Date: December 14, 2005
To: RCPL Board of Trustees
From: Greta Chapman
Re: 2005 End of Year Budget Overview
Date: December 14, 2005
To: Greta Chapman
From: Heidi Archie
Re: 2005 End of Year Budget Overview
The Rapid City Public Library is on track to close out the 2005 budget in the black. As discussed at the November Board meeting, the city budgeting process includes a percentage amount from department budgets to sustain an annual reserve fund. Including the carpet replacement and acoustical remediation projects approximately 1% of our annual budget, which equates to $25-30,000 is estimated for returning. Vacancy savings and reduced costs (estimation based on two year projections) in supplies.
Annual closing has been challenging because of the transitions with funding, training of staff, and drafting of procedures. We also now have Direct Inquiry access into the City’s accounting software, which will make ongoing finance inquiries more manageable and efficient for our staff. We are in the process of understanding how to fully utilize the reports we receive from the City.
A new fiscal year will bring the opportunity to gain efficiencies in our current process, which will allow for timelier reporting of information and analysis of budget line items.