Pending Library Board approval at the September 23 regular board meeting
Minutes Prepared By: Annie Wilkinson, Library Board Finance Officer
Call to Order and Roll Call
The Finance Committee called the meeting to order at 9:05 am.
Present: Annie Wilkinson (Board Trustee, Finance Chair) via Zoom, Megan Butman (Board Trustee), Mika Yamamoto (Board Trustee), Billy Treece (Director of Finance & Human Resources), Elsworth Carman (Executive Director), Matt Bartodziej (Director of Facilities)
Public Comments
There were no public comments received in writing or in person for the meeting.
July 2026 Available Cash
Cash on hand is on track with the same period last year and is projected to carry the library through January. Cook County disbursement delays continue with no new updates. A small disbursement was received in recent weeks. Staff are reviewing reimbursement reports going back to last year to identify any discrepancies.
July 2026 Statement of Revenue and Expenditure
Interest income is tracking back toward budget projections. Active capital expenditures include the tuckpointing project, Strategic Facilities Plan work, and a security camera update.
Geothermal Feasibility Study
The passage of the Illinois Clean and Reliable Grid Affordability Act (CRGA, Public Act 104-0458, effective June 1, 2026), which includes new state-level geothermal incentive structures that are combinable with retained federal tax credits, prompted the Committee to explore whether any opportunities existed for OPPL to capture benefits toward financial and environmental sustainability goals.
Staff and the Director of Facilities researched and reviewed feasibility for the Maze and/or Main branches. Given current HVAC system conditions, project costs, and disruption potential, the Committee determined that geothermal exploration is not feasible at this time. The process yielded useful learning that will inform future facilities and sustainability discussions.
FY2027 Budget Draft 1
The Committee reviewed the first draft of a proposed FY2027 budget. Key factors the committee reviewed and discussed included property tax levy projections with a starting figure of 4%, staff compensation adjustments to enable OPPL to catch up to market rates, a known significant health insurance renewal increase of 19.1%, and trends in capital expenditure planning, which is expected to decrease meaningfully from 2026 levels, reflecting a deliberate pause on new projects pending the Strategic Facilities Plan outcome. Among some slight shifts in approach to the annual budgeting process, the Illinois per capita grant ($92k this year) is now included in projected revenues. These steps move us towards a balanced budget budgeting model and represent significant progress towards a fully balanced budget, in both operations and capital expenditures.
A second draft will be presented at the next Finance Committee meeting; the full Board will discuss at the August regular meeting.
Adjournment
The meeting was adjourned at 10:16 am.
The next Finance Committee meeting is scheduled for September 11, 2026 at 12:00pm at the Main Library. Moving forward, Finance Committee meetings will generally occur on the Wednesday prior to Regular Board Meetings at 6:30pm, unless specially rescheduled.