Vail Public Library Financial Policy

PURPOSE

Vail Public Library establishes this financial policy to ensure fiscal accountability, appropriate use of funds in support of the library’s mission, goals and in compliance with applicable laws and ordinances.

 

 

BUDGET AND REPORTING

  1. Vail Public Library operates as a department of the Town of Vail. Operations of the library are funded through the Town of Vail’s general fund. Capital expenditures for the library are funded through the Town of Vail’s capital fund.
  2. A calendar year budget for the library is developed and proposed annually by the Director of Library Services in accordance with the funding approved by the Town Council and town manager.
  3. The final annual budget is subject to review and adoption by the Town Council.
  4. Requests for supplemental funding may be made for extraordinary expenditures.
  5. The library director is responsible for ensuring that annual library expenditures do not exceed the approved budget. Invoices for the library’s purchases and contracted services are reviewed by staff and the Director of Library Services before submission to the Town of Vail finance department for payment.
  6. Financial accounting and reporting functions for the library are performed centrally by the Town of Vail finance department.

AUTHORITY TO SPEND

  1. All payments for Library expenditures are made by the Town of Vail finance department in accordance with its standard policies and procedures. No library staff members have authority to issue checks on behalf of the library or the Town of Vail.
  2. Purchases and contracts for work for the library are made in accordance with the Town of Vail purchasing policy.
  3. Designated library staff members as determined by the director may be provided with a bank issued credit card for library purposes only. Usage of these credit cards is governed by the Town of Vail’s purchasing card policies

GRANTS & DONATIONS

  1. Funds donated to the library are maintained in deferred revenue accounts managed by the Town of Vail finance department in accordance with the Town of Vail investment policy.
  2. The Director of Library Services utilizes the supplemental funding process to request distribution of funds from these accounts to the library, and determines the usage of said funds.

ADOPTED September 1, 2019

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