A financial audit for the 2010-2011 fiscal year revealed no “deficiencies in internal control over financial reporting ... consider(ed) to be material weaknesses” at the Clark County Public Library, according to a report from the accounting firm Summers, McCrary and Sparks.
The library’s board of trustees reviewed the auditors’ findings at Wednesday’s regular meeting. The audit showed $6.5 million in total liabilities and net assets, with $2.4 million in cash assets.
According to the report’s “Management’s Discussion and Analysis” section, information provided by Library Director Julie Maruskin, the 2010-2011 budget was based on a tax rate of 4 percent above the compensating rate. The collections budget was increased to “reflect changes in book trade and publishing industry changes,” Maruskin wrote.
She also noted that, beginning this year, the library budget will include $60,000 in contingency funds to go toward debt reduction. Currently, the library receives grant funding for debt service, but “in light of an uncertain economy,” Maruskin wrote that the library wants to be prepared in case those grants are eliminated.
About $2 million was invested in capital assets, such as building furnishings, a 2.2 percent increase over 2009-2010.
“The financial report is intended to provide our citizens, taxpayers, customers and investors with a general overview of the Library’s finances and to show the Library’s accountability for the money it receives,” Maruskin wrote.
In the future, based on recommendations from Summers, McCrary and Sparks, the board of trustees will formally approve any major budget amendments.
The board of trustees meets the second Wednesday of every month at 4 p.m. at the library.
Contact Rachel Gilliam at rparsons@winchester-sun.com.
