Financial Policy
 adopted December 5, 1996

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.

1. The Library Board shall establish an annual budget and submit it to the Mayor for inclusion in the City's executive budget.
2. After adoption by the City Council, the budget for the year will be presented by staff for Board review. The Board delegates to staff the expenditure of monies and the development of an annual collection budget to allocate funds available for library materials.
3. Staff will review expenditures of budgeted funds and forward approved invoices to City Finance for payment. Library staff works together with City Finance staff and will generally keep library practices in compliance with City practices and policies while preserving the Board’s legal prerogatives. 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. 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.
5. 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 reserve postage may be used to defray expenses in these areas as well as for appropriate programs, meetings and memberships and to serve as a petty cash fund, as authorized by the Library Board and using procedures reviewed by the City Finance Department. City Finance will make appropriate journal entries and an annual budget adjustment to reflect these revenues and expenditures. Library staff will present this budget adjustment to the Board for approval.
6. Disposal of property
1. Withdrawn library materials and materials donated but not added to the collection will be sold annually to the Friends of the Appleton Library for the sum of $1.00.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. All other Library property to be sold will be put into the City auction with money returning to the City as general revenue.
7. 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. All donations to the Library shall be subject to the Gifts Policy.
2. 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.
3. 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.