Pending Library Board approval at the August 26, 2026 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 5:42 p.m.
Present: Annie Wilkinson (Board Trustee, Finance Chair), Colin Bird-Martinez (Board Trustee), Megan Butman (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.
June 2026 Available Cash
Current cash on hand is projected to carry the library through mid-January. No property tax disbursements have been received in July. Staff attended a Cook County bridge loan program webinar to learn about process and eligibility as well as how other public libraries in the region are impacted by and responding to Cook County disbursement delays and uncertainties. The Committee determined the bridge loan is not worth pursuing at this time.
July 2026 Statement of Revenue & Expenditure
The library is approximately 50% through the year on revenue, roughly as expected. Interest income is down approximately $60k since the Cook County disbursement delays began. The library is projecting a $450k operating surplus for 2026, which will help offset capital expenses, resulting in an overall deficit of approximately $170k. Significant steps are being taken to produce a balanced operating budget this year.
FY2027 Budget Update
The Committee discussed the budgeting process for incorporating the annual Illinois per capita grant, approximately $92k, which the library has historically not budgeted for because it is granted a yearly basis without guarantees. Doing so would improve the accuracy of the library’s financial projections.
A 20% health insurance renewal increase is a significant pending budget pressure. Staff are reviewing options and benchmarking data; a decision must be finalized in September.
The Committee revisited the potential of establishing a Library Foundation, noting it would take a substantial amount of upfront resources (both time and financial) and time to reach a net positive outcome. No action taken at this time, but the Committee will continue to explore this idea.
2026 Non-Resident Library Cards and Annual Fee
The non-resident library card fee calculation used a projected numerator this year, as permitted by statute, as final property tax figures are not yet available.
Adjournment
The meeting was adjourned at 6:26 pm.
The next Finance Committee meeting is scheduled for August 20, 2026 at 2:30 pm (time to be confirmed).