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Finance report: FY24 spending, vacancies and ARPA capital funds reviewed
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Summary
Finance committee reported FY24 local budget spending at about 96.1%, labor at 99.8%, and 62.2 FTE vacancies as of Oct. 31; staff noted ARPA capital funds availability and that percentage figures will adjust when carryover is reconciled.
The finance committee reported progress closing out fiscal 2024 and gave a preliminary view of fiscal 2025 month‑one activity. The committee noted the library expended roughly 96.1% of its local budget in FY24, labor expenditures were at 99.8% and non‑personal services goods and services at about 85.8%; staff cautioned those percentages may change once non‑lapsing carryover and accruals are reconciled.
Under vacancies, the committee said about 62.2 full‑time equivalent positions were vacant as of Oct. 31, and about 26.5 of those are in the hiring pipeline. The finance chair also referenced a $37,300,000 ARPA capital allocation in the capital fund that staff are using to realign expenditures and relieve pressure on general obligation bond proceeds.
Trustees asked whether the adjusted percentages would leave the library under or over budget; staff said the library cannot legally overspend but may remain under budget. The committee closed by noting hiring, classification of hard‑to‑fill roles (to enable recruitment incentives), and ongoing reconciliation work are among priorities going into the budget season.
No formal fiscal votes were taken at the meeting; the board will consider budget submissions during the upcoming budget cycle.
