The operating fund for the Roanoke Public Library will be kept in a local area approved Financial Institution for convenience sake. The major portion of the operating fund will be kept on an interest bearing savings account until the money is needed. When funds are needed to cover written and sent checks, the needed amount will then be transferred to a checking account. The balance of the checking account will be kept low so the funds can remain in the savings account drawing interest as long as possible.
LIRF funds will be invested in a certificate of deposit at an approved Financial Institution for the highest rate possible. Library will document a minimum of three (3) quotes of interest rates offered at local Financial Institution. Interest earned on the certificate will be sent to the library and kept in a special fund. These funds will be added to the amount of the certificate when the certificate is reinvested at maturity. The term will be any length of time from one (1) year to three (3) years depending on highest rate available taking advantage of any specials at the Financial Institution.
Financial information of the library, including savings accounts, checking accounts, certificate of deposit information, and ledger books will be disclosed as required by law.
Adopted on September 14, 2000.
Reviewed and approved on 10/13/03.
Updated and approved on 9/13/04.
Updated and approved 5/12/09.