The Fund Balance is the balance of resources remaining at the end of a fiscal year, calculated by taking the Fund Balance at the beginning of the fiscal year, adding in all revenues received during the year, and subtracting that year’s expenditures.

The Fund Balance is available to meet the library’s needs beyond those funded annually by the localities. The board of trustees authorizes ethical and fiscally responsible management of these resources to the library director defined as follows:

  • The Board Designated Reserve: The amount of $500,000 of the Fund Balance will be reserved as contingency for a financial exigency, so as to minimize the financial impact to the localities and will be used only in the event of an emergency.
  • The Designated Fund Balance is any remaining balance beyond the amount of the Designated Reserve and is to be used to fund purchases of equipment or other needs beyond those budgeted in the operating fund as follows:
    • After determination of the Fund Balance each year, as presented in the annual audited financial statements, the library director shall present appropriations requests to the board for consideration. The board will consider appropriation requests at their regularly scheduled meetings. If approved, the board will officially appropriate the amount of the request by amending the operating budget. No spending will occur until this action has been taken. The budget will be increased by the amount of the appropriation request.

[Approved by WRL Board of Trustees December 2, 1998; Amended by WRL Board of Trustees February 26, 2003. Amended and approved by WRL Board of Trustees March 28, 2007. Reaffirmed by WRL Board of Trustees September 24, 2008. Amended October 28, 2009. Approved as amended by WRL Board of Trustees April 25, 2012. Approved as amended February 24, 2016. Approved as amended by the WRL Board of Trustees January 23, 2019.]