BOF Budget Hearing Agenda & Backup Documents

BOARD OF FINANCE
AGENDA
Waterford Town Hall Wednesday, February 28, 2024
Budget Hearing ‘Town Hall 7:00 p.m.
1 Cail to Order
2. Public Comment =
3. 10136 - Library 3
4 10129 - Police Department i wo ©
5. 10123 - Fire Services
6 10103 - Board of Finance
7 10121 - Contingency
8. Adjournment
Glenn Patterson, Chairman

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Table of Contents ..
Function statement ...
Draft of new strategic plan
Budget summary
Budget explanations
Revenue projection and narrative ...
WPL 2023 Year At-A-Glance / Annual Statistics .....
WPL Grants and initiatives...
‘Waterford Public Library, Inc. budget.
Waterford Public Library, Inc. audit - attached

Finance, Wage & Personnel Committee are ex-officio board members.
‘The Waterford Public Library is a non-partisan, non-sectarian institution dedicated to serving the public
in the areas of education, information and recreation, making its services known and available to all.
The Waterford Public Library, Inc. is a nonprofit corporation with an endowment fund, the income of
which is used toward the operation expenses of the Library, supplementing the annual appropriation of
the Town. The board's contribution pays for the following:
‘© Over 80% of new physical library materials for all ages, including books, audio books (digital and
‘on CD), DVDs, magazines, music CDs.
Subscription access to e-books, e-audiobooks, e-magazines, streaming videos and music.
Subscription access to online databases.
All ibrary programs for adults, children and teens, including related promotional materials.
Furniture, equipment and building improvements, other than capital projects and repairs to
building systems and infrastructure.
‘© Staff attendance at professional conferences, training workshops and continuing education.
‘* Dues and memberships in professional organizations.
eee
Mission
The newly revised mission of the Waterford Public Library is to enrich, educate and connect our
community through discovery and access to ideas, information, technology and entertainment.
FY2023 Highlights
In May of 2023, the library celebrated its 100 anniversary of continuous service to the Waterford
community. We marked the occasion with a series of special programs and a family fun fair that attracted
over 600 attendees. Most of these events and activities were supported with funding from M&T Bank.
Other highlights included the refresh of the library's mezzanine by removing unused book shelves,
installing new carpeting and creating new study and reading spaces for the public. Thanks to a bequest,
the library installed two outdoor sets of Adirondack chairs. We added museum passes for the Connecticut
River Museum and the Mashantucket Pequot Museum & Research Center; created binge bag collections
of themed DVDs; and introduced a new Wonderbook “read-along” collection for children. We also
launched a new virtual author series that features three to four bestselling authors online each month,
The library grew its e-news subscriber list to its current level of 1,365, we have 2,853 followers on
Facebook and 1,062 on Instagram. All are important tools for marketing and outreach to the community.
This fall, as part of a statewide pilot cohort with a shared consultant, the library developed a new strategic
plan that will guide our operations for the next three fiscal years. The draft version of this plan is included
in this packet. Our board of trustees will be voting on this draft at its January meeting.
The library staff, our board of trustees and our 6,925 cardholders very much appreciate the ongoing
support provided to the library for the benefit of residents and library users by the Town of Waterford.

Our Vision: The library aspires to be a welcoming center for a vibrant community. Working together, we
will create an inclusive and thriving Waterford.
The Library is a place of
* Belonging
* Connection
© Discovery
© Education
Belonging - The Library welcomes all and fosters an inclusive environment.
Goal #11: Serve as a community hub and provide a welcoming space, open to all.
Goal #2: Support and develop the open exchange of diverse perspectives ani
leas.
Goal #3: identify and serve marginalized populations.
Goal
|: Actively seek and listen to community feedback and incorporate input into library services.
Connection - The Library builds relationships.
Goal #1: Provide excellent and equitable customer service.
Goal #2: Foster community engagement and discussion.
Goal #3: Develop spaces for learning, engagement and collaboration.
Goal ##4: Discover, cultivate and grow community partnerships.
Discovery The Library supports innovation and curiosity.
Goal #1: Strengthen community awareness of the library's collections, programs and services.
Goal #2: Incorporate new technologies to increase access.
Goal #3: Adapt new tools and techniques to encourage discovery, innovation and creativity.
Goal #4: Provide opportunities for engagement beyond the physical walls of the library.
Education ~ The Library provides resources for lifelong learning.
Goal #1: Develop and maintain robust collections that reflect the diversity of our community and the
world.
Goal #2: Provide access to ideas, information, technology and entertainment.
Goal #3: Offer engaging and informative programs for all ages.
Goal #4: Promote school readiness with early literacy initiatives for both children and caregivers.

DEPT/AGENCY: WATERFORD PUBLIC LIBRARY
2023/2024 2024/2025
LINE DEPT/AGENCY | DEPT/AGENCY
ITEM. DESCRIPTION REQUEST: BEQUEST,
PERSONNEL COSTS
51110 | __ ADMINISTRATION 96,212 100,837
51210 (CLERICAL/TECHNICAL 693,918 728,795
51220 CUSTODIAL-MAINTENANCE 87,131 93,336
51810 OVERTIME-SUNDAY 8,250 150
51910 |__ FRINGE BENEFITS 0 0
51920 FICA (7.65%) 67,130 70,619
SUBTOTAL 952,641 993,737
i
SERVICES
52020 POSTAGE 366 264
52070 REIMBURSABLE EXPENSE 830 720
SUBTOTAL 1,196 984
I
MATERIALS & SUPPLIES
53010 OFFICE SUPPLIES 4,000 450
53020 | _ OTHER SUPPLIES 4,000 5
SUBTOTAL 8,000 455,
=
54160 | _ BOOKS/RELATED MATERIAL 45,000 11,661
SUBTOTAL 45,000 11,661
pevalitnianr TOTAL 1,006,837 1,006,837

were made based on the wage schedules approved by the RTM at its December 4, 2023 meeting. The
minimum wage/library page rate reflects the state minimum wage.
We are committed to controlling personnel costs. We analyze staffing and usage patterns to make
efficient and effective use of personnel at all levels. We re-evaluate all positions as staff members resign
or retire, update job descriptions and replace staff only when necessary. Over the past several years, we
eliminated positions, zeroed out the clerical and technical substitute budget, reclassified positions and
reallocated duties and responsibilities. Additionally, cross training has enabled us to fill short-term gaps
due to illness, vacation, attendance at off-site meetings, programs and professional development.
51110 ADMINISTRATION $100,837
This line reflects the compensation for the director based on the current non-union management
professionals wage schedules.
51210 CLERICAL/TECHNICAL $728,795
This line reflects the compensation for four professional librarians (MP) and twelve clerical/technical
staff (AS) — full time and regularly scheduled part-time staff, and four library pages. Also included are
longevity increases for six full-time employees. Eight part-time staff will receive annual half-step
increases.
51220 CUSTODIAL/MAINTENANCE $93,336
This line includes the full-time building and grounds manager and two part-time evening and week-
end custodians. These employees are responsible for cleaning and maintaining the library building,
grounds, and mechanical systems and ensuring a safe, clean, sound, secure environment for customers
and staff by sanitizing public and staff areas and workstations and periodic deep cleaning.
51810 OVERTIME/SUNDAY HOURS $150
‘Overtime support of $150 is requested for maintenance and/or custodial work in case of a building,
natural disaster, or weather related emergency. Due to budgetary constraints, for FY2025, we are
eliminating Sunday service hours.
51920 FICA $70,619
FICA has been calculated at 7.65%, per Board of Finance guidelines, and is included in the Personnel
Worksheet.

via email. in addition, with the institution of automatic renewals and the elimination of most
categories of overdue fines, our mailing costs have decreased. The trustee budget pays for alll of
our fundraising mailing expenses.
To date, in FY24, we have mailed 159 pieces of mail, 79 of which are overdue notices.
For FY25, we are anticipating mailing 400 pieces at the current of 66 cents.
Expended FY2023 - $344 Expended FY2022 - $330 Expended FY2021 — $324
52070 REIMBURSABLE EXPENSE $720
‘As the library does not have a fleet vehicle, this line item is used to reimburse the building and grounds
manager for work-related mileage, i., trips to the Quaker Hill book drop, vendors, courier runs, etc.
Mileage for the last three years has averaged 1,195/year. For the first quarter of FY24, 260 miles have
been logged. Therefore, for FY2025, we are anticipating 1,100 miles using the current federal
reimbursement rate of 65.5 cents, we calculate our annual cost to be $720.
Expended FY2023 - $778 Expended FY2022-$716 _Expended FY2021- $632
53010 OFFICE SUPPLIES $450
This line item covers library-specific office supplies, which include vendor pre-processing of books,
item and customer barcodes, spine labels, repair tape, book covers, video and audio jewel cases, and
receipt paper for the circulation desk and self-check station. With the library's membership in a
‘cooperative for purchasing library supplies at discounted prices, the support of the town’s purchasing
agent and streamlined processes and procedures, we have been able to maintain this line item at the
current level of $4,000 or less since 2008. in recent years, due to inflation, we have seen significant price
increases in some of these items, such as the processing cost per book, which rose by 35 cents (a 39% cost
increase), in 2022. Due to budgetary constraints, we are requesting $450 in this line for FY25.
Expended FY2022 - $3,749 Expended FY2022- $4,000 _Expended FY2021 - $3,957
53020 OTHER SUPPLIES $5
Items purchased in this line iter include consumables and cleaning products of all types including
paper products, furniture and carpet cleaners, stain removers, lawn and ground supplies, etc. While we
do not anticipate that our costs will be lower this year, due to budgetary constraints, we have reduced
this line item to $5.
Expended FY2023- $3,605 Expended FY2022- $2,907 _Expended FY2021 - $3,977
*our FY2022 total is artificially low due to the request to suspend spending in April of 2022.

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‘* The library now offers for checkout: eight Wi-Fi hotspots, two CD players, two metal detectors,
two ukuleles and thirteen museum passes that provide free or discounted admission.
‘© Access to: downloadable e-books, e-magazines, e-audio books, streaming videos and streaming
‘music for adults, children and teens: Bookffix (Scholastic e-books for grades K-3), hoopla (e-books,
e-audiobooks, music and video streaming), Kanopy (film streaming including documentaries, the
Great Courses, and international films), Overdrive, as part of the Library Connection, inc.
consortium (downloadable e-books and e-audiobooks and magazines using the Libby app), and
Tumblebooks (animated picture books for children).
Online resources include: Ancestry Library Edition (genealogical research), JobNow (resume
writing, test prep, career resources) and Transparent Language (language learning for 110
languages, including English for new speakers and Kidspeak language learning for children.
‘The library's professionally trained staff continually monitors how the collections are used and looks for
new formats, collections and resources to ensure that the community has what it wants and needs. Each
year a larger percentage of this budget is allocated for e-content. This investment was especially beneficial
to Waterford cardholders who were able to access quality content online from the safety of their homes
during the recent pandemic.
Monies are spent on high-demand subjects, best sellers and new books, DVDs, audio books and new
formats and collections. Expenditures are reduced or eliminated on categories of minimal use or interest.
‘Similarly, the library continues to review its purchases of materials in response to the availability of
information online through either the internet or statewide and proprietary databases.
‘The library continues to focus on resource sharing with our local library partners at Groton Public, Mystic
& Noank and Bill Memorial Libraries. Books and other library materials available at these libraries are
shipped to Waterford within a few days of online requests. Library materials from the collections of
hundreds of public, academic, school, and special libraries across the State can be requested, picked up
and returned to Waterford, thanks to the state-funded interlibrary loan system comprised of BorrowIT CT
(formerly Connecticard) and Deliver It! CT (formerly Connecticar). Additionally, Waterford customers can
use their library cards in any of the 192 public libraries throughout Connecticut. The cooperation among
libraries and the vast interlibrary loan network in Connecticut greatly expands what an individual library
can offer its customers and accounts for savings to a library's materials budget.
The library's goal is to be as responsive as possible to the public while operating in an efficient and cost
effective manner. The library board partners with the town and this year will fund over 90% of the total
library books, materials and services purchased. Since 2010, the Town has funded this line at a flat rate of
$45,000 (reduced to $44,000 for FY2023). Due to budget constraints, we have reduced this line for FY25
to $11,661. Factoring in inflation, to be equal to our 2010 Town funding, this line should be $62,084 to
provide the same purchasing power.
Expended FY2023- $43,999 Expended FY2022-$44,999 _Expended FY2021 - $45,000

UNE
51920
HOURLY ToTAL | PayROU
DATE OF satary | SALARY | once | EMPLOYEE | TAXES
HIRE EMPLOYEE _ | 2023-2024 | 2024-2025 | “ras SALARY (FCA)
51110 - ADMINISTRATION a 5 E
12/14/2020 | Library Director 40 | 48.2934 | 98,377.24 | 100,836.67 | N/A 100,837.67 | _7,714.01
__[rotats 98,377.24 100,837.67 | 7,714.01
51210 - CLERICAL TEC Ea BS
Dept Head Adult
(09/15/2008 | services _ 40 | 36.7261_| 74,813.44 | 76,684.00 | 1,154.68 | __77,838.68| 5,954.66
Department Head —
08/15/2022 | Youth Services 40 | 34.1322 | 69,529.72| _71,268 | - 71,268 s{)
Department Head -
06/28/2007 | Tech & Cire Services 40 | 40.3951__| 82,287.92 | 84,345.00 | 1,270.00 | _ 85,615.04 | 6,549.55,
Technical/Dept Asst =
9/4/2016 | Tech & Circ/Adult 40 | 29.6935 | 67,878.20 | 62,000.00 | - 62,000.00 | _4,7430.00
05/30/2006 | Secretary 1 35 | 33.4198 | 59,586.80 | 61,058.00 | 350.00 61,408.00 | _ 4,697.71
Information/Reference
(04/04/2022 | Technical Asst- Youth 35 | 25.5738_| 45,934.70 | 46,723.24 | - 46,723.24 | _ 3,574.33
(03/09/1992 | Technician 1 3s | 30.3938 | 53,982.20 | 55,529.47 | 600.00 56,129.47 |__ 4,293.90
11/22/1993 | Technician Il 35 | 30.3938 | 53,981.20 | 55,529.47 | 600.00 56,129.47 | _ 4,293.90
01/04/1988 | Technician i 35 | 30.3938 | 53,981.20 | 55,529.47 | 600.00 56,129.47 |__ 4,293.90
10/31/2022 | Tech |- Graphics 14 | 20.9920 | 14,790.44 | 15,340.95 - | 1534095 | 1,173.58
Information/Reference
05/11/2015 | Asst- Adult 22| 24.9439 | 28,341.50 |_ 28,645.57 |_N/A 28,645.57 | _2,191.39
information/Reference
5/9/2023 | Asst- Adult 15 | 24.9439 | 28,408.60 | 19,531.07 | N/A 19,531.07 | _ 1,494.13
if Information/Reference
(06/10/2019 | Asst- Youth 16 | 26.2120 | 26,530.80 | 21,892.26 | N/A 21,892.26 | _ 1,674.76
11/01/2008 | Technician | 16 | 26.8723 _| 25,819.67 |_22,443.74 | N/A 22,443.74 | 1,716.95
8/07/2017 | Technician | 12 | 23.7491_| 14,427.48 | 14,876.44 | N/A 14,876.44 | _1,138.06,
11/25/2022 | Technician | 12 | 20.991 14,769.44 | 13,148.81 | N/A_ 33,148.81 | __4,138 |
18/8/2023 | PAGE 1-Library Page | 6| 15.7503 | 4,54a.64| 4,914.11 | N/A agiai1| 375.93

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05/17/2022 | PAGE 1-Library Page | 6{ 15.8106 | _4914.00| 4,932.90 | wa 4932.90 | _377.37
TOTALS 733,610.23 | 724,220.74 | 4,574.72 | 728,795.46 | 55,752.85
51220 - CUSTODIAL MAINTENANCE
Buildings & Grounds $
09/14/2015 | Manager 40 | 33.6489 | 68,016.00 | 69,989.76 , - 69,989.76 | _ 5,354.22
06/21/2013 | Custodian i 3[ 29012 | 4399.20 o| N/A ° fy
(02/15/2022 | Custodian 1 16 | 22.5800 | 12,662.91 | 18,858.82 _ N/A 13,364.10 | 1,442.70
9/12/2023 | Custodian t 4| 21.4900 | 4361.76 | 4,487.11 | N/A 4487.11 | 343.26
TOTALS 2939.87 | 93,335.69] 0.00| 93,335.69 | 7,140.18
31810-
OVERTIME 8,250.00 150| 0.00 150 11.48
FRINGEFLA, 0.00
TOTALS 929,677.34 | 918,543.10 | 4,574.72| 923,117.82 | 70,618.51
a
| W/F.
WORKDAYS
2024/2025 __ WEEKS TO BUDGET
261 522

All revenues from each department must be listed in the following categories. Please add any revenue
lines that are not listed below.
DEPARTMENT: Library
LINE ITEM
“Alarm Monitoring
2021-2022
ACTUAL
2022-2023
ACTUAL _|
2023-2024
2024-2025
PROPOSED | \
Alarm Penalties.
Ambulance Subsidy
Beach Admission Fees
Benefit Assessments
Bulky Waste Fees
Conveyance Tax
Copy Fees
East Lyme Animal Control
Fee
Enhanced E 9-1-1
Fines/Penalties
Hazardous Household Waste
Inspection Fees
interest/Lien Fees
Inter-Municipal Revenues
Library Fines.
$0.00
$540.90
$1,459.00
$851.
Miscellaneous:
Permitting/Licensing Fees
Program/Registration Fees
Recording Fees
e|0|0|0|8\o/o|o/olo\olo
Regional Communications
Fees
Rentals
Sale of Recyciables
‘State Operational Grants
Tipping Fees
Versa KarlBlue Box
Purchases
TOTALS
$0.00
$608.00
$1,459.00
$851.20

LIIIWATERFORD [mpeyEae\c)
== public library
Discovery begins here AT A GLANCE
124,639 24,224
Physical ttems Borrowed Digital Downloads
16,893
Attended/Participated
Wi-Fi Hotspots circulated 152 times
Museum Passes circulated 207 times
8,073
Public Computer
Sessions
1,207 E-News Subscribers
2,700 Facebook Followers
970 Instagram Followers

CHILOREN 49,732 47,227 5%
TEEN 3,083 3,384 -9%
TOTAL 148,863 147,476 1%
ADULT
BOOKS 56,505 57,946 -2%
MAGAZINES 1,575 1,708 8%
VIDEOS 8,896 10,573 -16%
BOOKS-on-CD 1,952 2241 12%
PLAYAWAY 879 962 9%
MUSIC CDs 1,054 1,360 -23%
MUSEUM PASSES 207 133 56%
DOWNLOADS 24,224 21,463 13%
GAMES/LAUNCHPADS 604 440 37%
EQUIPMENT/HOTSPOTS. 152 69 120%
TOTAL 96,048 96,865 -1%
CHILOREN
BOOKS 46,247 43,806 6%
MAGAZINES. 155 98 58%
VIDEOS 2,247 2,326 -3%
AUDIOBOOKS 767 675 14%
MUSIC CDs 316 322 -2%
TOTAL 49,732 47,227 5%
TEEN
BOOKS 3,083 3,384 9%
DOWNLOADS (ADULT CIRC.)
E-BOOKS 10,969 10,748 2%
E-AUDIOBOOKS 10,702 8,248 30%
E-MAGAZINES 1,418 1,321 7%
E-VIDEOS 1,064 1,105 4%
E-MUSIC 7 41 73%
TOTAL 24,224 21,463 13%
CHECK-INS 112,931 113,732 “1%

CHILDREN S QUESTIONS 5,460 2,925 87%
CIRCULATION DESK QUESTIONS 11,011 9,464 16%
WIFI LOGINS: 27,492 19,723 39%
COMPUTER USE |
ADULT 5,618 5,190 8%
| CHILDREN 2,455 1,011 143%
TOTAL 8,073 6,201 30%
INTERLIBRARY LOAN |
TO WATERFORD
GPL, MN, BILL 5,111 4,933 | 4%
| OTHER LIBRARIES | 904 758 | 19%
TOTAL 6,015 5,691 6%
C FROM WATERFORD
GPL, MN, BILL 3,817 3,722 3%
OTHER LIBRARIES 386 574 “33%
TOTAL 4,203 4,296 2%
CUSTOMER DOOR COUNT 78,924 82,368 “4%
borrowIT (C-Card) CIRCULATION. 35,161 37,047 5%
PROGRAMS -
ADULT
SESSIONS. 182 239 -24% |
‘ATTENDANCE 2,995 3,106 A%
CHILDREN
SESSIONS 248 207 20% |
ATTENDANCE 13,525 8,410 61%
TEEN _ SESSIONS: 39 26 50%
[ ATTENDANCE 373 298 25%
| LIBRARY CARD REGISTRATION 1,127 - 1,077 5%
COMMUNITY USE OF MEETING ROOMS: 509 306 66%

Foundation of Eastern Spanish language collections, to purchase
cr bilingual Wonderbooks and to provide
___| bilingual storytime programs.
Healthy Habits Project | CT State Library $2,000 | To purchase materials and provide
summer programs to teach children,
teens and families the importance of
healthy nutrition.
‘Summer al fresco Dominion Energy $2,000 | To provide summer music on the library’s |
concerts Foundation side lawn on five Thursday evenings.
Building Equity Based CT State Library $500 yend to support equity based
Summers jatives for youth summer reading.
Creating Welcoming Kelsey S. Harrington $2,000 | To support the creation of a sensory bin
Spaces for All Foundation to support youth on the autism spectrum
while using the library, to purchase
sensory friendly furniture for the
children’s room and to fund art classes
for youth and adults with intellectual and
| developmental disabilities.
General programming | M&T Bank Foundation | $3,000 | M&T bank funded a financial literacy
support program for teens given by Patrina Dixon
and supported the library's 100"
anniversary programs and fair.
‘STEAM programming for | Rotary Club of $500 | To provide summer STEAM programs for
children Waterford | children,
|_$15,000
CURRENT INITIATIVES
‘As presented in this report, the library is in the final stages of creating our new strategic plan. Staff will be
writing objectives as part of annual action plans to help support each of our stated goals and areas of
focus for the next three fiscal years.
We are hoping to receive grant funding for an outdoor Storywalk@ to enhance the new Town Center park
adjacent to the library and to continue our popular al fresco summer concert series.
Long-term, the library is seeking grant funds to provide ADA elevator access to all three levels of our
building and to update the lower level restrooms to make them accessible.
Thank you for your attention to this report.

Fy2025 Budgeted Library Support
Auditor $5,000
Books & materials, $87,459
Building maintenance & improvement $3,000
Dues, conferences, education $3,500
Furniture & shelving $3,500
Innovation & Miscellaneous $1,500
Insurance $191
Office equipment & supplies $6,500
On-line subscriptions $29,000
Programs & community relations $11,000
Public copier lease & fees $4,200
Special Projects $2,500
C ‘TOTAL EXPENDITURES $157,350
FUNDS ANTICIPATED FY2024 $100,638
FUNDS APPROPRIATED FY2023/FUNDS RECEIVED FY2023 $120,871/$121,000
‘Statement by Aaron Rosenberg, President of the Waterford Public Library Board
As we celebrated the 100" anniversary of the Waterford Public Library this year, it became abundantly
clear that the more things change, the more they stay the same. Yes, we have evolved from a modest
collection in a small facility to the vast and varied books and materials both in person and online, as well
as computers, and engaging programs in our modern, inviting facility. And yet, we pride ourselves on the
same warm, friendly staff eager to serve our residents. We consistently have been a hub of the town,
where all are able to discover enlightening, edifying and entertaining ways to enrich their lives. And
remarkably, these are available to every citizen at no expense.
The Library would not be able to maintain the high standards to which our community depends without
the generous support of our town leadership. | can think of no better investment in the intellectual,
cultural and social dimensions of our town than upholding the extraordinary contributions of the
Waterford Public Library.
ee


THE WATERFORD PUBLIC LIBRARY, INC.
FINANCIAL STATEMENTS
JUNE 30, 2023
(WITH SUMMARIZED COMPARATIVE FINANCIAL
INFORMATION FOR THE YEAR ENDED JUNE 30, 2022)
TOGETHER WITH INDEPENDENT
AUDITOR’S REPORT

Financial Statements
Statement of Assets, Liabilities, and Net Assets ~ Modified
Cash Basis
Statement of Revenues, Expenses, and Changes in Net Assets
~ Modified Cash Basis
Statement of Functional Expenses — Modified Cash Basis
Notes to Financial Statements

The Waterford Public Library, Inc.
Waterford, Connecticut
Opinion
‘We have audited the accompanying financial statements of The Waterford Public Library, Inc. (a nonprofit
organization), which comprise the statement of assets, liabilities, and net assets - modified cash basis as of June
30, 2023, and the related statements of revenues, expenses, and changes in net assets - modified cash basis, and
statement of functional expenses - modified cash basis, for the year then ended, and the related notes to the
financial statements,
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets,
liabilities, and net assets of The Waterford Public Library, Inc. as of June 30, 2023, and its support, revenue, and
‘expenses for the year then ended in accordance with the modified cash basis of accounting as described in Note
1
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Our responsibilities under those standards are further described in the Auditor's Responsibilities for
the Audit of the Financial Statements section of our report. We are required to be independent of The Waterford
Public Library, Inc. and to meet our other ethical responsibilities in accordance with the relevant ethical
requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Basis of Accounting
We draw attention to Note 1 of the financial statements, which describes the basis of accounting, The financial
statements are prepared on the modified cash basis of accounting, which is a basis of accounting other than
accounting, principles generally accepted in the United States of America. Our opinion is not modified with
respect to this matter.
‘Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with the modified cash basis of accounting described in Note 1, and for determining that the modified cash basis
of accounting is an acceptable basis for the preparation of the financial statements in the circumstances.
‘Management is also responsible for the design, implementation, and maintenance of internal control relevant to
the preparation and fair presentation of financial statements that are free from material misstatement, whether
ddue to fraud or error.
‘Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue the auditor’s report that includes our
opinion, Reasonable assurance is a high level of assurance but is not absolute and therefore is not a guarantee
that an audit conducted in accordance with generally accepted auditing standards will always detect a material
misstatement when it exists, The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting in error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control. Misstatements are considered material if there is a substantial likelihood that,
200 Sandy Hollow Road, Ste 2, PO Box 397, Mystic, Connecticut 06355 + p 860.536.9831 * f 860.536.0716
'567 Vauxhall Street Extension, #330, Waterford, Connecticut 06385 * p 860.443.1040 * { 860.444.2215
WWW.GSB-CPAS.COM

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
© Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
‘are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of The Waterford Public Library, Inc.'s internal control. Accordingly, no such opinion is
expressed.
‘+ Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the financial
‘statements.
* Conclude whether, in our judgement, there are conditions or events, considered in the aggregate, that
raise substantial doubt about The Waterford Public Library, Inc.’s ability to continue as a going concern
fora reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control related matters that
wwe identified during the audit.
Report on Summarized Comparative Information
We have previously audited The Waterford Public Library, Inc.'s 2022 financial statements, and we expressed
‘an unmodified opinion on those audited financial statements in our report dated October 3, 2022. In our opinion,
the summarized comparative information presented herein as of and for the year ended June 30, 2022, is
consistent, in all material respects, with the audited financial statements from which it has been derived.
Gates Gl Pavel up
September 14, 2023

Total current assets
Investments
Board designated endowment
Total investments
Non-current Assets
Art collections
‘Total non-current assets
Total assets
LIABILITIES AND NET ASSETS
Net Assets
‘Net assets without donor restrictions:
‘Available for operations
Board designated endowment
‘Total net assets without donor restrictions
Net assets with donor restrictions
Total net assets
‘Total liabilities and net assets.
3,287,467.
S276
55,600
55,600
$3,359,265
$ 59,680
3,287,467
aE ETAUI
12,118
5,359,265
$s 3,359,265
See accompanying notes to the financial statements
3
—_ ii
2,997,806
2997806"
55,600
55,600
3,062,275.
$ 58,055
2,997,806
3,055,861
6.414
TT an.275-
3,062,275

‘Annual mailing appeal 30,282 - 30,282 28,779
Other fundraising 9,908 - 9,908 341
Contributions and bequests 15,715 - 15,715 14,819
Intergovernmental 13,915 - 13,915 15,152
Book sales and service 7,066 - 7,066 6,565
Investment income, net 65,151 - 65,151 30,422
Gain (loss) on investment 310,510 - 310,510 (494,530)
Miscellaneous 9,199 - 9,199 8,537
[Net assets released from restriction:
Satisfaction of time or purpose requirement 9,837 (9,837) -
Total support and revenue 71,583 5,704 a7 287 50,204)
EXPENSES
Program services 173,881 - 173,881 157,858
‘Management and general 4,691 - 4,691 4,491
Fundraising 1725 : L725 1361
Total expenses 180,297 = 180,297 163,710.
Change in net assets 291,286 5,704 296,990 (513,914).
Net assets, beginning 3,055,861 6,414 3,062,275 3,576,189
Net asgets, ending 335477 S12, “$3,359,265 $3,062,275
See accompanying notes to the financial statements
4

Books and library materials
‘Online resources
Public relations
Grant expense
Office supplies
Special projects
Miscellaneous
Museum passes
Fundraising
‘Total expenditures
80,794 - - 80,794 73,316
26,452 - ~ 26,452 22,571
14,352 - - 14,352 13,001
9,837 - - 9,837 34,647
6575 - : 6375 4,002
6,502 - - 6,502 -
3,856 - ~ 3,856 3,716
1,250 - - 1,250 1,190
: = 1,725 Ls 1361
173,881 EXT is STs “S__1es.710
‘See accompanying notes to the financial statements
5

Basis of Accounting and Presentation
‘The financial statements of the Library have been prepared on the modified cash basis of accounting. Revenues
are recognized when received and expenses are recognized when paid. Contributions of collections are
recognized at fair market value when gifted.
Use of Estimates
The preparation of financial statements in accordance with the modified cash basis of accounting requires
management to make estimates and assumptions that affect the amounts reported in the financial statements and
accompanying notes. These estimates are based on information available at the time the financial statements are
prepared. Actual amounts or results could differ from these estimates.
Reclassifications
Certain reclassifications and adjustments have been made to the financial statements of the prior year in order to
conform to the current year presentation, These reclassifications have no effect on previously reported net
income ot total net assets.
Net Asset Categories
To ensure observance of limitations and restrictions placed on the use of resources available to the Library, the
accounts of the Library are maintained in the following net asset categories:
Net assets without donor restrictions — Net assets that are not subject to donor-imposed stipulations but may be
designated for specific purposes by the Board of Trustees (the Board).
© Board designated endowment - The Board has designated a portion of net assets without donor
restrictions that represents the market value of the Library’s endowment fund to emphasize that this
portion of net assets without donor restrictions is available for current operations only to the extent that
is set forth in the annual budget, subject to the endowment investment spending policy. See Note 4 for
more detail on the Library’s board designated endowment.
Net assets with donor restrictions — Net assets subject to donor-imposed stipulations that may or will be met
either by the actions of the Library and/or the passage of time, or which may be perpetual. When a restriction is
satisfied, the associated amount is reclassified from net assets with donor restrictions to net assets without donor
restrictions and is reported in the Statement of Revenues, Expenses, and Changes in Net Assets ~ Modified Cash
Basig as net assets released from restrictions. See Note 5 for more detail on the Library's net assets with donor
restrictions, which primarily consist of unspent grants.
Prior Year Summarized Financial Information
‘The financial statements include certain prior year summarized financial information in total but not by net asset
class. Such information does not include sufficient detail to constitute a presentation in conformity with the
modified cash basis of accounting. Accordingly, such information should be read in conjunction with the
Library’s audited financial statements as of and for the year ended June 30, 2022, from which the summarized
information was derived.

q
Cash and cash equivalents include cash on hand and highly liquid debt instruments with maturities of three
‘months or less at the date of purchase. This policy does not apply to funds with donor-imposed restrictions. The
Library maintains cash balances at one financial institution and such deposits may, at times, exceed federal
depository insurance limits.
Property and Equipment .
Property and equipment acquisitions which exceed $1,000 become the property of the Town of Waterford. The
Library expenses as program services all acquisitions less than $1,000. Maintenance and repairs are charged to
expense as incurred.
Art Collections
Asof July 1, 2005, the Library capitalized its art collection retroactively in conformity with accounting principles
generally accepted in the United States of America (US. GAAP). The art collection items acquired prior to July
1, 2005 were appraised and they were determined to have a value of $55,000. Subsequent to July 1, 2005, art
collection items acquired by the Library will be recorded at fair market value if donated, and at cost if purchased,
Investments .
Investments in marketable equity securities with readily determined fair values and investments in debt securities
are carried at fair value. Fair value is determined based on quoted market price (all Level 1 measurements).
Realized and unrealized gains and losses on these investments are reported in the Statement of Revenues,
Expenses, and Changes in Net Assets - Modified Cash Basis, as increases or decreases in net assets without
donor restrictions unless their use is restricted by explicit donor stipulations or by law. Investment income and
gains restricted by donors are reported as increases in net assets without donor restrictions ifthe restrictions are
‘met in the same reporting period in which the income and gains are recognized.
Fair Value of Financial Instruments
US GAAP defines fair value and establishes a framework that includes a hierarchy that categorizes and
prioritizes the sources used to measure and disclose fair value. Fair value is defined as the price that would be
received ina sale of an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The hierarchy is broken down into three levels of input that market participants would
Use in valuing the asset or liability, which can be summarized as follows:
Level 1 - Quoted
Level 2 — Quoted prices for similar assets and liabilities in active markets.
Level 3 ~ Valuation based on inputs that are unobservable therefore requiring management's best
estimate of what-market participants would use as fair value.
‘The level of a financial instrument within the fair value hierarchy is based on the lowest, or least observable,
level of input that is significant to the fair value measurement. Fair value estimates discussed herein are based
upon cértain market assumptions and pertinent information available to management. The respective carrying
value of certain on-balance-sheet financial instruments approximates their fair values due to the short-term nature
of these instruments.
At June 30, 2023, the Library’s Level I financial assets consist of investments which are valued at quoted market
prices in active markets for identical assets. The Library had no Level 2 or 3 financial assets.
1

The Library did not recognize any liability for uncertain tax positions as defined by US GAAP.
‘The Library's tax return for the year ended June 30, 2023 is subject to examination by the IRS, generally for
three years after it has been filed.
Subsequent Events
‘Management evaluated subsequent events through September 14, 2023, the date these financial statements were
available to be issued.
NOTE 2 - CONCENTRATIONS
Support and Revenue
‘The Library receives significant support in the form of salaries and ftinge benefits paid to the Town of Waterford
employees who provide.librarian staffing seryices to the Library and the use of the Library facilities which are
owned by the Town of Waterford. Any significant reduction in the level of this support would have a negative
impact on the Library’s programs and activities. :
Credit Risks
‘The Library's financial instruments that are exposed to concentrations of oredit risk consist of cash and cash
equivalents and investments. The Library places its cash deposits with high credit quality institutions. Such
deposits are fully covered by federal depository insurance. Investments are considered by management to be
sufficiently diversified to ize individual investment and industry concentration risks. However,
investments ere subject to risks of the securities market as a whole.
NOTE 3- INVESTMENTS AND FAIR VALUE MEASUREMENTS
“The cost and fair market value of the Library's investments (all Level 1) at June 30, 2023 and 2022 were as
follows:
Adjusted Unrealized Unrealized Estimated
June 30, 2023 Cost Gain Loss Fair Value
Equities. + SLI. $710,468 § =) 8 1981586
Bond funds . 29,588 - : 229,588
US Treasuries 415,718 F 6,036) 470,742
Exchange traded funds 338,884 202,980 - 541,864
Corporate stocks . 23,559 866 - 425
Money market funds 39262 = - 39,262
$237,189 $914 314, S__ (5,036), |$_ 3,287,467.

US Treasu
,
,
( ,
)
Bachange traded funds 338,884 124017 - 462,901
Corporate stocks 23,559" 1,206 - 24,765
Money market funds 26573 - 26573
$_2449287 $362,108 _S__(13,589) _$_2,997,806
‘A summary of the Library’s investment return is presented below at June 30, 2023 and 2022:
2003
Interest and dividends 75626 $43,098
Investment management fees (10,5475) (12,676)
Realized losses @5) 4371)
Unrealized tosses 310,535 (460,159)
Total retum on investments _$_375,661__$_ (464,108)
Management evaluates the Library's investment portfolio for other-than-temporary impairment at least on a
quarterly basis, and more frequently when economic or market conditions warrant such an evaluation.
Consideration is given to the length of time and the extent to which fair value has been less than cost, the financial
condition of the issuer, and the intent and ability of the Library to retain the investment until a recovery value is
achieved. .
‘Maturities on the Library’s investments at June 30, 2023 and 2022 were as follows:
2023, 2022
‘Amount ‘%to Total ‘Amount. %to Total
Less thari one year S 3,287,467 100% $2,525,712 84%
‘One'to five years - 0% 472,094 16%
$3,287,467, 100% _$ 2,997,806 100%
NOTE 4~ BOARD DESIGNATED ENDOWMENT
‘The Library's endowment consists of funds designated by the Board to function as endowments. The Board
designated endowment consists of the fair market value of the investment funds, without accrued interest. As
required by generally accepted accounting principles, net assets associated with endowments, including funds
designated as endowments, ate classified and reported based on the existence or absence of donor-imposed
restrictions.

[Net realized and unrealized losses 310,510 494.530)
Total investment retum, 386,136 (451,432)
Contributions 35,000 29,735
Endowment funds utilized for operations ' (121,000) 70,000)
Investment fees (10,475) (12,676)
Board designated endowment assets, end of year S__ 3,287,467, _$_ 2,997,806
Retum Objectives and Risk Parameters
The Library has adopted investment and spending policies for endowment assets that attempt to provide a
predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing
power of the endowment assets. Actual returns in any given year may vary from this amount. Endowment assets
include those funds designated as endowment by the Board.
is ed for Achievins i
To ‘satisfy its long-term rate-of-return objective, the Library relies on a total return strategy in which the
investment fetus are achieved through both a capital appreciation (realized and unrealized) and current yield
(interest and dividends). ‘The general policy is to diversify investments within both equity and fixed-income
securities so as to provide a balance that will enhance total return while évoiding undue risk concentration in any
single asset class or investment category.
icy and How the Invest ject nding Pol
‘The investments aie comprised of a board designated endowment fund. With regards to these funds, the Library
has adopted an investment policy with the primary objective of providing resources and appropriate oversight
of the funds to further the mission statement of the Library, now and in the future. As part of the investment
policy, the Library has adopted a spending policy by which the Board shall limit allocated endowment funding
in any fiscal year to between 3% and 5% of the average market value of the board designated endowment fund
for the previous three prior fiscal years ending June 30.
Additionally, the Board has designated the Finance Committee (the Committee) to effectively oversee the
management of the endowment fund. The Committee is charged with having a semiannual account review
between themselves and the outside investment managers to review the performance of the investments.
NOTE 5- NET ASSETS WITH DONOR RESTRICTIONS
‘At June 30, 2023 and 3022, net assets with donor restrictions consisted of the following:
2022
Purpose restriction:
Unspent grants S$ 12g, 8 414
‘The restrictions placed on the funds by the donors stipulate when the funds may be used (timing restriction). All
of the funds with restrictions are expected to be spent in the following year, Net assets with donor restrictions
were released from restriction by incurring expenses satisfying the restricted purpose specified by the donor or
by the passage of time. The net assets released from restrictions for the years ending June 30, 2023 and 2022
were $9,837 and $35,027, respectively.
10

Financial assets
Cash and cash equivalents S$ 16198 S$ 8869
Investments : : 3,287,467 2,997,806
Financial assets, end of year 3,303,665 3,006,675
Less: those unavailable for general expenditure in one year
Net assets with donor restrictions 12,118 644
Board designated endowment and reserve funds : .
not currently authorized for expenditure (96%) 3,155,968 2871,894
Financial assets available for general emenditure within ohe year $135,579 _S__ 122,367,
Board designated endowment funds are authorized by the Board for expenditure.
u


M. Wagner. Also present, C. Johnson, Library Director. Not present: E. Boyce, N. Dragoli, C.
Giordano and A. Simpson*
*due to Zoom connection problems.
With a quorum present virtually, the trustees of the Waterford Public Library addressed two issues.
The first was the Library's FY2025 Town Budget Request. In approving the Budget Request
document prepared by Director Christine Johnson, we agreed upon the figure of $1,006,837 which
represents a zero increase budget per the directive of the First Selectman.
The second item for discussion was the FY2025 Trust Budget, that is, the amount of funds from
the Endowment to supplement books, materials, programs and other special library needs. As per
our discussion at the Nov. 14, 2023 Board Meeting, we agreed to transfer $115,000 representing
3.52% of the rolling three-year average value of the endowment.
The meeting was adjourned at 6:22 p.m.
Respectfully submitted,
Joy Merrill, Secretary
December 26, 2023


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The Waterford Police Department is a 24-hour, 7-day a week and 365 days per year public
safety and community outreach agency. As the police department is staffed around the clock,
we are able to assist other agencies with their needs while also serving in a law enforcement
capacity.
The police department employs 49 sworn officers, 17 part-time Community Service Officers, 5
support staff personnel and 1 custodian.
‘The Animal Control Officer program is a split cost with the Town of East Lyme and employs two
full-time Animal Control Officers.

‘The Waterford Police Department prides itself as being an integral part of the town and our
municipal government. Our agency is passionate about community outreach and engagement,
strengthening our relationships with the community we serve and delivering high quality police
services, We work closely with other town departments and the Board of Education in an effort
to make Waterford a safe place to live, work and visit.
As the police department attempts to be completely transparent in the presentation of our
budget request, the following factors are critical elements to consider this year:
This year’s request is an increase of 4.66% from last year. This increase is primarily driven by
the request to increase the size of the department from 49 sworn officers to 52 sworn officers.
The overall cost to this budget request for the addition of three new officers is $262,773.
‘Without this increase, our annual request would be 0.81% as we reduced in every area that
was reasonable, to focus on the staffing increase request.
‘On May 8, 2023, the Board of Police Commissioners approved the request from Chief
Balestracci to increase the size of the department by three officers. On May 10, 2023, a formal
request was submitted to the First Selectman’s office detailing the request. This increase, if
approved, factors into several line items as it impacts salary, equipment, training and benefits.
The back-up information referencing the need and initial costs for this increase have been
included with this year’s budget request to ensure full transparency as it is being reviewed. (See
attachments following this summary)
In addition, the collective bargaining agreement between the Waterford Police Union and the
‘Town of Waterford was approved by the Representative Town Meeting (RTM) on November
14, 2022. This agreement impacts this year’s budget request by representing a wage increase
for every Waterford Police Officer of 2.75% effective July 1, 2024.
The collective bargaining agreement between the civilian staff who work at the police
department and the Town of Waterford was approved by the Representative Town Meeting
(RTM) on November 14, 2022. This agreement also impacts this year’s budget request by
representing a wage Increase for every civilian employee of 2.75% effective July 1, 2024.
OO

cause the F.I.C.A. line item request to rise by $23,508.
‘To summarize, the 51000 series increase in our budget request is $326,309, whereas the 52000
series increased $16,444, the 53000 series decreased $17,126 and the 54000 series was
red