BOT January 5, 2019
Stowe Free Library Board of Trustees Meeting
January 5th, 2019
Present: D.Witmer, C.Lusk, B.Fox, D.Bryan, D.Johannesen, K.Kaufman, C.Maison Kastner, C.Weber (Director), R.Ziegel (Friends’)
Absent: None?Call to Order: 8:03 am?Minutes: Minutes approved as read
Friends’ Report: Donations are coming in to help the library. A meeting is scheduled to talk about how to help the library. In Your Own Backyard, February 14th, will be held in a space at the Akeley building. Ronna spoke to Rusty Dewees about being guest speaker at the annual meeting.
Treasurer’s Report: Operating Account has $37,296. Development Account has $20,954. Another $4,000 is coming from the Copley Fund. We have opened a brokerage account with Morgan Stanley at their Stowe office and have begun to move the endowment mutual funds into the account. We have been advised that the issue of a potential conflict of interest between Morgan Stanley as an underwriter of municipal bonds and the handling of municipal accounts by its local brokerage offices has not been fully resolved, and we will await further developments.
Director’s Report: November circulation numbers were 5,300. The first 10 days of December were 1,714. On December 10th, 2018 a pipe broke off of the sprinkler system in the attic (why is not yet determined) setting off the alarm. The fire department arrived within 10 minutes. It took a total of 30 minutes to turn the water off. The water flowed down the walls in the art center causing some damage to artwork, but being behind glass saved most pieces. The art center also had some wall damage and the wood floors are water-soaked. ?The library suffered much more damage. Once the water came through the floors it followed the electrical wires down into library, affecting all the walls in the
adult non-fiction section. The circulation area is water damaged, but the librarians’ computers could be saved. The adult fiction had to be thrown out, as well, due to mold. All audio books were thrown out and the adult graphic novels.
Satellite Library: A satellite library is set up at the Akeley Building. The librarians have brought as many of the children’s section as possible, along with periodicals and newspapers. The hours are 10 - 4 Monday - Friday and 10 - 2 on Saturdays. Two librarians are in house. Children’s programming is being held at the rec center. The Dorothy Canfield Fisher book group is being held at The Bagel.
Collection: Cindy had to workout the value of the damaged collection determining what was paid and what the replacement cost will be. $405,000 is the approximate total of the damaged books, but insurance will only give us 40% of the value. The insurance company will not cover approximately $250,000. Cindy has spent 75% of her budget as of now.
Charles Safford: Charles attended the meeting to report on the town’s thinking. There is no settlement with the insurance company yet. They will not raise the library budget. We will have to come up with other ways to raise money to replace the collection. Charles feels the Morgan Stanley issue is a misunderstanding. He sent Omar a note that the library is part of the town, which should be enough to get things started so we can move the funds to Morgan Stanley.
Motion: A motion was made to adopt a resolution to use Endowment Funds to supplement insurance funds in order to replace that portion of collection that has been destroyed, under the direction of the library director. The motion was passed.
New Business: The report to the town needs to be completed. Old Business: None?Adjournment: 10:05 am?Next Meeting: February 8th