Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Library Finance topic
No spam. Unsubscribe anytime.
Library trustees defend endowment draw; selectmen press on personnel and capital timing
Summary
Waterford Public Library leaders presented FY27 spending and requested a $145,991 town allocation while trustees said they will withdraw up to the 5% endowment limit ($182,495); selectmen asked about personnel costs, custodial contracting and future capital work.
The Waterford Public Library director, Chris Johnson, told selectmen the library drew roughly 5% from its perpetual endowment for FY27 to support materials and programming while the town provided operating support and a recent capital project replaced the building HVAC system.
Johnson said the trustees plan to allocate $182,495 from the endowment for FY27, the maximum 5% allowed under the library’s investment policy; he told the board the library’s endowment is "close to 4 million." He also cited operational metrics: about 88,283 visitors in the last fiscal year, roughly 148,49 physical circulations and 31,35 digital items (numbers as read into the record), and $125,000 spent on new physical materials.
Selectmen pressed staff on a personnel‑related fringe increase (an estimated HSA payout for unused sick time) and asked about transitioning evening custodial coverage to a town contract, which library staff confirmed. Members also asked whether the library could consider a larger one‑time withdrawal from the endowment to offset town revenue declines; trustees cautioned that pulling additional funds would reduce amounts available for books and programming and that the endowment is constrained by policy and past market fluctuations.
Selectmen approved the library’s FY27 request (town allocation vote by voice). Trustees and staff said they will continue discussions with the town on the library’s capital priorities and electrical/basement work scheduled to proceed in spring.
