Financial Policy

1. Funding
   1. The library is funded by city and county tax revenue plus gifts and donations.
   2. Funds for specific projects may be solicited under the direction of the Board of Trustees.
2. Fiscal Controls
   1. An annual budget will be prepared by the director and submitted to the Library Board for consideration and approval. Once the budget is approved by the Library Board, it shall be submitted to the municipality for their consideration of the budget total.
   2. Monthly, the library director will submit invoices to be paid by the City of Wautoma’s clerk. The board will review and approve the monthly bills.
   3. Within the parameters of the budget, the director may purchase items as needed.
   4. There will be an annual audit of library accounts.
3. Credit Card
   1. A credit card with a limit of $3,500 a month can be used for collection materials and supplies.
   2. Documentation of receipts are to be submitted monthly to the city clerk and reported to the Library Board as part of the monthly financial report.
4. Petty Cash
   1. The Petty Cash Fund of library money has a starting balance of $125 and the Petty Cash Fund of donations account money has a starting balance of $100 kept separate and secure from all other monies.
   2. The use of petty cash funds is limited to reimbursement of staff for small expenses of supplies, postage, etc.
   3. The director is responsible for distributing reimbursement from the fund.
   4. A receipt or other documentation of purchase will be collected upon reimbursement.
   5. When the funds get low, the library director will submit receipts to the City Clerk or Board Treasurer as properly coded expenditures and the City Clerk or Board Treasurer will replenish the cash to achieve a full balance.
   6. Petty cash funds cannot be used to cash personal checks, make change, or for items that can be paid regularly.

Adopted and approved by the Wautoma Library Board of trustees 4/9/23 HK