The City of Monterey Board of Library Trustees, by
authority of Section 7.1 of the Monterey City Charter, is responsible for
administration of the Library Trust Fund. The Trust Fund consists of "…the
present library trust fund together with all gifts, devises or bequests received
for the use of the library hereafter and all miscellaneous revenues of the
library, except fines." Miscellaneous revenues include all income except general
fund appropriations and revenues directly connected to general fund
As custodian of the Trust Fund, the Board’s
responsibilities are to insure that the Trust Fund is preserved as a Library
resource, to prudently allocate the Trust Fund based on established Library
policies and priorities, and to position the Library for the future through
strategic planning, organizational development, and infrastructure solutions.
Restricted gifts and bequests are used in accordance with
the donors' wishes. The Library Director in consultation with the Board will
accept restricted revenues that are consistent with the Library's mission and
goals. The Trust Fund budget will reflect restricted revenues and corresponding
expenditures. Restricted revenues are not necessarily expended in the same
fiscal year in which they are received.
The Board will consider the following priorities in
requesting Council appropriations from Library Trust Fund undesignated reserves:
Purchase of real property for Library use, construction of Library
facilities, remodeling and expansion of existing facilities, or development and
beautification of areas immediately surrounding Library facilities, consistent
with approved long-term facilities plans.
Targeted expenditures to promote Library fund development based on
established plans and priorities.
Pilot projects and other special initiatives outside the
reasonable requirements of the operating budget.
Targeted expenditures to enhance Library collections and services
to meet identified community needs.
Ongoing and one-time cultural events for adults and youth.
The Trust Fund will not be used to offset deficient General
Fund appropriations for basic library services except in cases of severe
financial distress as determined by the Board. The Trust Fund will not be
appropriated for regular staff positions, but may be used for temporary
part-time or contract staff to meet specified objectives.
Every precaution shall be taken to protect the long-term
integrity of the Trust Fund principal. The annual Trust Fund budget proposal
will take into account past and projected Trust Fund revenue and the projected
net impact on Trust Fund reserves.
||September 22, 1999
||June 28, 2006
||May 26, 2010