Nyack Library

1. Budget amendments shall be made when a significant overrun situation is encountered provided that:
   1. Offset or balancing budget adjustments be made to a specific line item only if there is separate justification for the adjustment of that line item, otherwise the adjustment shall be made to the General Fund (prior year reserve).
   2. Regular monthly reporting should also show performance with respect to the initially approved budget.
2. Future budgets should provide for a contingency to cover unforeseen expenditures.
3. There shall be a classification of five major categories of expenditure for budget reporting:
   1. Salaries and Benefits
   2. Library Materials
   3. Operations
   4. Maintenance of Buildings
   5. Debt Service
4. Regarding Operation Budget Expenditures:
   1. The Director shall have the authority to shift and amend budgets without Board approval within each major classification so long as the total within the classification does not exceed the adopted budget by $2,000.
   2. Budget transfers between classifications shall be proposed to the Board for approval as they occur.
   3. Increases in classification budgets, (section C), which result in an overall operating budget increase shall be proposed to the Board for approval.
   4. A final year-end amendment to adjust budget line items will be proposed for adoption at the June meeting.
   5. For any single expenditure or commitment of $10,000 or greater not otherwise specifically provided for, the Director shall seek approval of the Board and shall seek and provide three (3) responsible estimates. Any expenditure or commitment greater than $20,000 shall require a bidding (or RFP) process.

Revised 6/12/17
Adopted 03/05/07