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Home My WebLink About09/01/12 (Agn) Lib Fnd Board LIBRARY FOUNDATION BOARD AGENDA CITY OF RANCHO CUCAMONGA REGULAR MEETING Second Monday 6:00 p.m. January 12, 2009 Tri-communities Room City of Rancho Cucamonga 10500 Civic Center Drive Rancho Cucamonga, California 91730 City Councilmembers Donald J. Kurth, M.D., Mayor L. Dennis Michael, Mayor Pro Tem Rex Gutierrez, Councilmember Sam Spagnolo, Councilmember Diane Williams, Councilmember Foundation Members Bruce Bowne, President Rebecca Davies, Vice President Teresa Akahoshi, Member Jackie Amsler, Member David Atkins, Member Gino Filippi, Member Tina Gilfry, Member David Gonzalez, Member Ruth Leal, Member Dominic Melillo, Member Chris White, Member DECLARATION OF POSTING OF AGENDA VIVIAN GARCIA states and declares as follows: I presently am, and at all times mentioned herein have been , the Administrative Secretary of the Library of Rancho Cucamonga. Acting in that capacity, on !/8Z,5q , at � I posted a true and correct copy of the meeting agenda dated /ljjz09 at 10500 Civic Center Drive, Rancho Cucamonga. I declare under penalty of perjury that the foregoing is true and correct and that this declaration was executed on TAat Rancho Cucamonga . RDUe'� Kc•,�ut5+<.� L,�r0./ ..V':f CU' I"CY R City of Rancho Cucamonga BY: Vivian Garcia, Administrative Secretary City of Rancho Cucamonga d LIBRARY FOUNDATION BOARD AGENDA JANUARY 12, 2009 1 RANCHO CUCA.MONGA A. CALL TO ORDER 1. Roll Call: Akahoshi , Amsler Atkins Bowne , Davies , Filippi Gilfry Gonzalez , Leal , Melillo_and White B. CONSENT CALENDAR The following Consent Calendar items are expected to be routine and non-controversial. They will be acted upon by the Library Foundation Board at one time without discussion. Any item may be removed by a Member or member of the audience for discussion. 1. Approval of Library Foundation Treasurer's Report: November 4 and December, 2008 2. Approval of Minutes: November 10 and December 8, 2008. 13 C. LIBRARY DIRECTOR'S STAFF REPORTS The following items do not legally require any public testimony, although the President may open the meeting for public input. 1. "Organization in Transition" Oral presentation by staff. 2. Lola A. Livesey Trust account. Oral report by Robert Karatsu, Library Director. 3. Library Calendar. Oral report by Michelle Perera, Assistant Library Director. 4. Approval to amend Library Foundation Budget for 2008/2009 20 to reflect payment of $5,000 to Vision Media Television. Report attached, presented by staff. D. BOARD BUSINESS The following items have been requested by the Library Foundation Board for discussion. They are not public hearing items, although the President may open the meeting for public input. 1. Review of LAIF current interest rate and rate of return. Report 22 attached. President to preside over discussion. 2. Telethon 2009. LIBRARY FOUNDATION BOARD AGENDA JANUARY 12, 2009 2 RANCHO CUCAMONGA a. A Library Telethon is currently scheduled for March 13-15, 2009. Kick off discussion on this upcoming event. Oral presentation by staff. b. Review of Status of major partnerships. Oral presentation by staff on current level of subscribers for each entity and current telethon commitment. a) Charter Communication, Inc: b) Warner Cablevision c) Inland Valley Daily Bulletin E. IDENTIFICATION OF ITEMS FOR THE NEXT MEETING This is the time for Library Foundation Board to identify the items they wish to discuss at the next meeting. These items will not be discussed at this meeting, only identified for the next meeting. F. PUBLIC COMMUNICATIONS This is the time and place for the general public to address the Library Foundation Board. State law prohibits the Board from addressing any issue not previously included on the Agenda. G. ADJOURNMENT I, Vivian R. Garcia, Library Administrative Secretary of the City of Rancho Cucamonga, or my designee, hereby certify that a true, accurate copy of the foregoing agenda was posted on Thursday, January 8, 2009, seventy two (72) hours prior to the meeting per Government Code 54954.2 at 10500 Civic Center Drive. • STAFF REPORT LIBRARY.SERVICES DEPARTMENT RANCHO Date: January 12, 2009 C,UCAMONGA To: Rancho Cucamonga Library Foundation From: Robert Karatsu, Library Director Subject: Treasurer's Report— November, 2008 CASH REPORT BEGINNING MTD MTD ENDING CASH CASH November, 2008 BALANCE REVENUES EXPENDITURES BALANCE FUND General $57,019.07 $901.00 ($3,987.37) $53,932.70 Archibald Children's Books Endowment $40,000.00 $40,000.00 Victoria Gardens Books $83,125.00 $83.125.00 Adult Literac $7,535.00 $7,535.00 Operating Reserve Fund $5,000.00 $5,000.00 Unallocated Funds $759,000.00 $759,000.00 TOTAL $951,679.07 $901.00 ($3,987.37) $948,592.70 LAIF Account: $951,289.52 Union Bank Account* ($2,696.82) B of A Ending Balance $0.00 Total Library Foundation Holdings: $948,592.70 *Union Bank ending bank balance of$4,140.55 less three outstanding checks in the amount of$6,837.37 Revenues: $ 901.00 Rental Payment $ 800.00 General Fund Big Read Donations $ 54.00 General Fund Biane Donation Box $ 47.00 General Fund • 4 TREASURER'S REPORT-NOVEMBER 2008 PAGE 2 • JANUARY 12,2009 Expenditures: $3,987.37 Impressions Gourmet Catering $ 3,637.37 General Fund Jessica Hall $ 200.00 General Fund John Gilkey $ 150.00 General Fund • 5 W Rancho Cucamonga Public Library Foundation CASH REPORT NOVEMBER 2008 Beginning Balance $951,679.07 Deposits 11/3/2008 4.00 11/12/2008 50.00 11/13/2008 47.00 11/17/2008 800.00 901.00 Less Checks #10005 (150.00) John Gilkey-Tuned Steinway in Celebration Hall #10006 (3,637.37) Impressions Gourmet Catering-Catering 10/24/08 #10007 (200.00) Jessica Hall -Mystery&Merlot Pianist (3,987.37) $948,592.70 Union Bank Statement Ending Balance $ 4,140.55 Deposits in Transit - Less Outstanding Checks #10003 (3,000.00) #10006 (3,637.37) #10007 (200.00) (6,837.37) Investments-LAIF 951,289.52 Adjusted Bank Balance $ 948,592.70 Pagel oft • RANCHO CUCAMONGA PUBLIC to6 4 LIBRARY Statement Number:' . UNION BANK OF CALIFORNIA 11/01/08-11/28/08 GOVERNMENT SERVICES- SOUTH 274 Customer Inquiries POST OFFICE BOX 513840 Q LOS ANGELES CA ,90051-3840 800-798-5466 Thank you for banking with us since 2008 RANCHO CUCAMONGA PUBLIC LIBRARY FOUNDATION P O BOX 807 RANCHO CUCAMONGA CA 91729 ■ There have:been recent increases to FDIC deposit insurance coverage.For current information,please call 1-877-ASK-FDIC or visit www.fdic.gov, Public Fund Checking Summary Account Number:2740024461 Days in statement period:Days in statement period:28 Balance on 1111 $ 3,389.55 Total Credits 901.00 ,. Deposits (4) 901,00 Total Debits -150.00 Checks paid(1) -150.00 Balance on 11/28 $ 4,140.55 CREDITS Deposits Including check and cash credits Date Description/Location Reference Amount 11/13 CCV DEPOSIT SEQ#1113JP0840 A-OOOODDO001M 90210502 $ 4.00 11/13 CCV DEPOSIT SEQ#1113JC2280 A-0000000001M 90210431 47.00 11/13 CARRIER DEPOSIT 44016276 50.00 11/18 UNENCODED COURIER DEPOSIT 45654642 800.00 4 Deposits Total $ 901.00 DEBITS Check Paid Number Date Amount Number Date Amount 10005 11/20 150.00 Daily Ledger Balance Date Ledger Balance Date Ledger Balance 11/3-11/12 $ 3,389.55 11/18-11619, $ 4,290.55 • 11/13-11/17 3,490.55 11/20-11/26 4,140.55 -7 STAFF REPORT LIBRARY SERVICES DEPARTMENT RANCHO Date: January 12, 2009 CUCAMONGA To: Rancho Cucamonga Library Foundation From: Robert Karatsu, Library Director -� Subject: Treasurer's Report— December, 2008 CASH REPORT BEGINNING MTD MTD ENDING CASH CASH December, 2008 BALANCE REVENUES EXPENDITURES BALANCE FUND General $53,932.70 $1,946.73 ($2,813.60) $53,065.83 Archibald Children's Books Endowment $40,000.00 $40,000.00 Victoria Gardens Books $83.125.00 $83,125.00 Adult Literac $7,535.00 $1,000.00 $8,535.00 Operating Reserve Fund $5,000.00 $5,000.00 Unallocated Funds $759.000.00 $759,000.00 TOTAL $948,592.70 $2,946.73 ($2,813.60) $948,725.83 LAIF Account: $941,289.52 Union Bank Account" $7,436.31 B of A Ending Balance $0.00 Total Library Foundation Holdings: $948,725.83 Revenues: $2,946.73 Rental Payment $ 800.00 General Fund Mystery, Music and Merlot Donations $ 150.00 General Fund PAL Account Payment $ 882.05 General Fund Wal Mart#1922 for Literacy $ 1,000.00 General Fund Big Read Donations $ 8.00 General Fund Grapevine Donations $ 5.00 General Fund • Vending Machine Payment from PAB $ 35.43 General Fund Biane Donation Box $ 66.25 General Fund 8 TREASURER'S REPORT-DECEMBER,2008 PAGE 2 • JANUARY 12,2009 Expenditures: $2,813.60 Deborah Clark, Rmb. Tax Return $ 10.00 General Fund R.C. Community Fnd. — Rmb. IRS Penalty $ 803.60 General Fund National City Public Library - Americorps $ 2,000.00 General Fund Replacement Check Issued: $3,000.00 'Central School District $3,000.00 'Duplicate check: Check #10003 was misplaced at the Central School District Office and a second check, Check #10010 was cut in December. Since this check is replacing an earlier one for the same amount, no deductions are shown in the expenditure column for this amount. • 9 O r Rancho Cucamonga Public Library Foundation CASH REPORT DECEMBER 2008 Beginning Balance $948,592.70 Deposits 12/3/2008 150.00 12/3/2008 43.43 12/15/2008 882.05 12/17/2008 800.00 12/24/2008 1,066.25 12/27/2008 5.00 2,946.73 Stop Payment #10003 3,000.00 Less Checks #10008 (10.00) Deborah Clark-Rmb.Tax Return #10009 (803.60) R.C. Community Fnd.-Rmb. IRS Penalty #10010 (3,000.00) Central Elementary School-Donation #10011 (2,000.00) National City Public Library-Americorps Members (5,813.60) $948,725.83 Union Bank Statement Ending Balance $ 12,436.31 Deposits in Transit - Less Outstanding Checks #10010 (3,000.00) #10011 (2,000.00) (5,000.00) Investments-LAIF 941,289.52 Adjusted Bank Balance $ 948,725.83 i Page 1of2 • RANCHO CUCAMONGA PUBLIC • (OF AC COUU MSP@ LIBRARY Statement NumberANIIIIIIIIIIIIIIIIIIIIIIIIIIIIII; UNION BANK OF CALIFORNIA 11/29/08-12/31/08 GOVERNMENT SERVICES- SOUTH :74 POST OFFICE BOX 513940 Customer Inquiries LOS. ANGELES CA 90051-3840 800-798-6466 Thank you for banking with us since 2008 RANCHO CUCAMONGA PUBLIC LIBRARY FOUNDATION P O BOX 807 RANCHO CUCAMONGA CA 91729 ■ FDIC insurance coverage has changed.In addition to$250,000 coverage per depositor per ownership category, all personal and business non-interest bearing transactions accounts at Union Bank are fully insured for the entire amount in the account.Contact the FDIC at 1.877-275-3342 orvisil www.fdic.gov.These changes are temporary and wit)expire December 31, 2009. Public Fund Checking Summary Account Number:2740024461 Days in statement period:Days in statement period:33 Balance on 11129 $ 4,140.55 Total Credits 12,946.73 Deposits(6) 2,946.73 Other credits(1) 10,000.00 Total Debits -0,650.97 Checks paid(4) -4,650.97 Balance on 12/31 $ 12,436.31 CREDITS Deposits including check and cash credits Date Descriplion/Location Reference Amouni 12/4 CARRIER DEPOSIT 46725225: $ 43.43 12/4 CARRIER.DEPOSIT 46725228 150.00 12116 UNENCODED COURIER DEPOSIT 44372726 882.05 12118 UNENCODED COURIER DEPOSIT 44583472 800.00 12/24 CARRIER DEPOSIT 45935435 1,066.25 12/30 CCV DEPOSIT SEC#1230NJ2040 A-0000000001M 90211227 5.00 6 Deposits Total $ 2,946.73 Other credits and adjustments Date Description/Location Reference Amouni 1213 tAIF REDEMPTION 99351296 $ 10,000.00 DEBITS • Check Paid Number Dale Amount Number Date Amount 10006 12/8 3,637.37 10008 12M9 10.00 I I Page 2 of 2 ! • RANCHO CUCAMONGA PUBLIC LIBRARY Statement Number:PENNON* 11/29/08- 12/31/08 Check Paid Number Date Amount Number Date Amount 10007 12/5 200.00 10009 12/23 -803.60 4 Checks paid Total S 4,650.97 Daily Ledger Balance Date Ledger Balance Date Ledger Balance 12/1-1212 '$ 4,140.55 12/18 $ 12,178.66 12/3 14,140.55 12119-12/22 12,168.66 12/4 14,333.98 12/23 11,365.06 12/5-1217 14,133.98 12124-12129 12,431.31 12/8-12/15 10,496.61 12130-12131 12,436.31 12/16-12/17 11,378.66 i • 12 • STAFF REPORT LIBRARY SERVICES DEPARTMENT RANCHO Date: January 12, 2009 CUCAMONGA To: Rancho Cucamonga Library Foundation From: Robert Karatsu, Library Director Subject: APPROVAL OF MINUTES RECOMMENDATION: Approval of the minutes of the meetings of November 10 and December 8, 2008. BACKGROUND/ANALYSIS: Attached, please find the minutes for the regular and special meetings of the Library Foundation Board taken and compiled by Library Administrative Secretary, Vivian Garcia. FISCAL IMPACT: None. Respectfully submitted, 17 � Robert Karatsu Library Director • 13 • CITY OF RANCHO CUCAMONGA RANCHO CUCAMONGA PUBLIC LIBRARY FOUNDATION BOARD Adjourned Meeting A. CALL TO ORDER An adjourned meeting of the Rancho Cucamonga Public Library Foundation Board was held on Monday, November 10, 2008, in the Tri-communities Room of City Hall, located at 10500 Civic Center Drive, Rancho Cucamonga, California. The meeting was called to order at 6 p.m. Present were Members r nis.ler, Atkins, Bo i ne, Davies, Filippi, Gitfry;Gonzalez, Melillo and white. I Deborah Clark, Library Director, Robert Karatsu, Assistant Library Director, Michelle Perera, Library Services Manager and Vivian Garcia, Senior Administrative Secretary were present. B. CONSENT CALENDAR Bl. Approval of Library Foundation Treasurer's Report: September and October, 2008. 140TION: Moved by Member Filippi to approve the Treasurer's Reports, seconded by Member Davies, motion carred, 9-0-2 (with Akahoshi and Leal absent). B2. Approval of Minutes: September 8 and October 13, 2008 MOTION: Moved by Member Filippi to approve the minutes,seconded by Member Melillo,motion carried, 9-0-2 (with Akahoshi and Leal absent). C. LIBRARY DIRECTOR'S STAFF REPORTS Cl. Big Read Update: Discussion of Kick-off program and presentation by author Anne Perry. Oral presentation by staff. Deborah Clark,Library Director,presented an oral report on the Big Read to the Board,emphasizing that Kick-off Program, featuring Anne Perry. She stated that while attendance was limited, the author was fascinating and a very positive voice for literature and writing. Michelle Perera, Library Services Manager, presented an oral report on the Big Read in October, giving a statistical rundown on attendance at the many events,including the"little read"for young people. She concluded by stating that she has already presented ideas to staff for the next Big Read • in 2009. 14 • Library Foundation Board Minutes November 10, 2008 Page 2 D. BOARD BUSINESS D1. Acceptance of letter of resignation by Board Member Silver. Report available at the meeting. Deborah Clark,Library Director,reviewed with the Board the resignation from Member Silver sent to her via e-mail. MOTION: Moved by Member Davies to accept the resignation of Member Silver, seconded by Member Gonzalez, motion carried, 9-0-2 (with Akahoshi and Leal absent). D2. Approval of Transfer $10,000 of LAIF Funds into General Checking Account. Report attached. Presented by Library Director Deborah Clark. MOTION: Moved by Member Filippi to approve the transfer of$10,000 of LAIF Funds into the General Checking Account,seconded by Member Melillo,motion carried,9-0-2(with Akahoshi and -Leal absent). rD3. Discussion of Joint meeting of the City Council, Library Board of Trustees and Library Foundation. President to preside. President Bowne asked for comments from the Members on the joint meeting. Member Gilfry stated that she enjoyed the meeting. She felt that the interaction between the Council and the Boards went well. Member Filippi believed the Council appreciated putting names to the faces of the members of both Boards. Member Gonzalez believes that Council is onboard with the vision of the second floor of the Paul A. Biane Library. Deborah Clark, Library Director, stated that she would like the Members to be thinking about what approach the Library Foundation Board will take in the future due to financial woes caused by the current recession and the State fiscal problems. Where is the line the Library Foundation Board would step up to in economical hard times? The Bylaws state that the funds raised by the Board would not be used for funding the"routine operations and maintenance of the Library". However,if there is a fiscal year where new books cannot be purchased because of extensive budget cuts, could that be considered"routine"or special circumstances? • President Bowne asked if the Bylaws need to be changed. 15 • Library Foundation Board Minutes November 10, 2008 Page 3 Deborah Clark,Library Director,stated no,a financial crisis would not be considered"routine"if the Board chose to step in to assist the Library. Member Gilfry asked what the financial situation looks like for a library. Deborah Clark,Library Director, stated that a library is composed of books and people. The choices are limited during tight budget times to closing hours and cutting the book budget. Member Amsler asked if the library planned to recruit and train volunteers to help. Deborah Clark, Library Director, stated that the library does have a large volunteer group and uses them on a regular basis, but not for general operation of open hours. Member Filippi thanked library staff for the great presentation given at the joint meeting. D4. Fund Raising Events 1. a. Update from the Special Event Committee regarding fundraiser hosted on October 24, 2008. Member Gino Filippi, Chair, to present along with Member Tina Gilfry. Member Filippi reviewed the October 24`h fundraising event, "Music, Mystery& Merlot" with the Board. He stated that it was a great event. He received tremendous remarks on Rod and Tina Gilfry's performance. Michelle Perera, Library Services Manager, projected photos from the event for the Board. Member Gilfry stated that it was an event that could be grown even larger in the future. Member Filippi thanked Carol Durkel, Office Specialist II, for the creation of a great program and graphic design for the event. Deborah Clark,Library Director,stated that in the future the timeframe could be shifted from 5:30 to 6:30 p.m. Michelle Perera, Library Services Manager, stated that if the event is held at a different time of the year, it could be expanded to include the courtyard. She stated that the authors appreciated being a part of the event by being seated at the food tables, rather than located in another area. is Member Filippi thanked Michelle Perera's staff for a great job. 16 • Library Foundation Board Minutes November 10, 2008 Page 4 D5. Telethon 2009. a. A Library Telethon is currently scheduled for March 13-15, 2009. Kick off discussion on this upcoming event. Presented by Deborah Clark, Library Director. Deborah Clark,Library Director, stated that Booker is currently on Administrative Leave and is not available to produce the upcoming Telethon. Member Leal is also no longer with Charter so does not have access to staff members that could have helped to tape the show. Library staff is working with the City Manager's office in setting up a meeting with the current cable companies in the City (Charter and Time Warner)to see what level of support they will supply for the Telethon scheduled for March of 2009. Member Melillo stated that Ruth Leal has started her own production company. Deborah Clark,Library Director,stated that the Telethon Production Ad Hoc Sub-committee would be starting soon to meet with Robert Karatsu, Assistant Library Director, and Michelle Perera, -Library Services Manager. r D6. ,.`Report from Library Board of Trustees by liaison Jackie Amsler. Held over from thcAugust meeting. Member Amsler updated the Library Foundation Members on what has occurred at the Library Board of Trustees meetings. She stated that the Trustees would like to know what direction the Foundation would like the Board to go in regard to supporting their fundraising efforts. E. IDENTIFICATION OF ITEMS FOR THE NEXT MEETING E1. Telethon E2. LAJF current interest rate and rate of return. E3. Number of subscribers with the cable company. F. COMMUNICATIONS FROM THE PUBLIC None received. 17 • Library Foundation Board Minutes November 10, 2008 Page 5 G. ADJOURNMENT MOTION: Moved by Member Gonzalez to adjourn to January 12, 2009, seconded by Member Melillo,motion carried,9-0-2(with Akahosbi and Leal absent). The meeting adjourned at 6:55 p.m. R jess ectfully submitted, 7V LLX� �— �d�tuO`' Vivian Garcia Administrative Secretary Approved: • 18 • CITY OF RANCHO CUCAMONGA RANCHO CUCAMONGA LIBRARY FOUNDATION BOARD Adjourned Meeting A. CALL TO ORDER An adjourned meeting of the Rancho Cucamonga Library Foundation Board was scheduled for Monday, December 8, 2008, at 6:00 p.m. in the Tri-communities Room at the City of Rancho Cucamonga, located at 10500 Civic Center Drive Rancho Cucamonga, California. The meeting was canceled. Respectfully submitted, Vivian Garcia Administrative Secretary rApproved: • 19 • STAFF REPORT _ LIBRARY SERVICES DEPARTMENT RANCHO Date: January 12, 2009 CUCAMONGA To: Rancho Cucamonga Library Foundation From: Robert Karatsu, Library Director Subject: APPROVAL TO AMEND LIBRARY FOUNDATION BUDGET FOR 2008/2009 TO REFLECT PAYMENT OF $5,000 TO VISION MEDIA TELEVISION RECOMMENDATION That the Library Foundation approve amending the 2008/09 budget to reflect the payment of a $5,000 invoice to Vision Media Television for a partial payment to produce a professional video piece promoting the Victoria Gardens Cultural Center and the Lewis Playhouse. BACKGROUND/ANALYSIS In February of 2008, Francie Palmer, Marketing Manager for the Community Services Department, rapproached the Library and the Redevelopment Agency to recommend a partnership to contract with Vision Media TV Group to create a video segment on the Victoria Gardens Cultural Center that would allow the City full copyright use. This would allow the segment to be used on the Library Telethon, RCTV, the web and Charter Communications channels for full distribution. The three (3) minute segment will be produced with narration from respected journalist Hugh Downs for the "National Report Series" and will be aired a minimum of forty (40) times on channels such as: CNN, MSNBA, Fox News, A&E, etc. This segment of the Series is "national Education Report" where Hugh Downs provides lead in narration profiling various organizations and institutions. Through this project, the Victoria Gardens Cultural Center will be profiled in 'The Future of Performing Arts." Vision Media TV Group is a respected provider of educational segments to media outlets. Their quality production, tied with having journalist Hugh Downs as narrator, will create a video piece that will not only air through the nation for a twelve (12) month period, but will also be a valuable addition to materials to support grant applications, as well as run on the upcoming Library Telethon. The cost of this project, funded by three city partners, is budgeted at $25,900. The cost breakdown for the partners is outlined below: $10,000 RDA Economic Development $ 5,000 RDA Public Relations Promotions $ 5,000 Rancho Cucamonga Community Foundation • $ 5,000 Rancho Cucamonga Library Foundation $ 900 Community Services Marketing Budget 20 APPROVAL TO AMEND LIBRARY FOUNDATION BUDGET FOR 2008/2009 TO REFLECT PAGE 2 • PAYMENT OF$5,000 TO VISION MEDIA TELEVISION JANUARY 12,2009 FISCAL IMPACT The fiscal impact will be negligible and it is believed that the cost will be more than offset by the increase in ticket sales for the Lewis Playhouse caused by the increased visibility of the Cultural Center, the donations stimulated by the piece during the Library Telethon and the potential grant applications the video segment will enhance. Respectfully submitted, Robert Karatsu Library Director • 21 STAFF REPORT • LIBRARY SERVICES DEPARTMENT K RANCHO Date: January 12, 2009 CUCAMONGA To: Rancho Cucamonga Library Foundation From: Robert Karatsu, Library Director Subject: REVIEW OF LAIF CURRENT INTEREST RATE AND RATE OF RETURN RECOMMENDATION That the Board members review the current rate of their LAIF investment and review the other investment opportunities which will be available at the meeting to provide the most current rates available for analysis. After discussion, the Board will decide to leave the investments with LAIF or to explore other options. Any decision to move funds will require a meeting with the Finance Director, Tamara Layne, who, in accordance with the Bylaws of the Foundation, acts as the Finance Director for the Library Foundation. LAIF Daily Rates: "Current daily rate (as of 11/12/2008): 2.62% On initiation of LAIF participation in January, 2006: 3.77% (PMIA Performance Report attached) BACKGROUND/ANALYSIS At their regular October meeting in 1995, the Library Foundation instructed the Library Director to work with the Finance Department to shift $100,000 from the checking account into a LAIF Account, a process earlier initiated by the Community Foundation with PAL funds. In January of 2006, that transfer was accomplished. The Foundation Directors chose LAIF to receive the funds due to the limited risk of the investments proposed, and the ability to quickly access funds if needed. FISCAL IMPACT Fiscal impact, depending on the security of the funds selected, could be positive, negative or neutral. Respectfully submitted, /� J<a4,� Robert Karatsu Library Services Director • 22 • Bill Lockyer, State Treasurer Inside the State Treasurer's Office Local Agency Investment Fund (LAIF) PMIA Performance Report LAW Performance Report Quarter ending 9/30/08 Daily ` Quarter to AMaturity Dated _Yield ", Dafe-:Yield in ays .- Apportionment Rate: 2.77% 10130/2008 2.66 2.71 259 Earnings Ratio- 0.00007,595384447805 10/31/2008 2,65 2.71 241 Fair Value Factor: 0.999137896 1111/2008 2.65 2.71 241 1112/2008 2.65 2.70 241 1113/2008 2.70 2481 1114/2008 NN 2.70 249 PMlA Average Monthly Effective Yields 11/5/2008 ?�.65 2.70 245 11/6/2008 2-63T-270 249 Oct 2008 2.709% 111712008 2.63 2.70 249 Sep 2008 2.774% 11/8/2008 2.63 2.69 249 Aug 2008 2.7790/a 1119/2008 2.631 2.69 249 1111p/2008 2.63 2.69. 249, 111/11/2008 2.63 2.69 2.621 2.6911 ?2192 ! 23