LIBRARY FINANCIAL MANAGEMENT

P.K.CHATTERJEE

LAKE TRAVIS COMMUNITY LIBRARY

TOPICS

• PLANNING/BUDGETING

• EXPENSE MANAGEMENT

• FINANCIAL CONTROLS

• PAYMENT METHODS

• ACCOUNTING SYSTEMS

• INVESTMENT OF FUNDS

BUDGETING

• FORECASTING REVENUE– BASED ON TRENDS– ECONOMIC SCENARIO– SPECIAL CONSIDERATIONS– CONSULTING CITY OFFICIALS

BUDGETING

• FORECASTING EXPENSES• ZERO-BASED• TRENDS• SPECIAL PROGRAMS / INITIATIVES• BELT-TIGHTENING• INFLATION• STAFFING• SALARY INCREASES

EXPENSE MANAGEMENT

• LINE ITEM CONTROL VS OVERALL CONTROL

• REVIEW FREQUENCY• EVALUATE PURPOSE CONTINUALLY –

MEASURE• DISCRETIONARY ITEMS• VOLUNTEERS• OPERATING RESERVE• CREDIT CARD• EXPERTS

FINANCIAL CONTROLS

• TEXAS PROCUREMENT MANUAL

• CONTRACTS

• SEPARATION OF DUTIES

• EXPENSE AUTHORIZATION LIMITS

ACCOUNTING SYSTEMS

• MANUAL VS SYSTEM

• BALANCING

• CASH VS ACCRUAL

• 1099s

• REPORTS

• SYSTEM BACK-UP

INVESTMENT OF FUNDS

• PFIA• PRESERVATION & SAFETY OF

PRINCIPAL• TEXPOOL / CDs / MMKT / TREASURIES• MATURITIES / FUND AVAILABILITY• LOCAL BANKS / CREDIT UNIONS• FDIC INSURANCE: $250,000 (TILL 2013)• DEPOSITORY AGREEMENT

RATES

• TEXPOOL 0.32%• TEXPOOL PRIME 0.44%

• TREASURY 6 MONTH 0.28%• TREASURY 12 MONTH 0.46%• TREASURY 2 YEAR 1.02%

• MONEY MARKET 2.50%

• CD 2 YEAR 2.50%

• OUR CURRENT CDs 3.47% (MATURITY: 229 DAYS)