SCHAUMBURG TOWNSHIP DISTRICT LIBRARY NOVEMBER 15, 2004 LOCATION: Hoffman Estates Branch Library BOARD MEMBERS PRESENT: Mr. Frankel, Mr. Lucas, Mr. Lyons, Mrs. Miller and
Mr. Radley BOARD MEMBERS ABSENT: Mrs. Jonen and Ms. Mutter OTHERS PRESENT: Mr. Hetzer, Mr. Madden, Mrs. Walther, Mrs. Barch, Mrs. Adrianopoli,
Mr. and Mrs. Scott TIME MEETING BEGAN: 7:30 P.M. Dedication of the O’Malley Room. Preceding the Board meeting, there was a
dedication of the O’Malley Room within the Hoffman Estates Branch Library.
About forty-five guests attended including many Village of Hoffman Estates
officials and many relatives of the late Mayor. A plaque honoring the mayor
was placed onto the wall. A reception followed. Pledge of Allegiance. Minutes. It was moved by Mrs. Miller and seconded by Mr. Radley that: The minutes of October 18th and 26th be approved. Motion passed unanimously. Reports. Mr. Lucas read a proclamation honoring the Library for the many services
it provides from the Senior Citizen Group at the Schaumburg Barn. He also congratulated
Bob Lyons for his 35 years of service on the Library Board. Mr. Lucas along
with Mrs. Miller and Mr. Lyons attended the recent Library Awards Luncheon
and he was pleased to see the many service awards that were given. Audit Report. Judy Walther of the firm of McClure Inserra and Company presented
the audit report for the fiscal year that ended June 30, 2004. She went through
the report commenting on each page. Mrs. Miller asked why the net assets held
by the Library were lower than expected. Net assets reflect total assets minus
any debt outstanding so if you exclude debt, the assets of the Library are
substantially higher. Mr. Radley had two questions: 1) the amount of reserves
and 2) interest rates on bonds. Total fund balance exceeds $13,000,000. Although
interest rates were higher at the time the bonds were issued, some of the bonds
have been called and reissued at lower rates. More will be called and reissued
if the savings can be meaningful. The Management Letter from the firm was very positive except that some concern
was expressed that many of the Library’s assets were invested for three to
five years. If the money was needed for any purpose and the investments had
to be sold before maturity, there could be some loss in interest. Schedules
for expenditures will be carefully monitored in the coming months. Staff Reports. The Extension Department had presented a written report to
the Board. Barbara Adrianopoli and Pat Barch then highlighted the many services
offered by this department. Statistics were also reviewed, noting the continued
increase in circulation and the decrease in reciprocal borrowing. The wireless system was briefly discussed and Mr. Madden said that a report
on the WiFi will be prepared for the December Board meeting. It was also mentioned
that Sears has given a $5,000 gift to support the Library philanthropy center
and that Target has given $5,000 to support children’s reading programs. Treasurer’s Report. Mr. Frankel reviewed financial statements. He highlighted
that tax receipts are now coming to the Library. One concern is that our accountant
will be out for surgery in December and November financial reports will not
be available for the next Board meeting. Hanover Park Branch Library. The first planning session is scheduled for tomorrow. Continuation of Board Meeting. It was moved by Mrs. Miller and seconded by Mr. Frankel that: The Board meeting continues on December 6th at 7:30 p.m. Motion passed unanimously. Time Meeting Ended. 8:32 p.m.
MINUTES OF THE REGULAR MEETING OF THE LIBRARY BOARD