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PARIS PUBLIC LIBRARY ADVISORY BOARD MTNT TTF C FEBRUARY 25, 1998 The Paris Public Library Advisory Board met in regular session Wednesday, February 25, 1998, at 4 PM in the Gallery with Chairman Keitt Wood presiding and these members present: Virginia Gibbs, John Howison, Rogene Patterson, Beth Shelton, and Frances Ellis, Secretary. Library Director Beverly Lewis and Friends President Catharine Browning were present. Absent were Jackie Alsobrook, A. W. Clem, and Ralph Rodgers. The January 21, 1998 Minutes were corrected to note Beth Shelton's attendance at the meeting. The City of Paris Finance Director W. E. Anderson presented the Board with information about the Library's trust funds. The Memorial /Gift Account includes money received as memorial contributions, honorariums, and gifts; and funds are authorized by the Library Director to purchase library materials. The J. A. Love Trust Account principal remains invested and only the interest can be spent as recommended by the Board. This account has "liquid money" and has been used by the Finance Director to pay invoices which had previously been paid from a Money Market account. At the end of January, 1998, the balance was approximately $23,900 in a checking account and approximately $19,400 in an investment account. The Board directed the Finance Director to place the original principal amount in an investment fund and add to it so the total would be $30,000. He said he would take care of that matter. The J. P. Poteet Trust Account had an approximate balance of $22,500 at the end of January, 1998, and that money is expendable and may be used as the Board recommends. The Wilbur/DeShong Trust Account is also expendable but may not be used for salaries or operating expenses. At the end of January, 1998, this account balance was $48,000. The Margaret Lively Account is part of the City's General Fund Account but separated for the sole use of the Library and it was bequeathed primarily to purchase collection materials. At the end of January, 1998, this account balance was approximately $5,500. The $5,000 Janice Hooker Bequest was given to the "Library Building Fund" and thus the money was added to the City's Bond Issue Library Building Fund. At the end of December, 1997, this account had a balance of $17,900 which included the Hooker money and the Bond Issue money. The Budget Report indicated the department was on target for the first quarter of FY `97 -'98. The Statistical Report noted an increase in circulation of 2.9% in January this year over the same month last year. In January, 1998, the were 25,950 items checked out. The year -to -date circulation still lags behind last year by 1.2% because of the days closed in October. 1,192 new items were added to the collection and 245 new patron cards were issued in January.