Carmel Public Library trustees move $60,000 into reserves, authorize LAIF transfers after stronger-than-expected FY24–25 results

The Carmel-by-the-Sea Library Board of Trustees voted unanimously to transfer surplus funds from fiscal year 2024'025 into reserve accounts and to adopt a resolution authorizing investment transfers to the Local Agency Investment Fund (LAIF).

The action followed a fiscal review showing the library generated $455,835 in revenue for FY24'5, above the $428,500 it had anticipated, largely because of higher-than-expected interest earnings and a larger Friends of the Library donation. The board approved two roll-call motions to move reserve and unexpended funds and then adopted the LAIF resolution by unanimous vote.

The board's finance presentation, delivered during the meeting, said interest income for the year totaled $57,660 versus an estimate of about $33,000; the Friends of the Library contributed about $30,000 (roughly $8,000 more than budgeted). Total expenditures for the year were $396,661, described by staff as roughly $36,000 under the adopted budget after midyear adjustments.

Trustees approved three motions related to the surplus. The first motion transferred $24,122.75 of additional income into the LAIF-restricted six-month operating reserve to bring that reserve to a stated target of $214,250. The second motion placed $3,212 in additional income and $32,838 in unexpended funds into an unrestricted LAIF reserve intended to finance special projects or to support operations during the planned library relocation. The board's third approved action adopted a resolution updating authorized signatories for LAIF transfers.

Donna Jett, serving as treasurer and speaking to the financials, summarized that the library is "on track with all of our spending" and noted the timing of some one-time vendor payments at the start of the fiscal year. Board members and staff also discussed specific uses for the surplus, including upholstery for children's bench seating, a trial Wonder Books collection for teens, and possible preservation work on the Arthur McEwen negative collection.

The board briefly discussed alternatives for how to treat the surplus relative to the Carmel Public Library Foundation disbursements (the foundation provides operating funds beginning in September). Trustees agreed to move the funds into LAIF reserves so they could earn interest and revisit allocations in the first quarter of the new fiscal year.

All motions were recorded by roll call as unanimous. The board also approved routine items without extended debate: minutes of the June 24, 2025 special meeting and the check register for June and July 2025 were both approved unanimously.

Looking ahead, staff recommended the board consider creating a designated special-projects account with policy definitions later this year once an interim library director is in place. The board indicated it would revisit allocations for relocation-related needs and other short-term projects during midyear budget adjustments.