Library board hears 2016 audit report
SKYE POURNAZARI/DAILY FORUM
Maryville Public Library Board of Trustees met at noon on Tuesday, Oct. 10 in the Ruth Robb Price Conference Room.
The Maryville Public Library Board of Trustees kicked off its new 2018 fiscal year Tuesday, hearing its FY 2016 audit report from Sue Reed of Harden, Cummins, Moss & Miller, LLC, certified public accountants.
“There were no unrecorded uncorrected statements,” Reed said. “There were no significant difficulties. I just wanted to point that out so you could look that over.”
She said the 2016 library finances had an unmodified opinion meaning the library’s financial statements were in accordance with governmental accounting standards. There were no material mistakes that were unrecorded.
The 2016 audit report is later than normal because of paperwork timing issues and the 2017 tax season.
“Part of that is my fault,” said Stephanie Pattterson, Maryville Public Library director. “They can file for an extension. I’m sure she’s done that.”
A copy of the 2016 audit report given to the Forum shows the library’s net position of $753,756 with total assets $851,205 and total liabilities $88,092.
The board took home copies and Reed said should they ever have any questions, they should feel free to contact her office any time.
“Boy it makes it much easier understanding these statements having you there telling us what they mean,” Board Member Amber Galbraith said.
In 2017 financial business, Pattterson told the board the library total revenues were $274,936 and total expenditures $254,508 for a difference of $20,428.
“We took in a little more than we budgeted for and we spent a little less than we budgeted for,” Patterson said. “We were budgeted to spend $82,132 of our reserves. We ended up just spending just $55,972 so that’s good.”
Board members perused the 2017 operating fund. Patterson said she would get all the financial paperwork in order and give it to the board’s accountants.
“Looking at the percentages of the annual budget it looks like we did a really good job all things considered,” Galbraith said.
The board also discussed the City of Maryville self-insuring itself and how that will affect library employees.
“What that means for us, the good thing is that our premiums went back down … and we got our $500 deductible back and actually a lower out of pocket,” Patterson said. “The other side of that … means there’s some risk involved that could be passed to us if claims go above what they budgeted for we could be invoiced at some point for claims. They have not figured that out how they would divvy that out department by department.”
She suggested placing more funds in the reserves, just something to think about.
“How soon do we need to have a buffer in place,” Galbraith asked.
Patterson responded saying she isn’t sure, because they city hasn’t made a decision yet.
“So, it’s like coop,” Giuli Coniglio stated. “It used to be the insurance company’s problems they charged you what they charge you now you’re doing it yourself.”
The board intends to discuss at a future meeting, increasing the reserves up to 40 or 50 percent.
In other business, the board discussed the possibility of instituting a tuition reimbursement program for employees. Patterson said there are libraries that offer it.
“It’s dangerous to make a policy for a single individual,” Richard Fulton, vice president of the board said.
The board discussed attaching strings, such as the employee would need to stay for a specific period of time and be full time. However, no decisions were made. The board asked Patterson to put together a proposal for discussion at a future meeting.
Patterson informed the board the new library website is ready to be deployed, but she plans to launch it after she’s back from vacation in two weeks.
“It’ responsive, very clean and easy to read,” she said. “All the staff can get on and update it.”
The board also discussed the need to give the new employee some office space and just what should be done with the large ladders that take up room where her office would be. No decisions were made.
