Burlington Public Library
Finance Policy
Annual Operating Budget
The Library Board delegates to the Library Director the responsibility for preparing the preliminary draft of the annual budget with necessary supporting data. The Board Finance Committee reviews and revises the budget to be presented to the City Manager.
After City Council approves the annual operating budget based on the recommendation of the City Manager and input from the Library Board, the Director is responsible for the operation of the library under the financial conditions set forth in the budget.
Expenditure Reporting and Approval
All disbursements must be presented to the Library Board for approval at each board meeting. The Director will provide monthly status reports on the current year’s budget at each board meeting. The library follows the City of Burlington’s Purchasing Policies and Procedures.
Petty Cash Funds
Petty cash funds are for the payment of small expenditures when payment by check or credit card is not possible or practical. Petty cash is not for frequent purchases of minor supplies or other purchases where another authorized purchasing method could be used. Petty cash should not be used for travel and training, purchases where the library has a credit account, or employee reimbursement.
Petty cash may be used for purchases under $20. Approval is required by a Manager or the Director and must be signed out from the petty cash custodian prior to making the purchase. The Library Office Coordinator is the petty cash custodian.
The library petty cash fund will start at $50. The city finance department will reimburse the petty cash funds when the petty cash custodian turns in receipts and reconciliation forms.
Credit Cards
The library has a credit card in the name of the director. Credit card purchases are limited to items that cannot be purchased on account or invoiced. For example, online purchases or purchases from a store where the library does not already have an account and doesn’t shop frequently. This card may not be used for personal purchases.
To safeguard the card, the card is kept with the Library Office Coordinator and signed out. When signed in, the user must provide the receipt and indicate the purchase and purpose. The director must preapprove any purchases over $500. Purchases will be included in the monthly reports to the board for approval.
Accounts
The library has a checking account for gifts and bequests funds designated for a defined purpose. Funds may be put into certificates of deposit (CD) as long as those instruments are for twelve months or less. Signatures of two current board members are needed to open or close an account. When a CD matures, the Library Office Coordinator will find the best rate of return that meets these conditions, factoring in the dollars earned and the staff time to make any changes, and reinvest the funds, unless otherwise instructed by the board. Any changes to accounts will be reported to the board.
Contracting with other Governmental Entities
The Library Board, in accordance with Chapter 21, section 6 of the City Code, may contract with other governmental entities to provide library services. Residents of these entities will receive full library services for as long as the contract is maintained.
Governmental entities that contract for Burlington Public Library services for their citizens shall establish a 28E agreement and be charged based on a uniform formula each year. A per capita fee (or per assessed valuation fee for communities under 1000 in population) will be set at the beginning of the agreement and an annual increase will be defined.
Revised: February 17, 2021, November 28, 2018, April 19, 2017, February 19, 2014 Adopted: September 18, 2013