Pending Library Board approval at the October 28 regular meeting
Minutes Prepared By: Annie Wilkinson, Library Board Trustee
Call to Order and Roll Call
The Finance Committee called the meeting to order at 12:05 pm.
Present: Annie Wilkinson (Board Trustee, Finance Chair), Colin Bird-Martinez (Board Trustee), Billy Treece (Director of Finance & Human Resources), Elsworth Carman (Executive Director)
Public Comments
There were no public comments received in writing or in person for the meeting.
August 2026 Available Cash
Second installment tax bills arrived September 1 with a due date of October 1. The library ended August with approximately $5.9 million in available cash and remains on track through mid-January. Cumulative lost interest from disbursement delays is approximately $60k.
August 2026 Statement of Revenue and Expenditure
The library received the remainder of the first installment property tax disbursement and the Illinois per capita grant in August. The library is approximately 67% through the year at end of August. Expenditures remain on track to come in under budget. The tuckpointing project is nearing completion.
FY2027 Budget Draft 2
The Committee reviewed two budget scenarios. Draft 2a refines the first draft which aims to provide optimal funding levels with a more moderate levy target of 4% while balancing the operational but not capital budget. Draft 2b presents a more constrained scenario aimed at balancing both operating and capital budgets while foregoing several planned expenses with a higher levy target of 5%.
Key considerations discussed included annual salary raises, maintenance projects, the library’s FTE/PTE staffing ratio and its compounding effect on benefits costs, the fund balance policy and current gap from target, and the ongoing delay in finalizing the audit pending the Village’s own audit completion.
Staff will prepare a budget memo. The full Board will discuss at the September meeting with the goal of giving direction on levy level of 4% or 5% and overall budget approach in time for the October meeting.
Adjournment
The meeting was adjourned at 1:15 pm.