Page Style

  • White/Black
  • Standard

Current Style: Standard

December 11, 2017
Halton Hills Public Library. A world within our doors
x icon indicating important level alert
Network Maintenance
Our network will be undergoing maintenance from Sunday December 10th until Tuesday December 12th. Our catalogue and some electronic services will be unavailable during this time period. We apologize for the inconvenience.

Main menu

Library Board Policies - Financial Management

The Halton Hills Public Library Board is accountable to the Town of Halton Hills and, through them, the community of Halton Hills for the Library’s financial affairs.  In accordance with the Public Libraries Act, the Library’s financial affairs will be managed responsibly to ensure that the Board meets its fiduciary responsibilities, with due caution, using ethical and honest practices.

This policy defines the context within which the Library’s fiscal authority has been established.

Section 1:  Board Fiscal Responsibilities

1.  Appointment of Treasurer

In accordance with the Public Libraries Act, R.S.O 1990 c. P.44, s. 15 (4), the Board is responsible for appointing a Treasurer who shall:

(a)   receive and account for all the Library’s money;

(b)  ensure there is an account or accounts in the name of the Board in a chartered bank, trust company or credit union approved by the Board;

(c)   deposit all money received on the Library’s behalf to the credit of that account or accounts; and

(d)  disburse the money as the Board directs.

As per the Library Board bylaw Article 11 (3), the Chief Librarian will act as the Board’s Treasurer.

2.  Security of Treasurer

In accordance with the Public Libraries Act, R.S.O 1990 c. P.44, s. 20 (h), the Board shall take proper security for the treasurer.   Taking proper security means:

(a)    conducting a police background check on the treasurer prior to their appointment;

(b)   instituting proper safeguards to ensure the treasurer’s (or delegate’s) safety in handling monies;

(c)    having financial procedures in place that demonstrate due diligence in terms of protecting the Library’s monies;

(d)   insuring the Board against the loss of monies as a result of the failure of the treasurer to properly perform his or her duties.

3.  Budget Development (Estimates)

In accordance with the Public Libraries Act, R.S.O 1990 c. P.44, s. 24 the Board,

(a)    shall submit to the appointing council, annually on or before the date and in the form specified by the Council, estimates of all sums required during the year for the purposes of the Board;

(b)   shall ensure that the amount of the Board’s estimates, that is approved or amended and approved by the council, shall be adopted by the Board and shall be allocated to the Board by the Town of Halton Hills;

(c)    shall apply the monies allocated to it in accordance with the estimates as approved;

(d)   may request that Council authorize a variation to the estimates.

4.  Real Property

In accordance with the Public Libraries Act, R.S.O 1990 c. P.44, s. 19 the Board has authority to acquire land for its purposes, to erect or alter buildings, and to sell or dispose of land or buildings.

At the Town of Halton Hills, the arrangement between the Town and the Library is such that the Town owns the land and buildings required for library purposes and the Library is responsible for providing services.

5.  Debentures for Library Purposes

In accordance with the Public Libraries Act, R.S.O 1990 c. P.44, s. 25, the Board may request the Town to raise debentures for funds to acquire land, construct buildings, or to acquire books and other materials required for a newly established library.

6.  Audit

In accordance with the Public Libraries Act, R.S.O. 1990, Reg. 976, s. 1 (b), the Library’s accounts shall be audited by auditors appointed by the Town.  The Chief Librarian will receive a copy of the Audited Financial Statements and present them to the Library Board for its review before submitting to the Minister responsible for provincial library services.

The Halton Hills Public Library Board retains the final authority for the disposition of all funds allocated to it by the Town of Halton Hills, as approved by Town Council, the Province of Ontario and other sources of revenue within the parameters established under the Public Libraries Act R.S.O., 1990.

Since 1974, the Corporate Services Department of The Town of Halton Hills has:

1.       Received and managed library revenues;

2.       Performed the accounts payable function, issuing Town cheques for approved invoices and processing payment for purchasing card expenditures presented by the library staff and/or the Board;

3.       Performed payroll functions for library staff.

All interest accruing from library revenues deposited with the Town are retained by it and absorbed into its general revenues.

No charge-back is made by the Corporate Services Department for the accounting services it provides to the Board.

No financial cheque signing authority is required for either Board or staff members as all cheques are issued by the Town Treasurer.

The library budget and general ledger are presented and maintained in the format adopted by the Town and treated by the Town as one of their regular departmental accounts.

The Halton Hills Public Library Board is responsible for ensuring that a clear financial accountability framework is established for the Library.

 

 Section 2:  Financial Management Responsibilities

Chief Librarian

1.       Is responsible for the administration of all library financial matters

2.       Develops an annual operating budget and capital budget plan that meets the Board’s direction

3.       Delegates budgetary responsibility and accountability as appropriate

4.       Holds accountable for the development, monitoring and management of their budgets those who have been delegated financial responsibility

5.       Monitors financial performance during the year

6.       Advises the Board of any significant financial matters arising

7.       Presents monthly financial statements to the Board

8.       Presents forecasts to the Board, based on percentage spent to date

9.       Ensures the completion of an annual audit statement

10.   Provides the Town with all information necessary for quarterly variance purposes

11.   Ensures  compliance with the  Town’s Purchasing Policy

 

Section 3:  Staff Responsibilities[1]

1.       Daily Cash Reconciliation and Deposits

·         Following the Library’s procedures for daily cash handling and deposits, cash is counted, reconciled and deposited by staff at each branch at least once weekly

·         Reconciliation paperwork associated with every deposit requires two staff signatures

·         Deposits are made by designated staff in accordance with the Library’s procedures

2.       Accounts Payable

·         Following the purchasing procedures established by the Town and as per budget approvals, staff arrange for the payment of appropriate goods and services

·         Staff with budget  responsibility sign off approval on each invoice prior to processing payment

·         Chief Librarian or designate countersigns non-purchasing card invoices prior to processing payment and monthly purchasing card reconciliation statements

·         Purchase orders exceeding the limit assigned to the Chief Librarian will be countersigned by the Chair of the Library Board prior to awarding to the vendor.

·         Financial Analyst reviews budget allocation and signing authority, and prepares invoices for payment processing by Town

·         Chief Librarian or designate reviews the cheques  against the invoices and authorizes the release of cheques through a signature on the cheque stubs

·         Financial Analyst prepares Board motion and issues cheques to vendors

3.       Petty Cash

·         Petty cash is handled by the designated supervisor, as per the Library’s established procedure; two staff signatures are required for all petty cash slips

·         Financial Analyst reviews the petty cash reconciliation paperwork and all petty cash cheques are countersigned by the Director of Library Services

·         Petty cash reimbursements will be made to staff for purchases no more than $20

·         Petty cash expenditures must be for approved library projects and events, and must be countersigned by the Petty Cash Officer

·         Petty cash accounts for each branch are presented through the regular accounts payable invoice batch mechanism and replenished by cheque made out to the Petty Cash Officer.

4.       Cash management

·         Fees, fines and other charges will be made as per the policies of the Board

·         Any monies received as revenue will be kept safe in advance of deposit

·         Charges related to fees, fines and other charges are reviewed by the Board annually

·         Financial Analyst reconciles fines and fees collected weekly with the integrated library system

5.       Payroll

·         Timesheets will be approved bi-weekly by Managers and Supervisors.   The Financial Analyst and Executive Assistant track and submit timesheet data  to the Town for payment every two weeks

6.       Budget  management

·         Staff with budget  responsibilities must see to their line expenditures as per budget approvals  

·         Managers and Supervisors will track the expenditure responsibilities of their team members and will develop action plans for any extraordinary expenditures  for the Chief Librarian to consider

·         The Financial Analyst is responsible for tracking expenditures monthly to alert the Chief Librarian of expenditure variances and  for Board reporting purposes

7.       Disposal of Library Property 

·         Surplus, discarded or superceded materials will be disposed of in an orderly fashion.  Collection materials will be offered for sale.  Computer equipment will be stripped of any data or proprietary information, and then be sold as per the Town of Halton Hills Auction processes.  Furniture and equipment will also be sold as per the Town of Halton Hills Auction process

·         In order for items to be declared surplus, etc., the Manager / Supervisor for that area will confirm its disposal

Reviewed/Approved: October 4, 2017

Revised/Approved: June 10, 2015

Next Scheduled Review: February 2022



[1] All staff handling cash, including daily reconciliations and deposits, and all staff reviewing and approving cash statements are required to have an up-to-date Criminal Records Check on file.