Fiscal Policy

Fiscal Authority

The Platteville Public Library Board of Trustees establishes this financial policy to ensure fiscal accountability, appropriate use of funds in support of the library’s mission and goals, and compliance with appropriate laws and ordinances and the City of Platteville policies.

Section 43.58 of the Wisconsin Statutes grants the Library Board exclusive control of the expenditure of all monies collected, donated, or appropriated to the Library. The Library Board approves the annual budget of the Library and delegates the responsibility for the management of Library monies to the Library Board Treasurer and Library Director according to this policy.

City of Platteville Budget

The Library’s operating funds are administered by the City. In addition to City tax dollars, the Grant County and adjacent counties must reimburse for at least 70% of the cost of service to county residents who do not live in a library municipality.

Library Building Trust Fund

This account is held by the City. This fund is designated for Library building operations, maintenance, and upgrades.

Library Grant Donation/Expense Account

This account is held by the City. Monetary gifts or grants from individuals and groups to the library are deposited and expended through this account. These funds will handled in accordance with donor requests.

Littlefield Trust

This account is held at the Mound City Bank and is exclusively controlled by the Library Board. Bank statements will be audited by the City annually. Quarterly interest from the Littlefield account may be used for the purchase of library books, magazines and periodicals. According to the Littlefield Will, these funds may not be used for expenses connected with the library operating or building expenses.

Library Board Checking Account

This account is held at Wisconsin Bank and Trust and is exclusively controlled by the Library Board. Bank statements will be presented to the Library Board regularly and will be audited annually, independent of the City audit. The Library Board may decide to transfer a portion of the Checking Account if the fund balance exceeds $5,000. The Library Board Checking Account funds may be used for gifts, in-services, meals, volunteer and staff recognition, team-building opportunities, and other items as determined by the Library Board.

Approval of Library Expenditures

The Library Director or Business Manager regularly prepares and presents to the Library Board of Trustees a list of bills for approval. The Library Board Treasurer and Library Director or Business Manager are authorized to make payment for budgeted expenses in advance of such approval in order to take advantage of discounts or to meet due dates. Such payments are ratified by the Board with the monthly list of bills.

The Library Director reports regularly to the Library Board on the year-to-date status of revenues and expenditures in the Library’s City Fund.

The Library Director and Business Manager have authority to spend up to $200 per transaction from the Library Board Checking Account without prior permission from Library Board, in accordance with the Library Board Checking Account Policy.

Disbursement of Funds

Undesignated donations under $100 will be deposited regularly into the Library Board Checking Account.

Designated donations for collections purchases will be deposited with the City’s Library Grant Donation/Expense account.

Donations of $100 or more will be transferred to the Library Foundation to be spent at the need of the Library staff and Board on the following conditions: 1) that such transfers take place only with the consent of the donor or the authorized representative of the donor’s estate, and 2) that such transfers require the Platteville Library Foundation Board to agree that all transferred funds and any future interest or investment earnings from those funds be used exclusively for the intent and purpose stipulated by the donor or the authorized representative of the donor’s estate.

Approved by the Platteville Library Board of Trustees, February 5, 2019