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West Bend library board adopts 10% undesignated fund-balance policy, renews maturing CD and approves annual report
Summary
The West Bend Community Memorial Library Board voted Feb. 17 to adopt a 10% undesignated fund-balance policy, renew a maturing certificate of deposit while allocating accrued interest to donor-specified uses, and approve the library's DPI annual report; one board member abstained on the fund-balance policy.
The West Bend Community Memorial Library Board on Feb. 17 adopted a policy to maintain a minimum undesignated fund balance equal to 10% of the operating budget, approved the renewal of a maturing certificate of deposit with donor-interest allocation, and accepted the library's DPI annual report.
Board members debated how large a reserve the library should carry and whether to set a percentage or a fixed-dollar floor. Proponents argued a 10% minimum (about $200,000 under current budgets) provides a clear emergency reserve for building issues such as HVAC…
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