January 22, 2020
MINUTES OF THE MEETING
1. CALL TO ORDER: The Michigan City Public Library Board of Trustees’ meeting was called to order by Don Montgomery, President, on Wednesday, January 22, 2020, at 2:30 PM. This regularly scheduled meeting was held in accordance with the Indiana Open Door Law.
Those members in attendance:
Don Montgomery, President
Doug Wickstrom, Vice President
Judy Lange, Secretary
John Pugh, Member
Mike Wilkerson, Member
Patrick Dougherty, Member
Barbara Holdcraft, Member
Others in attendance:
Don Glossinger, Director
Andrew Smith, Assist. Director
Kurt Earnst, Legal Counsel
Edward Claussen, Treasurer
Susan Blumenfeld, Rec. Secretary
Robin Kohn, Public Relations
Tamara Ansel, Accounting Clerk
2. OATH OF OFFICE: Mr. Kurt Earnst, our Legal Counsel, presided over the Oath of Office taken by Mr. Doug Wickstrom, who was reappointed to this Board by the Michigan City School Board. Mr. Wickstrom was welcomed for his return.
3. ADJOURNMENT: Motion was made by John Pugh and seconded by Judy Lange to adjourn this portion of the meeting in order to hold a Board of Finance meeting. All yea. No nay. Motion carried.
1. CALL TO ORDER: The Board of Finance meeting was called to order by Don Montgomery, President, at 2:33 PM.
2. ELECT PRESIDENT AND SECRETARY: It was agreed by the Board members that Don Montgomery will preside as President and Judy Lange will preside as Secretary for the Board of Finance. All yea. No nay. All agreed.
3. REPORT ON 2019 INVESTMENTS: Edward Claussen reported on the Library’s monies and fund accounts. The total monies on deposit at December 31, 2019, is $4,771,659.40. The Library’s General Checking Account and the Credit Card Account at Horizon Bank has a balance of $2,869,086.67 as of December 31, 2019. Fifth Third Bank, our 2nd depository account, has a balance of $35,061.42. Horizon Trust, where our Endowment Investments are held, has a total on deposit of $1,368,192.85. The Michigan City Public Library Investment Management Account, also held at Horizon Trust, has a total on deposit at December 31, 2019, of $499,318.46.
4. SET INVESTMENT POLICY: There is no change from the Library’s Investment Policy from last year. Briefly, the policy is the Board of Finance meets annually after the first Monday of the year and on or before that last day of January in order to review the written report of the investments made by the Library during the previous year and to review the investment policy. Receipts are deposited in our designated depository the same day they are collected. As received, county tax draws are deposited immediately. The Endowment Investment account and the IMA account are invested in fixed income certificates of deposit and fixed income mutual funds that invest in U.S. government securities made up of United States Treasury notes and Government Agencies on the advice of Trust Officers from the Horizon Trust and Investment Management. The Library receives 67% of the interest earned from the Endowment Investment account and 100% of the interest earned from the IMA account. This money is deposited quarterly into an Endowment Earnings Fund, which is expended according to a budget set every year. The Library receives a complete report every month from the designated depository that holds both the Endowment and IMA Investment Accounts. These reports are reconciled monthly to the Library’s records. Motion was made by Judy Lange to accept the Investment Policy. Seconded by Mike Wilkerson. All yea. No nay. Motion carried.
5. DESIGNATE DEPOSITORIES: It is recommended that the Library stay with the current depositories of Horizon and Fifth Third Banks. Motion was made by Judy Lange and seconded by John Pugh to stay with the current depositories of Horizon and Fifth Third Banks. All yea. No nay. Motion carried.
6. BOARD OF FINANCE ADJOURNMENT: Motion was made by Judy Lange and seconded by John Pugh to adjourn this Board of Finance meeting. All yea. No nay. Motion carried. The Board of Finance meeting adjourned at 2:46 PM.
I. RESUME MCPL REGULAR BOARD MEETING: The Michigan City Public Library Board of Trustees’ meeting was called to order again by Don Montgomery, President, at 2:46 PM.
II. PUBLIC COMMENTS: No comments.
III. MINUTES: Motion was made by Judy Lange and seconded by John Pugh to approve the Minutes of the regular Board meeting of December 18, 2019, as presented. All yea. No nay. Motion carried.
IV. FINANCIAL REPORTS:
The Statement of Receipts and Disbursements for the month ended December 31, 2019, shows an operating fund balance of $495,007.63 and a total funds balance of $4,771,659.40. The operating fund receipts for December were $1,269,734.02 and the disbursements were $1,407,501.17.
On December 13, 2019, the Michigan City Public Library received from LaPorte County Auditor the December Settlement for 2019. Total receipts on December 13, 2019, were $1,228,536.17 and were broken out as follows: Property Tax $1,140,175.61, License Excise Tax $72,986.36, Financial Institution Tax $7,203.20 and CVET $8,171.00.
On December 31, 2019, Michigan City Public Library received from LaPorte County Auditor the December 2019 Local Income Tax totaling $33,458.91.
In the month of December 2019, the Library Operating Fund paid back borrowings of $1,100,000.00 to the Rainy Day Fund.
On January 2, 2020, the Library Endowment Earnings Fund received fourth quarter 2019 dividends and interest of $8,767.27. Endowment Investment Fund contributed $5,618.12 and IMA Fund contributed $3,149.15.
2020 Money owed to the Library Rainy Day Fund is $1,100,000.
B. Approval of Bills: The revised list of warrants is increased by $128,582.53. Library Furniture International, in the amount of $118,431.00, was included in the additional warrants. Motion was made by Judy Lange and seconded by John Pugh to approve the revised list of warrants of January 22, 2020, in the amount of $220,134.44. All yea. No nay. Motion carried.
C. Cancellation of Outstanding Warrants: Pursuant to IC 5-11-10.5, the following check has been outstanding for more than two years and therefore, shall be voided and amount returned to the fund upon which it was originally drawn. Motion was made by John Pugh and seconded by Judy Lange to cancel outstanding check #44423 to Serena Sutliff in the amount of $35.00 and return to Endowment Earnings–Speaker. All yea. No nay. Motion carried.
D. Resolution to Transfer Funds to the Rainy Day Fund: Whereas, the Board of Trustees of the Michigan City Public Library finds that the purposes of the Operating Fund have been fulfilled and there is an unused and unencumbered balance; therefore,
Be It Resolved, that the Board of Trustees of the Michigan City Public Library do hereby transfer $23,533.21 from the Operating Fund to the Rainy Day Fund based on the year 2019 actual and budget expenditures. This fund shall be subject to the same appropriation process as other funds that receive tax money. Motion was made by Judy Lange and seconded by Doug Wickstom to adopt the resolution to transfer funds to the Rainy Day Fund. All yea. No nay. Motion carried.
DULY ADOPTED by the Board of Trustees of the Michigan City Public Library at its regular meeting held on the 22nd day of January, 2020, at which meeting a quorum was present.
V. CORRESPONDENCE: Judy Lange reported that Mr. Stewart Diamond, Attorney At Law, donated $100 to the Writing Out Loud Program.
VI. OLD BUSINESS: No report.
VII. DIRECTOR’S REPORT: This report was submitted in the packet and will be filed with these Minutes.
VIII. COMMITTEE REPORTS:
President Don Montgomery appointed the same chairpersons and members as previously appointed. They are:
Building & Grounds – Chair is Doug Wickstrom and members: Mike Wilkerson, John Pugh and the alternate member is Barb Holdcraft.
Budget & Finance – Chair is Mike Wilkerson and members: Barb Holdcraft, Patrick Dougherty and the alternate member is John Pugh.
Policy & Procedures – Chair is John Pugh and members: Doug Wickstrom, Judy Lange and the alternate member is Mike Wilkerson.
Personnel – Chair is Judy Lange and members: Barb Holdcraft, Patrick Dougherty and the alternate member is Doug Wickstrom.
The Liaison to Friends of the Library is Judy Lange.
A. Building & Grounds Committee Update: Doug Wickstrom reported that the Committee met prior to this meeting and was updated on needed additions to the Phase 2 project. They are: New security system; New video surveillance system, Data rack and cabling cleanup and upgrade; Wireless upgrades and expansion of wireless points; Trays around the perimeter of the building for cabling per inspector requirements; and Replacement of the parking lot lights. These issues were financed through the project’s contingency. Current Remodeling Phase 2 project is near completion and very successful.
Mr. Wickstrom also reported on the proposed projects after completion of Phase 3. The proposed projects start in 2021 and go through 2025.
B. Budget & Finance Committee Update: No report.
C. Friends of the Library: Judy Lange reported the next meeting is May 11. The Collector’s Breakfast is April 25 and there is a Give-back May 7 by Galveston’s.
D. Policy and Procedures Committee Update: No report.
E. Personnel Committee Update: No report. Don Glossinger reported that a meeting is needed next month right before the regular Board Meeting. It will be 2:00 PM on February 26. A notice will be sent to members.
IX. NEW BUSINESS: No report.
X. PUBLIC COMMENTS: No comments.
XI. BOARD COMMENTS: No comments.
XII. QUORUM DETERMINATION: The next regular Board Meeting is Wednesday, February 26, 2020, in the Library’s Meeting Room.
XIII. ADJOURNMENT: Motion was made by Judy Lange and seconded by John Pugh to adjourn this meeting. All yea. No nay. Motion carried. This meeting adjourned at 3:00 PM.
The minutes from the meeting will be published following board approval.