Library reviews fiscal-year-end finances; board sets procurement deadline

The Stoddard Library Board reviewed fiscal-year-end financial statements for the period ending June 30 and set new internal timing rules to prevent cross-year accounting distortions. Treasurer reporting noted town-controlled funds were about $2,500 under budget and warrant funds spent were approximately $1,770 less than received; the library savings account balance was reported as $12,146 and a Vanguard investment account at $27,500.

The board clarified that expenses are recognized by date of purchase, not date of bill payment, and agreed going forward that the Director should submit purchase and spending requests by June 1 to allow 4–6 weeks of processing before the fiscal year closes. The board also confirmed late-arriving bills will be captured in final close-out in late July or early August. Members discussed a training reimbursement (Lee Ann) that will be charged to the correct fiscal year using savings/checking funds rather than next year’s warrant funds to avoid distorting next year’s reporting.