Executive Board Meeting
August 27, 2026

Business Manager Defoor reviewed the financial activity from May to July. Rather than review each fund for each month she focused on revenue received and major expenses paid during this period. The system received their June tax payments totaling 379,000 for the operating fund and 66,700 for the employee benefit fund. The system expects to receive smaller tax payments in September and October, but majority of this year’s tax revenue has been received.  Three contracted libraries paid their 2026 contract fees during this period. As of August, all 2026 contract fees have been paid. The 2027 contracts will be sent out for signatures soon. The system’s bank account continues to earn interest at a rate of 1¾% this generated $7,547 in interest income during the past 3 months. Major expenses Defoor focused on were insurance renewal, subscriptions, technology purchases, and grant awards. In June the system renewed business insurance policies, which included liability, workers compensation, and directors’ and officers’ policy. This was a combined cost of $6,000. The system also renewed its auto insurance policy which overs 2 Nissan Rogues and the Rotating book van $5,700 for a 12 month period. One Rogue also needed new tires for $1,100. The system also paid Swank $8,285 for movie licensing. The system covers 50% of the fee for participating libraries and the libraries are billed for their share, as a result, half of this expense will be reimbursed. The system paid its OCLC annual catalog and metadata subscription at $17,414. Under technology support, the system paid the annual screen connect subscription and purchased several computers to be awarded to the technology grant recipients later this year. In July the system received its e-Rate rebate of $2,016 which offsets a portion of internet costs. Four libraries received a continuing education grant to help cover the cost of ApPLE training for their new directors. 5 libraries were awarded the programing grant of $300 each, and 3 libraries received the technology grant of $1,000 each. Overall, the system’s financial position remains strong through the first 7 months of the year, from January through July, receipts exceeded the expenses by approximately $636,000, increasing the system’s cash balance to just over 1.7 million at the end of July. This positive cash balance is important as we move through the remainder of the year because a majority of the annual tax receipts have been received.  

Boardman made a motion to approve the consent agenda. Plankinton seconded and the motion passed.