The Galesburg Public Library is forming a committee to take a look at finances and reserves.
The special task force called “Operation Cash Flow” will consist of three library employees, a trustee and three community members.
They’ll meet next Thursday with a goal of preparing the library for a minor cash flow problem trustees dealt with this year.
In June and July trustees had to borrow money from the capital fund to pay monthly bills.
They expected their share of local property taxes from the county, the library’s largest revenue source, in May.
While Library Board member Guy Cahill says they were able to cover the costs will the total amount they had available they would prefer avoid having to pull from other funds to pay the bills.
“We may go on different tangents down different paths to identify opportunities as I’ll call them,” Cahill says. “I think the key message is, is we have the money on an annual basis, we just don’t necessarily have it in the month we need it.”
The “cash flow” committee, Cahill says, will examine opportunities for increasing revenue, cutting costs or even cost deferment.
For example, if there’s a bill for June, is it possible to delay payment until August.
The committee will make recommendations that will have to be approved by the finance committee and subsequently the entire board.
Cahill expects the full board to take a vote in November.
