B1.1 Revenue
The Library is primarily funded by property taxes paid by Salt Lake City residents. The Library also receives funds through federal and state grants, donations, fines and collections, copy machine fees, and interest income. All monies that are received by the Library are deposited within three days of receipt.
B1.2 Expenditures
The Library Board of Directors controls expenditures of the library fund, construction, lease or sale of library buildings and land, and of the operation and care of the Library. The library fund account is maintained at Chase Bank. Said fund is drawn upon by the authorized officers of the City when properly presented with authenticated vouchers from the Library Finance Manager.
B1.2.1 All bills are paid in a timely manner, usually within 30 days of receipt of invoice and item or service. Generally, invoices received by the Finance Department by the 10th of the month are reviewed by the Finance Manager. The Finance Manager is responsible for providing a monthly report to the Board ensuring that adequate information is provided and to ensure appropriate oversight. Checks are processed by the Finance Department, is signed by Salt Lake City Corporation and mailed or distributed by the Finance Department during the following week.
A proper invoice should include the following:
-
Name and address of the vendor/contractor;
-
Invoice date;
-
Invoice number;
-
Contract number, purchase order number, or other authorization;
-
Description of goods or services;
-
Name and address of contractor official to whom payment is to be sent – must be same person as that in contract.
-
Two copies of each invoice are preferred. Finance receives the original; the duplicate is mailed with payment. Computer-generated vouchers are kept on file in the Business Office.
B1.2.2 The Business Office answers questions regarding late or misdirected payments, as well as questions regarding payment amounts, timing of payments, and finance or late charges.
B1.3 Reimbursements
A separate Wells Fargo Bank checking account is maintained to pay small miscellaneous expenditures in a timely manner, i.e. to reimburse patrons who return lost materials or to reimburse staff members for expenses incurred on behalf of the Library. Any amounts leftover in the Wells Fargo account at the end of the month are transferred to the Chase Bank library fund account.
B1.3.1 Staff reimbursement of expenses will be made by either cash or check. Reimbursement for amounts over $25.00 will generally be made by check within 24 hours, or by the next working day, of receipt of request.
B1.4 Cashing of Personal Checks
The Library accepts checks from patrons for only the exact amount of fines and/or charges.
B1.4.1 In order for library personnel to accept a check, the patron must have a current library account with correct name, address, and telephone number, plus a picture ID.
B1.4.2 Library personnel will:
-
Verify that the patron's name, current address, and telephone number are printed on the check and add any missing information along with the patron's library card number.
-
Verify that the check is properly filled out and that the signature on it corresponds with the signature on the other identification.
-
Endorse checks for deposit only.
-
Initial the check and place it in the cash register or box.
B1.4.3 If a check is returned from the bank for insufficient funds, the Business Office sends the check through the bank a second time, and if the bank returns it again:
-
The Business Office returns the check to the department where it was written and accepted.
-
Business Office will send a letter to the patron explaining the difficulty along with a copy of the returned check. The patron's card will be set as "Delinquent" in the computer and "Returned Check" will be listed as the reason.
-
When the patron reimburses the Library in cash for the amount of the check plus a $20.00 returned check fee, library personnel will give the patron the returned check and remove the patron's delinquent status from the computer. The amount paid and the returned check fee are placed in the register at the Main Library using the FINES KEY. Branches record the transaction on their cash report.
B1.5 Budget Transaction Policy
When unforeseen expenses arise during a fiscal year, there may be a need to amend the budget. Budget amendment approvals are outlined in the following table:
|
Budget Revision Type
|
Department
Manager
|
Finance
Manager
|
Library
Director
|
Library
Board
|
City
Council
|
Public
Notice
|
|
Transfer amounts among operating accounts in the same department
|
X
|
X
|
|
|
|
|
|
Transfer amounts from operating accounts to capital accounts in the same department
|
X
|
X
|
|
|
|
|
|
Transfer amounts from accounts in one department to accounts in another department
|
X
|
X
|
X
|
|
|
|
|
Decrease that will result in an overall decrease to the Library’s budget
|
X
|
X
|
X
|
|
|
|
|
Transfer amounts from capital accounts to operating accounts in the same department
|
X
|
X
|
X
|
X
|
|
|
|
Transfer amounts from one capital account to another capital account
|
X
|
X
|
X
|
X
|
|
|
|
Increase that will result in an overall increase to the Library’s budget
|
X
|
X
|
X
|
X
|
X
|
X
|
Approved by Board of Directors, May 2013
B1.6 Expenditure of Designated Capital and Technology Funds
Designated Capital funds for Facilities and Technology shall only be expended in service of the long-term maintenance of our physical and technological infrastructures. The expenditures will be guided by the priorities identified by a Facilities Conditions Assessment study and by a Technology Planning Assessment, each to be conducted once every 3-5 years as directed by Library Administration.
Planned expenditures will be approved by the Library Board as part of the annual budget process. Unplanned expenditures will require approval by the Library Board.
Approved by Board of Directors, May 2017