River Forest Public Library
Finance Committee of the Board of Trustees
February 2, 2006

Call to Order
	Treasurer Lenny Soffer called the meeting to order at 7:04 p.m. Present were Mr. Soffer, Library Director Mrs. Bussey, Trustees Ryan, Coe and Daly, and Mrs. Nancy Kerr, Head of the Children’s Department.  The approval of the minutes of the last Finance Committee meeting was deferred.

New Business
	The purpose of the meeting was to deliberate the FY’06-’07 budget.  The Village of River Forest expects the River Forest Library Board to pass the budget resolution at the regular February meeting of the Library Board. 
 (Trustee Elizabeth Fischer arrived at 7:25 p.m.)
	Mr. Soffer led the group through the “Multi-Year Budget Analysis of Revenues and Expenditures”. Committee members discussed each expenditure item including two new personnel positions requested by Mrs. Bussey, the new PR Marketing and Special Programs line item and the continuing book expenditures. 
	Mrs. Bussey, working with staff, proposed a FY ’06-’07 budget which was $99,900 in excess of revenues.  Board members suggested that this budget by cut by approximately $50,000 in order to extend the fund balance.  Mrs. Bussey will draft a new budget.  The Finance Committee will meet again before the next regular meeting to vote on the new draft of the FY ’06-’07 budget.

Adjournment
At 9:10 p.m. Mr. Coe moved the meeting be adjourned.  Ms. Ryan seconded.

Respectfully submitted,
Diane Daly, Secretary