Capital Improvement & Maintenance Fund

Capital Improvement & Maintenance Fund ("CIMF") Expenditure Policy

View Board-Approved Policy (PDF)

This webpage has been formatted for easier online reading. The PDF is the official policy document approved by the Board of Trustees.

Background

The CIMF was created on March 26, 2007 by Board resolution. All CIMF dollars originate from the General Fund. The total CIMF draw is $90,000 per year. Any unused balance of the CIMF will carry over from year to year. These reserve funds are held in bank accounts separate from other library funds. The purpose of the CIMF is to provide backup or “rainy-day” cash flow for ongoing maintenance, improvements and repair to large capital items in the library.

Purpose of the CIMF Expenditure Policy

• Define proper expenditure approval criteria and resource
• Minimize the need for additional levy or bond monies
• Keep promises made to the voters during the levy campaign

CIMF Expenditure Methodology

Expenditures from the CIMF will be subject to a minimum $25,000 threshold. The requested expenditure will be presented in writing to the Finance Committee by the Executive Director. The expenditure will be submitted by the Finance Committee for approval by the Board. The request should balance the following considerations: (1) the urgent nature of the expense, (2) the current projected status of the budget, and (3) the totality of the existing circumstances.

Examples of CIMF expenditures include, but are not limited to expenses within these categories:

• Parking lot maintenance
• Furniture and carpet maintenance
• HVAC maintenance
• Unexpected service contracts
• Significant repairs, improvements or maintenance of items of need
• Roofing repairs and maintenance

Adopted: 10/2007, Revised: 5/2022