3.1 BUDGET AND FINANCES
The library director is responsible for preparation of the annual budget for the fiscal year, which shall be July first (1st) through June thirtieth (30th). The proposed budget shall be submitted to the board of trustees at the June meeting.
The board of trustees shall approve the budget on or before June thirtieth (30th) preceding the fiscal year for which the budget was prepared. (RSA 182.645)
The annual budget is a line item budget and includes the proposed income and all proposed expenses necessary to operate the two-county consolidated library district.
The board of trustees, pursuant to GASB (Governmental Accounting Standards Board) #54, reserves the right to use restricted balances first, followed by committed and the assigned resources, as appropriate opportunities arise. The Board also reserves the right to selectively spend unassigned resources first to defer the use of these other classified funds. Hierarchy of fund presentation will be as follows:
· Non-spendable—Items that are not readily convertible into cash such as prepaid amounts.
· Restricted—Amounts set aside by law or by contract for a specific activity, for example a debt covenant where the Library Board is required to set aside enough money to make final debt payments.
· Committed—Amounts intended for a specific purposes, based on formal action of the Library Board.
· Assigned—Amounts intended for a specific purpose, but the Library Board has not taken formal action on them. The Library Board gives the responsibility for assigning amounts to the Library Director, as the chief financial officer.
· Unassigned—Left over balances that can be used for any purpose.
A public hearing on the proposed current year property tax levy will be held in August for the purpose of setting the tax levy for the coming fiscal year. The date, place, and starting time of the meeting is to be published by legal notice in at least one legal newspaper or posted in all library branches of the system.
A copy of the approved budget and property tax levy shall be filed with each county commission or county executive office of the counties comprising the consolidated public library district, and with the Missouri State Auditor immediately after the tax levy hearing. (RSA 182.645)
The Board of Trustees will adopt a Corporate Authorization Resolution at the annual budget meeting authorizing the Library Director and the elected executive officers of the board to open deposits, authorize payment of funds, sign checks, endorse checks, and invest monies on behalf of the library district.