Director Briefing - January 16, 2024

Cost of Living Calculator

As a follow-up to the Resource: Self-Sufficiency Earnings Estimator in the last Director Briefing, another helpful resource when thinking about staff salaries is the MIT Living Wage Calculator .

Serving Patrons with Disabilities in Small and Rural Libraries

Last week, Suzanne sent hard copies of the Libraries Transform Communities publication titled Serving Patrons with Disabilities in Small and Rural Libraries . This is a worth-while resource for staff to review when considering the library's service program.

Mediated Computer Purchasing for 2024 from Bob

Here is a link to the purchasing information on Docs:

https://docs.owwl.org/Members/MediatedComputerPurchasing

Here is a direct link to the ordering form:

https://docs.owwl.org/pub/Members/MediatedComputerPurchasing/PC_Order_Form.pdf

Please make sure your form is dated 1/10/2024 or later before placing an order. The date is on the lower right of the form above the signatures.

Although prices appear to be stable, I would expect some small surprises over the next few weeks. We will let you know if anything changes.

2024 OWWL Library System-Bilingual Books Partnership Program

This year, the OWWL Library System would like to partner with twenty libraries to provide them with 33 bilingual titles published by Lectura Books . This project aims to support Spanish-speaking populations in our four-county area and to help libraries begin to develop bilingual collections.

Funding for this project comes from our Coordinated Outreach Services Budget, meant to support New Yorkers who are most in need and often not regular library users.

Partner libraries will receive selected bilingual books to add to their local collection at no cost. Titles must be holdable and circulate fine-free.

Program Timeline:

• Application Process - January 2024: The deadline to apply for this program is Friday, February 2, 2024. The selection process will evaluate library location, community needs, participation in previous System-sponsored programs, and agreements of this program.
• Round One - February 2024: A set of 24 bilingual Easy Readers will be sent to the selected libraries. This set will include Levels 1-4, six books for each level.
• Round Two - June 2024: A set of 9 bilingual board books will be sent to the selected libraries.

Some Encouragement:

New York State has the fourth largest Hispanic/Latino population in the United States, and many member library communities are seeing an increase in Spanish-speaking community members. According to Common Ground Health, 7% of the population in our four-county service area is Hispanic/Latino. However, that number does not account for recent growth, underreporting in the 2020 Census, and migrant farm workers who move from job to job depending on the season. Consider partnering with the OWWL Library System on this project to bring bilingual reading materials to your library!

Click here for the application form.

Focus of the Week: Investments

Libraries can participate in limited investments as indicated by the Office of the State Comptroller. Typically, these investments are focused on CDs and other low-risk investment options. One of the best sources for information on investments is the Local Government Management Guide: Investing and Protecting Public Funds.

The 2023 Trustee Handbook states:

Investment of Funds

Because public library trustees act as custodians of public funds, they are subject to very tight restrictions on eligible investments. As recommended by the State Comptroller:

"The primary objectives of the library's investment activities should be, in priority order, 1) to conform to all applicable federal, state and other legal requirements (legal), 2) to adequately safeguard principal (safety), 3) to provide sufficient liquidity to meet all operating requirements (liquidity) and 4) to obtain a reasonable rate of return (yield.)" Under General Municipal Law and subsequent court rulings, all funds (including privately raised moneys) under the control of a municipal, school district, or special/consolidated legislative district library may only be invested in the following limited number of financial vehicles:

• Time deposit accounts or certificates of deposit in commercial banks and trust companies located and authorized to do business in New York State;
• Obligations made by the United States of America or guaranteed by the United States of America;
• In limited circumstances, obligations of municipalities and other municipal corporations.

Except for gifts given to the library as a true trust, even privately acquired funds are subject to these investment limitations for public libraries. Under certain circumstances, and with the express permission of the OSC, gifts of stock may be held until a fiscally appropriate time for sale. Some public libraries have partnered with regional “community foundations” that have established investment programs to allow the foundation to accept significant donations on behalf of the library and to invest them in a more diversified manner. It is critical to develop this relationship before such a donation is made and to review such an arrangement with the library’s legal and financial advisors. To locate your local or regional Community Foundation use this link: https://www.cof.org/community-foundation-locator

Association libraries are not subject to General Municipal Law and therefore have more flexibility and discretion in their investments. However, it is strongly recommended that public funds under the management of an association library board be invested only as described above. Private funds should be subject to a sound, board-approved investment policy. The Board must always understand its accountability to all those who support the library, in whatever fashion.

This week's OSC Audits focused on the Saranac Central School District and its Investment Program. In the report, the district was criticized for not developing an investment program and losing out on potential investment income. The key recommendations suggested that the district "Prepare monthly cash flow forecasts that estimate the amount of funds available for investment… Consider all four objectives of a comprehensive investment program - legality, safety, liquidity and yield - when investing available funds." One of the best things your library could do this year is develop an investment policy if you do not have one already.

Each local government is required to adopt, by resolution, a comprehensive, written investment policy.23 This policy details the local government’s operative policy and provides instructions to officers and staff regarding investing, monitoring, and reporting “funds of the local government.” For this purpose, “funds of the local government” means all moneys and other financial resources available for investment by the local government on its own behalf or on behalf of any other entity or individual…

At a minimum, an investment policy must address the following areas:

• Procedures for monitoring, controlling, depositing, and retaining investments and collateral,
• Standards for security agreements and custodial agreements with banks or trust companies authorized to do business in the State of New York, pursuant to which obligations and collateral are held,
• Permitted types of authorized investments,
• Standards for diversification of investments, including diversification with respect to type of investments and firms with which to transact business,
• Standards for qualification of firms with which the local government transacts business, such as criteria covering creditworthiness, experience, capitalization, size, and any other factors that make a firm24 capable and qualified to transact business with the local government,
• Standards for written agreements pursuant to which investments are made and
• Procedures and provisions to secure in a satisfactory manner the local government’s financial interest in investments.

Resources

• Public Library District Toolkit: Strategies to Assure your Library’s Legal and Financial Stability (Public Library Investments)
• Local Government Management Guide: Investing and Protecting Public Funds
• OSC Audit Search: Investment