2023-04-24 Meeting notes

Treasurer's Update

@Paula Sullenger 

• Current projections show an ending FY23 balance of $140,000, but

  • $30,000 was FY22 income already put aside in reserve fund

  • $36,000 in FY23 expenses will not be billed until FY24

  • $60,000 in FY23 income was prepaid memberships (we will not see these funds in FY24-FY27)

• "Actual" ending balance of $17,000

• Recommendation: Put $60,000 into reserve fund

• Total reserve would be $150,000

• Six-month reserve under current expenses $200,000

FY24 Budget Planning

@Paula Sullenger 

Paula will present draft FY24 budget, Discuss options (30mins)

FY24 projected income is based on current memberships all renewing at same level, minus prepaid memberships

• Income: $375,000 (memberships) + $109,000 (Ebsco tech support) = $484,000

• Expenses:

  • With current AWS expenses and developer: $464,000 (barely break even)

  • With current AWS expenses, without developer: $320,000 ($160,000 available for other expenses)

  • With reduced AWS expenses, without developer: $270,000 ($210,000 available for other expenses)

• Expect LC to join with a 5-year prepayment

  • Recommendation: Put this prepayment amount immediately into reserve fund, will meet our goal of six months of expenses

• Options for spending $150,000 - $200,000 in FY24?

  • Pay for other needed positions in the organization?

  • Buy out part/half time of individuals to perform needed functions?

    • Dev lead?

  • Other wish list items from the project?

From Chat:

Maccabee Levine: Kitfox expects AWS costs will be ~16k monthly next month.  Work to reduce costs ongoing.
Dracine Hodges: Thanks, Paula.
Maccabee Levine : Appreciate Mike's suggestion to ask other councils for input.

FOLIO terminology

@Simeon Warner 

See v3 https://docs.google.com/document/d/1IkI_bKUl4XlKTZWbfPNOcxDri4Ss8SBN9LrcIDl3sbc/edit# which was an accept of previous edits and the result of 2023-04-13 Tri-Council Meeting discussion

• There was agreement on all terms except "platform"

• Does CC wish to suggest any changes to "platform" or leave as is? This might be a task better left to TC.

• Discussion

  • Short discussion - general support and thanks to the authors

Review Governance

@Mike Gorrell 

Quick check in on whether CC is in a position to execute on its documented role in Governance of FOLIO

• Discussion - Does the recent charter stil fit for Community Council?

• Tri-Council chairs are proposing to review each councils charter

• No context to the near elections

• Review charter with the new council - address the named tasks and find ways to be more actionable

• Charter in itself is good. Nothing in, that should be put out

• Do we need to add bullets?  No.

Other Business

Election update - @Marko Knepper 

• Nominations will end today (April 24, 2023)

• 8  nominees in PC for 6 open seats

• 6  nominees  in TC for 5 open seats

• 6 nominees in CC for 8 open seats

Proposal: extend the deadline to find a least 2 more CC nominees to fill the open seats. 

• Action item: Outreach to EBSCO, LOC and Nat. Libr. of Australia to provide a nominee by CC chairs

• Action item: Extension of nomination time until May 1, 2023

Meeting with National Library of Australia - memberships and elections - @Mike Gorrell 

• Thursdsay (8 am Australia, 5/6 pm , US) /Friday (0:00, EU)