Library’s overall finances up despite COVID concerns

Even as it comes off of a year which saw a shrinking-in of services and patronage, The Putnam County Public Library’s financial situation remains healthy into 2021.

The caveat is that some uncertainty remains.

Mark Hammer of Hammer and Co. gave rundown of these finances to PCPL’s board of trustees during its regular meeting held virtually Wednesday evening.

Hammer provided that the library’s cash balance at the end of 2020 stood at $935,236, which indicated an increase of roughly $220,000 from 2019’s ending balance. He added that PCPL’s operating revenue stood at $1,050,286, an increase of $27,000 compared to 2019.

The Operating Fund’s balance for 2020 was $471,632, compared to $315,080 being the balance in 2019. Hammer also noted that while water and sewage were down overall in 2020 (being a “COVID savings” as such), money spent on e-books went up.

The uncertainty comes with local income taxes. Hammer noted that local income tax distribution is based on a two-year cycle. As such, 2020’s local income tax accruals are based on 2018 taxes.

While cash from property taxes comes in June and December, local income tax lags behind. Hammer projected in November that $356,000 would come from it.

Director Matt McClelland provided to the board then that PCPL was preparing for a “hard couple of years” in terms of local income taxes due to the pandemic hampering the economy and people’s ability to pay.

In other business:

• The board approved a resolution to reconcile the following items within the library’s 2020 operating fund:

-- $1,530.97 to Other Professional Services

-- $1,182.66 to E-book Services

-- $4,909.45 to Electricity

-- $102.42 to Building and Structure Repair

-- $2,274.50 to Furniture and Equipment

The resolution noted that these transfers will come out of the library’s Transfers to Improvement Reserve Fund.

• The board approved a resolution to extend COVID-19-related paid leave indefinitely.

The resolution was predicated on Congress having not yet passed legislation to extend leave under the Families First Coronavirus Response Act. It states that paid-leave balances from 2020 will be honored until the state health emergency ends, Congress acts or further action is taken by the board.

• The board approved a resolution establishing an internal wage schedule for the library’s employees.

Treasurer Lisa Barker noted that the hourly rates were presented as scales, in which the lowest possible pay is not set in stone for any individual employee.

All of the board joined Barker and McClelland for the meeting.

The next regular meeting of the Library Board is scheduled for Wednesday, Feb. 24 at 6 p.m. Those interested should contact the library for meeting information.