Library trustees approve small reallocation of Vanguard account amid balanced year-to-date budget

The Stoddard Public Library Board of Trustees voted May 19 to reallocate half of the library's Vanguard investment into short-term Treasury bonds as the board reviewed its year-to-date finances.

Dean Dorman, a board member who presented the financial report, said the library had 22% of budgeted funds remaining with roughly 17% of the year left. The report also listed a savings-account balance of $15,500.50 and noted a modest $600 year-to-date gain in the Vanguard account despite recent market fluctuations. After discussion about market volatility and investment strategy the board approved a motion, made by Dorman and seconded by Jan McGonagle, "to move half of Vanguard funds ($11,000) to short-term treasury bonds." The motion passed unanimously.

Board members emphasized that the overall budget position is balanced, with some line items over and others under. The financial report called out a large recent payment to Baker & Taylor for books and an overage in the maintenance line driven by decluttering work. The trustees directed staff to implement the reallocation and to continue monitoring the budget and investment performance.