Library Trustees Meeting
August 3, 2007
Medway Public Library
MaryAnn Cabibbo, Vice Chairman
William Roberts, Secretary
Wendy Rowe, Chairman
Dee Clark, Treasurer of the Medway Friends of the Library
No agenda, just a discussion of how to spend Patricia Robertson's generous bequest of $25,000 to the Friends.
The Friends have received half now, the remainder to come within the next 6 months. The Friend's total balance now is roughly $30,000, $10,000 of which is in a 6 month CD.
Outside of the Tuchinksy Principal (roughly $100,000) the library has $5,000 in Tuchinsky interest and $1,000 in State Aid.
At our current burn rate, with this bequest, we can probably avoid dipping into the Tuchinsky principal this year.
However, if we remain at our current 20 hours a week, we haven't a prayer of being certified in fiscal 2009.
If we upped our hours to 32 a week and spend slightly more on materials then we would be potentially certifiable IF the town ponied up roughly $250,000 total in the 2009 budget. This is more than twice what we are getting this year.
Being open 32 hours would cost us about $30,000 extra which would come from the Tuchinksy principal.
If we spent that and the town did not come through, then we'd likely close sometime in fiscal 2009.
So. The question was whether we thought the gamble was worth it.
Given the town's fiscal straights and lack of enthusiasm for the library, the Trustees felt that getting anything more looked highly unlikely.
Wendy took this sense away with her. She's going to communicate with the Selectmen. Then we're going to decide for real at the September Meeting.
Next Meeting: September 4.
Motion to adjourn - 7:30PM -- MAC1, EE2, passed unanimously