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Library Minutes 2011 08-08-11 (Finance Committee) Minutes Yorkville Public Library Finance Committee Meeting Monday, August 8, 2011 6:00 P.M. Yorkville Public Library 902 Game Farm Road Yorkville, IL Call to Order: The meeting was called to order at 6:00 p.m. Board Members Present: Sandy Lindblom Bob Allen Barb Johnson Carol LaChance Jo Ann Gryder Susan Chacon Beth Gambro Judy Somerlot Gail Gaebler Others Present: Michelle Pfister, Library Director Carlo Colosimo, Ward 1 Alderman Rob Fredrickson, Finance Director Public Comment: None Business: 1.Budget Review The committee reviewed the budget report in the packet. Finance Director Fredrickson noted the new format of the report to be consistent among all City departments. The library budget is divided into three funds. Fund 82 is Operations, Fund 83 is for Debt Service, and Fund 84 is for Development Fees. Expenditures have been greatly reduced in comparison to last year. The library receives most of their revenue at the beginning of the year so they must be diligent in pacing their expenditures accordingly. There was a timing issue when the City Council initially approved the City budget and the incorrect Library budget was approved. The City budget has since been revised to reflect the correct Library budget as adopted by the Library Board. The committee briefly discussed the potential budgetary effects of changing the library’s hours, including being open on Sundays. The committee spent some time discussing the tax levy. The current levy is .12. The maximum the library can request is .15. The committee discussed the tax cap and the pros and cons of requesting the maximum. The committee discussed development impact fees that are paid to the library. Alderman Colosimo explained that the City is exploring the possibility of reducing impact fees to spur development in the City. Yorkville’s impact fees are currently higher than neighboring towns. The City Council would like the library impact fee lowered from $500 to $400. The board is reluctant to commit without knowing if other groups will also be lowering their impact fees. Adjournment: The meeting was adjourned. Minutes submitted by: Meghan Ostreko