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Library financial update: first state-aid installment received; $5.4 million in impact fees reported
Summary
Board financial reporting showed the library received its first state-aid payment (about $278,000) and holds approximately $5.4 million in impact-fee funds, with roughly $2.4 million encumbered and about $3.0 million unencumbered for future capital needs; material spending is low early in the fiscal year as expected.
Trustees were told the library received its first installment of state aid for the year and that impact-fee balances total about $5,398,000.
The financial presenter reported the first state-aid installment of roughly $278,000 has been received and remains unspent pending allocation. On impact fees, the report showed about $5.4 million in total balances, with approximately $2.4 million encumbered for identified capital projects and roughly $3.0 million unencumbered for future allocations. The presenter noted most impact-fee receipts are concentrated north of Port Royal under the new districting arrangement.
On budget pacing, the presenter said the system is about two months into the fiscal year and has spent roughly 11% of its allotment overall, with material expenditures relatively low (~$64,000) because most material purchases occur later in the year.
Library Director Amanda Dickman asked trustees to sign a second funding-certification form required by the state library to receive the next state-aid payment. "You may remember in our last board meeting we signed the memorandum and the first collection-development funding certification form," she said.
No formal budget amendments were proposed at the meeting; trustees asked clarifying questions and accepted the report as presented.
