Board Policies

Finance

Signing Authority

The Board delegates to the Chief Executive Officer signing authority and responsibility for matters necessary for the management of day-to-day operations according to a Delegation of Authority Matrix for Employees contained in Administrative Policies. When the Board determines that it is necessary to delegate the signing authority it will do so through a Board motion that names a delegate. The delegation will be terminated or amended by a further motion. 

Approval: Avnish Mehta, 2019. Statutory: Yes

Annual Audit

All Library financial accounts and processes will be audited annually. Pursuant to the City Bylaw, the Board will appoint the same external, independent auditor that is approved by City Council for the City audit to facilitate the consolidation of the financial statements of the City and the Library.

Following the conclusion of the annual audit, the results and the recommendations of the audit will be presented to the Board for approval. Following approval by the Board, the audited financial statements will be submitted to City Council, the Government of Alberta, and all other required authorities.

Approval: Janet Hutchinson, 2015. Statutory: Yes.

Debt

The Board will ensure the Library maintains a prudent level of debt in order to maintain the financial stability and sustainability of the Library. The Board authorizes the Chief Executive Officer to incur a demand operating line to a maximum amount of 150% of the most recent month of salary and benefit expenses. The demand operating line will be utilized only to fund working capital. The Board shall approve the incurrence of any other debt by the Library.

Approval: Janet Hutchinson, 2015. Statutory: Yes.

Investing

Funds in excess of immediate need are to be invested with skill, prudence, and diligence, with the primary objective of safeguarding the principal of the funds while meeting the Library's liquidity needs to fund its ongoing operations.

Permitted investment vehicles include the following:

Approval: Janet Hutchinson, 2015. Statutory: Yes.

Risk Management

The Board shall make every prudent and reasonable effort to safeguard the Library’s reputation, assets, operations, staff, volunteers, and patrons against risk. To the best of its ability, the Board will ensure risks are identified and managed to a level which meets the Board’s tolerance for risk.

Approval: Janet Hutchinson, 2015. Statutory: No.

Insurance

The Board shall ensure the security of the Library’s assets and shall maintain public liability coverage through a comprehensive insurance program.

Insurance coverage shall remain in place at all times, and be reviewed on an annual basis to ensure that needs are appropriately met and to secure the best value for money.

Approval: Janet Hutchinson, 2015. Statutory: No.