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HomeMy WebLinkAbout2019-11-21 LBOT Minutes Board of Library Trustees Minutes: November 21, 2019 1 PALM SPRINGS PUBLIC LIBRARY BOARD OF LIBRARY TRUSTEES MINUTES Palm Springs Public Library November 21, 2019 The Learning Center 1. CALL TO ORDER President McBride called the meeting to order at 2:59 p.m. 2. ROLL CALL PRESENT Craig Borba Yes Harry Courtright No David Kelly Yes Ed McBride Yes Kathy Weremiuk Yes STAFF PRESENT: Jeannie Kays, Director of Library Services. CITY STAFF PRESENT: Julie Warren, Library Services and Public Relations Manager; David Lacy, Assistant Finance Director. PUBLIC PRESENT: David Sidley, David Engen, Terry Dean 3. POSTING OF AGENDA: Jeannie Kays reported that the agenda was posted on the Library’s website and at City Hall on or before November 14, 2019. 4. APPROVAL OF MINUTES OF: Amended to correct the location of the meeting and add the word “is” to section 9. The amended minutes of October 10, 2019 meeting were accepted. 5. ADDED STARTERS: None. 10. A. moved up at this time 10. A. Trust Fund Financial Discussion Treasurer Kelly shared a memo that discussed the meeting Treasurer Kelly and Director Kays had with the Assistant Finance Director, David Lacy. They met at the end of October to discuss the Library Trust Fund. In 2018-2019 fiscal year the City earned $1.1 million in interest income and credited the Library Endowment $36,694.73. At past meetings , we did not have the actual figure just the budgeted amount of $8,500. The actual figure was not available until the books were closed out at the end of the fiscal year. The difference between the budgeted amount and the actual amount is $28,194.73. In regards to moving the Library Endowment from the City to a private management firm David Lacy suggested the Library Board review the legal documents for guidance. David Lacy explained the City’s current investment approach and that they are exploring using a third party investment advisory. They are revising the City Investment Policy and it should go to City Council in December. The priority for public funds is “Safety, Liquidity, and Yield.” President McBride said the Foundation would like to create a compact between the Foundation and the City to determine how funds the Foundation will raise in a capital campaign will be given to the City. He would like the Library Board Treasurer to sit on the Finance Committee of the Foundation as an advisor. He asked for advice on what the Library Board should do if the Foundation’s investment strategy is better than the City’s. David Lacy said the City Attorney should be consulted; currently the funds are public funds so there are requirements in place to make sure they are risk averse. It might be something to consider if there are risk tolerance measures in place. Board of Library Trustees Minutes: November 21, 2019 2 The current funds are put through the City’s annual audit; if the funds were moved they would still be subject to an annual audit and there would be a cost for that. President McBride said the Foundation has not formed their investment strategy yet so maybe there could be a restricted fund for Trust Fund dollars that would match the City’s investment policy. Treasurer Kelly said the Library Board needs to discuss what the original purpose of the Library Endowment was and the long-term plans for the funds. He said the renovation will probably take years and it is not a good idea to liquidate the endowment before that. President McBride said they should look at other communities and how they have leveraged endowments to raise more money. 7. moved up at this time 7. TREASURER’S REPORT: Treasurer Kelly gave the report. The Library Trust Fund balance as of November 7, 2019 is $2,003,636.35. Included in the packet was a legal opinion written by the City Attorney in 2015. The document establishes that the Library Board of Truste es is manager of the Trust Fund; the state of California has laws in place that govern endowments. Director Kays inclu ded a document that lists all of the times the Library is referenced in the City Charter. The documents were included in the packet to gather them in one spot so when they are ready to meet with an attorney they will have all the information in one place. The City Attorney drafted the promissory note between the Library Board and the Foundation so the City Attorney might need to get involved again. The bylaws are important for the record because they mention the Trust Fund and how money is spent from the fund. Trustee Weremiuk arrived at this time. President McBride said he anticipates the Foundation will ask for an extension of the loan. The Foundation annual report is due in April 2020 and they will be asked to give a report on the promissory note at that time. Treasurer Kelly would like to know what the plan was for the money when it was requested and what has been done with the $100,000; so if an extension is asked for the time frame of the extension can match the original purpose of the funds. He said the Foundation should look at what they think is the proper uses for the Library trust fund versus the goals of the Foundation. President McBride suggested the Library Foundation should report what they have done with the money, where they are in their process, and where they hope to go. Trustee Weremiuk said this item should be agendized for April and ask the Foundation to come with a report on the uses of the money and any new proposals for extending the loan. Treasurer Kelly said the one thing that was being called upon for the use of trust fund was the fee for consultants but Measure J funds should have covered that. Director Kays said she made a request to Measure J but had not heard back. Director Kays said when they met with the Finance depart they asked about the Future Library Projects account and suggested the Board pulls funds from the cash account instead of putting it in the Future Library Projects account. She researched when the account was made and thinks it was made so the Library Board has access to their funds whenever they need it and not just at budgeting time. There was a discussion on whether the accounts should stay the same or the money should be left in cash. Treasurer Kelly will research alternatives to keeping the money with the City but first the Board needs to have a plan for where it is going to be spent in the next five years. Trustee Weremiuk said there are many options where they would get better returns. President McBride believes the Foundation was formed to have a way to invest funds for capital campaigns. 6. PUBLIC COMMENTS: None. 8. REPORT FROM FOPSL LIAISON: Julie Warren gave the report. The Legacy Wall exhibit will be up until Saturday, November 23rd. The Friends hosted a reception for Friends, Library Board, and Foundation members with the Legacy Wall staff. Student groups from at least 10 schools in two school districts have visited the wall. There will be a book sale December 14-15. On Saturday, the hours are 10-2 and on Sunday it will be a bag sale and the hours are 10-1. The Friends will be hosting three events during modernism week: a house tour, a lecture, and an exhibit featuring mid-century modern dinnerware. Palm Springs Speaks hosted Robert Reich on Friday, November 8. Two speakers are scheduled: Dame Joan Collins on Sunday, January 26th and Bob Woodward on Friday, March 6th. Board of Library Trustees Minutes: November 21, 2019 3 9. REPORT FROM LIBRARY FOUNDATION LIAISION: David Sidley gave the report. The Foundation is working hard to add new members. Their big fundraising push will not be until a definitive plan is in place. 10. LEGISLATIVE ACTION 10. B. Building Committee Update Director Kays has made a request for the City Council sub-committee to meet. Trustee Weremiuk said that City Council said the first step is to look at the costs of a renovation versus the cost of a new building. 10. C. Awareness Campaign Update Julie Warren gave the report. The Library Board approved $25,000 to do an awareness campaign as part of the strategic plan. The Library worked with Jones Agency to do a creative campaign. They created a variety of taglines highlighting services the library offers. The web address pslibrary.org was purchased to help track campaign traffic. The campaign will run November, December, and January. Radio ads are running on KGAY and U92.7, theater ads are running at Camelot, and the bus stop shelter ads and bus lines will start in December. The downtown banner was canceled, saving about $3,000. Trustee Weremiuk suggested an additional bus stop ad in Spanish. 10. D. Meeting date changes beginning January 2020 The City Council has moved their meeting dates to the second and fourth Thursday of the month so the Library Board can no longer meet on the fourth Thursday. Days and times were discussed; the final decision will be made at December meeting. 10. E. Library Annual Report The annual report was given to the Library Board; the report goes to City Council as a “receive and file” item on the Council agenda. MOTION: (Weremiuk/Borba, 4-0) To approve the annual report. Trustee Weremiuk left at this time. 11. REPORT FROM STAFF REPRESENTATIVE Library Closed: The Library will be closed Thursday and Friday, Nov 28 and 29 for Thanksgiving. The Library is closing early at 6 pm on Nov. 27. Teen Advisory Group (TAG) is meeting again this Saturday, November 23. Our Teen Librarian is building a small group of teen advisors to help determine programming interests of teens and to do volunteer work. Festival of Lights Parade: The Library is participating. The parade is December 7, 2019 at 5:45 pm. Santa: Santa and Mrs. Claus are appearing at the Library, Tuesday, December 3, 4-7 pm. The event is an open house-style event so families can arrive any time during the event to get their photo with Santa. Holiday Tree Decorating: We are looking for helpers Monday, November 25 from 8-10 am. Board of Library Trustees Minutes: November 21, 2019 4 Legacy Wall ends this Saturday, November 23. We have had numerous school groups bussed in from all over the valley for an educational lesson and library tour. Passports: Eight more agents passed their tests so we have 12 licensed agents. Awaiting a few more items and then we are ready to become an acceptance agency. We hope to do a soft opening in December with full service in January. Home Movie Day: December 7 at Welwood Murray Memorial Library from 1-4 pm. 12. TRUSTEE COMMENTS & REQUESTS None. 13. ADJOURNMENT The November meeting adjourned at 5:05 p.m. RESPECTFULLY SUBMITTED, Jeannie Kays Director of Library Services