments as the Finance Director agrees are appropriate.
   3. All other Library property to be sold will be put into the City auction with money returning to the City as general revenue, except that items deemed as unfit for sale by Library or City staff may be discarded.

--adopted by the Library Board of Trustees, December 5, 1996, revised 12/13/99, revised 12/11/02, 10/14/04
APL Financial Policy | City of Appleton Employee Finance Policies | City of Appleton Financial Policies

Appleton Public Library / 225 N. Oneida St. / Appleton, Wisconsin 54911  (920) 832-6170
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 Latest revision 20-Oct-2004