Finances of the Vegreville Centennial Library are managed by both the Board and the employees of the Library.
The Vegreville Centennial Library's fiscal year runs from January 1 to December 31.
The Vegreville Library Board, with the Library Manager, shall prepare a budget and an estimate of the money required to operate and manage the Vegreville Centennial Library before November 1 of each year and shall submit that budget and estimate to the Town of Vegreville Council for their approval in whole or in part.
The budget provides a financial guideline for the Board and the Library Manager to follow during the fiscal year.
During the fiscal year, all discretionary expenditures $1,000 and above require an additional motion moved and passed by the Board. Discretionary spending refers to purchase of items which can be ordinarily controlled or deferred.
The Library Manager is authorized to purchase all items under $1,000, but is expected to keep expenses within the budget.
The Library Manager is responsible for the accuracy and approval of all invoices and payroll items and the retention of documentation supporting payment.
The Town of Vegreville is authorized by the Board to manage accounts receivable, payable, payroll, and printing of financial reports. The annual audit will be arranged by the Town of Vegreville.
A financial report will be presented at each monthly Board meeting for review of the expenses and revenue in relation to the budget.
The Library Manager, on behalf of the Board, will ensure that annual reports required by the funding or registering bodies are completed in an accurate and timely manner.
The Vegreville Library Board accepts the responsibility for securing the funds for needed facilities and materials.
The Vegreville Library Board shall ensure that the Operating Reserve is capped at 15% of the approved operating budget. The Town of Vegreville is authorized to transfer, at their discretion, any surplus above 15% of the approved operating budget into the Town's accounts. The Town of Vegreville shall notify the Vegreville Library Board of their intent to transfer surplus Operating Reserve funds.
The Vegreville Library Board is responsible to have its accounts audited each year. Normally, the audit shall be completed by the auditor appointed by Town Council.
The Library Manager may operate a Petty Cash account in the amount of $200 for purchases not in excess of $20.
The Library Manager will have a procurement card (P-card) obtained from Alberta Municipal Services Corporation for library purchases. Each month the Library Manager will prepare a statement of expenditures that the Board Chair or designate approves.
The Library Manager shall ensure all large purchases are competitively procured. Purchases greater than $5,000 shall ordinarily require a minimum of two quotes. The Board recognizes there may be situations which demand a sole source supplier. The Manager shall identify the need to use a sole source supplier to the Board for their approval.
