Finance
Answer
As well as the responsibility set out in the Libraries Regulations Parts 1, 2 & 3, the Board is responsible for:
- Preparing the annual Library budget
. - Approving audited financial statements.
- Approving expenses.
- Approving policy.
Library Budget
- The Fiscal Year for the Library shall be January 1 to December 31.
- The Board shall prepare a budget with estimates of the money required to operate and manage the Library during the ensuing fiscal year.
- The Board shall pass the budget at the November meeting and ensure the budget is submitted to the Town Administrator before the end of the fiscal year.
- The Town Administrator shall present the library’s budget to Town Council for approval. The Town Council may approve the estimate in whole or in part.
Audit & Accounting
- The annual audit will be done by the auditor for the Town and reimbursed by the Library as represented in the Library budget. The auditors report shall be submitted to Town Council upon its completion.
- Any unplanned/unbudgeted expenditure must be approved by the Board & motion prior to expense being incurred.
- The Town will administer accounting services for the Library.
- Financial records will be kept by the Town.
- A spreadsheet will be kept by the Librarian to track daily sales income.
Expenses & Signing Authority
- Signing Officers for grant applications and other official correspondence will be two of the following, the Chairperson, Treasurer and Librarian.
- No Signing Officer shall sign a cheque that is payable to themselves.
- A motion is required from the Board when a budgeted expenditure of monies above $650 is required.