Financial records · March 21, 2018

2017 year-end Treasurer review and 2018 outlook

Explains that lower Library spending contributed to the year-end operating increase, reviews budget planning and notes investment reallocation still pending.

Text

Transcribed from the scans and checked against them by Claude. Typed text comes first; handwritten notes follow it. [illegible] marks words that cannot be read and [?] an uncertain reading.

Treasurer's Report - Mar 21, 2018 Board Meeting (Ceman) 2017 Year End Financials (see spreadsheet for details) • Revenues were below Plan, finishing the year at ~ 85% of Plan with the largest shortfall in the Donations category (~$3000 less than previous years) • Any impact of lower Revenues was mitigated by Expenses very much below Plan, finishing the year at ~ 35%. This result was primarily attributed to significantly lower expenditures on Library Books and Programs (~$8000 less than Plan) • Overall 2017 was a very positive "Balance Sheet" year, i.e., good Revenues plus low Expenses yielded a ~$8500 net gain 2017 Internet Sales • Internet Sales finished the year slightly above Plan, consistent with past years 2018 Actions, Status and Look Ahead • A "preliminary" 2018 Budget/ Plan was prepared based on the aggregate financial performance of recent years (see attached spreadsheet for details). It was distributed to FOL Officers for review, and subsequently discussed in a meeting with Hermosa Beach and LA County Library management (to address allocations for various Library Expense categories). The "preliminary" plan was deemed acceptable with no overall changes, and is now being used as the basis for HB FOL 2018 financial planning and tracking. Future updates/ revisions may need to address the pending Bard Street closure and FOL Bookstore relocation since significant Operations and Revenue impacts are likely • As of mid-March, 2018, First Quarter Financial Status versus Plan is not complete, however, preliminary data show Revenues above Plan and Expenses below Plan. Continuing Business • HB FOL Investment Portfolio - Long-term Investment Account Asset re-investment has been deferred due to ongoing Market volatility/ uncertainty. A reallocation of assets into a combination of long-term growth and mid term growth funds is planned at a future date 20180321_2017_Year_End_&_2018_1st_QTR_Prelim_HBFOL_Treasurer_Report.doc 1

Handwritten notes

• (top right) Treasurer - Copy to file

Show the original machine reading

Source scan page 2

Treasurer - copy to file
Treasurer's Report - Mar 21, 2018 Board Meeting (Ceman)
2017 Year End Financials (see spreadsheet for details)
? Revenues were below Plan, finishing the year at ~ 85% of Plan with the largest
shortfall in the Donations category (~$3000 less than previous years)
? Any impact of lower Revenues was mitigated by Expenses very much below Plan,
finishing the year at ~ 35%. This result was primarily attributed to significantly
lower expenditures on Library Books and Programs (~$8000 less than Plan)
? Overall 2017 was a very positive "Balance Sheet" year, i.e., good Revenues plus
low Expenses yielded a ~$8500 net gain
2017 Internet Sales
? Internet Sales finished the year slightly above Plan, consistent with past years
2018 Actions, Status and Look Ahead
? A "preliminary" 2018 Budget/ Plan was prepared based on the aggregate financial
performance of recent years (see attached spreadsheet for details). It was
distributed to FOL Officers for review, and subsequently discussed in a meeting
with Hermosa Beach and LA County Library management (to address allocations
for various Library Expense categories). The "preliminary" plan was deemed
acceptable with no overall changes, and is now being used as the basis for HB FOL
2018 financial planning and tracking. Future updates/ revisions may need to
address the pending Bard Street closure and FOL Bookstore relocation since
significant Operations and Revenue impacts are likely
? As of mid-March, 2018, First Quarter Financial Status versus Plan is not complete,
however, preliminary data show Revenues above Plan and Expenses below Plan.
Continuing Business
? HB FOL Investment Portfolio - Long-term Investment Account Asset re-
investment has been deferred due to ongoing Market volatility/ uncertainty. A
reallocation of assets into a combination of long-term growth and mid term
growth funds is planned at a future date
20180321_2017_Year_End_&_2018_1st_QTR_Prelim_HBFOL_Treasurer_Report.doc