Fort Vancouver Regional Library District Fiscal Management Policy Fort Vancouver Regional Library District (District), as a political subdivision of the state of Washington, recognizes it has financial responsibility for the management and investment of taxpayers' money. To set direction, monitor and review the District's financial health, and to fulfill the obligations of the public trust, the Board of Trustees of the Fort Vancouver Regional Library District (Board) establishes the following fiscal management policy: 1. The District will maintain an agreement with the Clark County Treasurer to serve as the District's fiscal agent per R.C.W. 27.12.160. 2. The District adopts the Clark County Investment Policy as its investment policy. The District's Executive Director will designate a fund manager as required in the county's policy. 3. The District will participate in the Clark County Investment Pool program. 4. The District's financial reporting will be on a cash basis. 5. Financial reports shall be submitted to the Board no less frequently than quarterly. The Board shall receive a copy of the annual report after it is filed with the state of Washington. 6. To insure that operating expenses are not funded by short-term loans the District will maintain monies in its Designated Revolving Fund at no less than one month of operating expenditures with a target level of four months of operating expenditures at year end. While the District budgets on a calendar year (January-December), tax revenue is received primarily in the second and fourth quarters. Monies in the Revolving Fund may be used for ongoing operating expenses until taxes are collected. 7. The Executive Director will establish and maintain cash management procedures. 8. The District will not fund its general on-going operating expenses from excess levies that require recurring voter approval. 9. The District will follow the prescribed Budget, Accounting, and Reporting System (BARS) as outlined by the state of Washington. 10. The District will seek information about and take appropriate action concerning legislation affecting the funding of library districts. 11. The District will explore funding from multiple sources, e.g. grants, partnerships and fees. 12. The Finance Committee of the Board will review with the Executive Director the details of budget proposals and advise the full board concerning these matters. 13. No employee will be paid for more than 240 hours of vacation at time of separation from the District. The District does not provide for cash payment of accumulated sick leave at separation. 14. The District is the custodian for accounts held under IRS plan 457. The District has no liability for losses under such plans, but does have the duty of due care that would be required of a prudent investor. The District will not use the assets to satisfy the claims of general creditors. 15. The District will maintain adequate insurance policies or self-insurance reserves to pay all claims against the District. 16. The District will pay institutional membership dues to professional, community and service organizations. Personal membership dues will be paid to such organizations for members of the Board, the Executive Director or a designee who is identified as the District's representative. Authority to pay membership dues is vested in the Executive Director or designee. 17. The Board authorizes reimbursement for eligible expenses related to travel. The Executive Director shall establish and administer travel and subsistence procedures for travel that is deemed beneficial to the District and its operation. 18. The District will not reimburse expenses when an employee has already received reimbursement for such expenses from another agency or organization. 19. All travel and subsistence reimbursement for the Executive Director and the Fiscal Officer must be reviewed and authorized by the chair of the Board of Trustees, or Trustee designee. All other staff must have their travel and subsistence reimbursements authorized by the Executive Director or designee. 20. The District will make funds needed to meet the capital maintenance and replacement schedule a priority when establishing the annual budget. 21. By general policy, library branches will be built using bond funds, Library Capital Facility Area (LCFA) bond funds, special levies, fundraising and/or operating funds when appropriate. Board approved: Original Policy: September 26, 1988 (for Fiscal Years 1989, 1990, 1991) Revised Policy: October 14, 1991 Revised Policy: April 14, 1997 (for Fiscal Year 1997) Revised Policy: May 14, 2001 Revised Policy: September 9, 2002 Revised Policy: June 10, 2003 Reaffirmed: September 13, 2004 Revised Policy: October 10, 2005 Revised Policy: April 11, 2006 Revised Policy: May 14, 2007 Revised Policy: Nov. 12, 2007 Revised Policy: April 21, 2008