The Pierce County Library System (“Library”) Board of Trustees shall implement and maintain sound financial management of the entrusted resources provided by the taxpayers and other sources of funding, consistent with the Library’s mission.
In accordance with state law, RCW 27.12.070, the Pierce County Office of the Assessor-Treasurer serves duly as the Library’s fiscal agent.
Budget: A statement of anticipated revenues to be used for planned expenditures.
Capital Improvement Fund: A fund that is set aside for major asset purchases, maintenance, and improvements.
Cash: The actual cash contained on hand or in a financial institution.
Cash reserves: A portion of cash that is set aside in any fund for short term, mid-term, and long term sustainability without needing to borrow money.
Expenditure management: A process to capture and report actual expenditures compared to the budget of planned projects and operations.
General Fund: A public sector accounting term for the primary fund to operate a governmental entity. It records all financial activities to conduct day to day business.
Special Revenue (Purpose) Fund: A fund that is designated by the governing body as having a restricted use for specific purposes.
The Library Board of Trustees establishes the following fiscal management policy, which requires Board Action to enforce, make decisions, make exceptions, or otherwise implement to the extent law allows:
The Board expects the Library staff to carry out the following responsibilities:
The Board of Trustees shall review this fiscal management policy prior to or in conjunction with considerations of the annual fiscal year budget process, and amend it as deemed appropriate.
Board Policy 3.15
Adopted by the Board of Trustees of the Pierce County Library System, August 3, 1995. Revised and approved on: June 13, 1996; July 23, 1998; June 9, 2004; August 8, 2007; October 14, 2009, November 18, 2015, September 13, 2017.
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