Boston Public Library
Trustees' Finance and Audit Committee

Board of Trustees
December 17, 2012



Agenda for Trustees Finance and Audit Committee Meeting
December 17, 2012 Johnson Trustees Room 8 am to 9 am
Commonwealth Salon, Central Library at Copley Square

Rescheduled from December 14

  • Welcome/Introductions
    Chairman Evelyn Arana-Ortiz
     
  • Review and Approval of Minutes from September 28, 2012
    Chairman Evelyn Arana-Ortiz
     
  • Update on Investment Portfolio
    Mr. Michael Black, New England Pension Consultants
     
  • Discussion of Draft FY2012 Audited Financial Statements
    Sean P. Nelson, Chief Financial Officer
     
  • Update on Contract for Final Phase of Norwood Relocation
    Ed Maheigan, Manager of Budget and Procurement
     
  • Approve Schedule for Upcoming Meetings
    Chairman Evelyn Arana-Ortiz
     
  • Other Business
    Chairman Evelyn Arana-Ortiz
     
  • Adjournment
    Chairman Evelyn Arana-Ortiz
     


Minutes for Trustees Finance and Audit Committee Meeting
December 17, 2012 (Rescheduled) 8 a.m. to 8:30 am

Johnson Trustees Room, Central Library at Copley Square
Chairman Evelyn Arana-Ortiz

 

A meeting of the Trustees Finance and Audit Committee was held at the Boston Public Library, Commonwealth Salon, McKim Building, 700 Boylston Street, Boston, MA 02116 on Monday, December 17, 2012 at 8:00 a.m.

Present at the meeting were: Trustees Zamawa Arenas and Byron Rushing; Clerk of the Board Nancy Grilk; BPL and City of Boston staff. Absent from the meeting were: Chairman Evelyn Arana-Ortiz, Mr. Ray Sullivan and Mr. Anthony Jordan.

Trustee Zamawa Arenas presided.

The Acting Chair reviewed the agenda.

The Acting Chair addressed the first item of business pertaining to the Minutes of the Trustees Finance and Audit Committee meeting held on September 28, 2012. On a motion made and duly seconded, the Minutes of the Trustees Finance and Audit Committee (Committee) meeting held on September 28, 2012 were approved and subsequently posted on the Boston Public Library’s web site at www.bpl.org.

Michael Black of New England Pension Consultants was unable to attend the meeting. In his absence, CFO Sean Nelson distributed New England Pension Consultant’s BPL Investment Portfolio Summary dated November 30, 2102 of BPL’s investments to date. Mr. Black will attend the next meeting of the Committee.

The Committee discussed the presentation of the approved FY2012 Audited Financial Statements at the Board of Trustees meeting on January 8, 2013. The financial statements will be provided to the Trustees.

Budget and Procurement Manager Ed Maheigan provided an update on the Request for Proposal (RFP) for final relocation phase of the Norwood Collection from the Norwood Storage Facility to the City of Boston Archive Center in West Roxbury. Following Committee discussion the release date for the RFP was set for January 7, 2013 with response due date on January 29, 2013, which falls after the next Trustees meeting. In order to award the contract in a timely manner, prior to the Trustees March 12, 2013 meeting, the Committee will recommend that the Trustees delegate authority to the Committee for approval of the contract.

The Committee discussed revisions to the BPL Book Contractor Vendor list for Library Materials from the approved vendor list for the current fiscal year. The proposed revisions would add 3M Co. to the list, and would increase OverDrive, Inc. to an amount not to exceed $1 million. Discussion followed. On a motion made and duly seconded, it was

VOTED: that, the Trustees Finance and Audit Committee recommend approval by the Trustees of the Public Library of the City of Boston of revisions to the existing Boston Public Library Book Contract Vendor List of the addition of 3M Co. for an amount not to exceed $250,000, and of the addition of OverDrive, Inc. for an amount not to exceed $1,000,000.

The Committee set the next meeting for Thursday, February 21, 2013 subject to approval of Chairman Arana-Ortiz.

Under other business, Mr. Nelson provided an update on the satisfactory implementation of the security contract. It was noted that discussion on the status of the IRS Tax Form 990 will occur at a future meeting.

There being no further business, the Trustees Finance and Audit Committee adjourned at 8:30 AM.

Respectfully submitted,

Nancy Grilk
Clerk to the Trustees