Grand County Libraries take steps to avoid fallout from financial meltdown |

Grand County Libraries take steps to avoid fallout from financial meltdown

To the Editor:I have very good news for you in this current climate of financial meltdown. The Grand County Library District & Grand County Libraries Foundation, on advice from many of our most expert financial citizens, took action in the early spring of this year to reposition our reserve funds. We moved them from ANY financial risk (approximately $1 million ) and moved them into local banks Certificates of Deposit which are fully FDIC insured.It was a win-win situation as your funds are federally insured and invested locally where they can have the most impact on local lending. The net result of this fiscally prudent move is that we gained several thousand dollars in interest income while placing ALL funds under FDIC protection. Thus, we came out ahead on our balance sheet with your taxpayer dollars.We asked all of you to help us secure $250,000 in challenge grants and every town in this county responded positively through grants or letters of support. This is how we repay your confidence. We are committed to excellence and our vision is: “To be the Peak of Excellence in Mountain Libraries, spanning the Divide.” Visitors often remark about the phenomenal library system we have that far exceeds their own. That is significant in a county with large second-home ownership and a 15,000 citizen permanent population.We, as Library District trustees appointed by the Grand County commissioners, thank you for your confidence in us in fulfilling our fiduciary responsibility. We believe truly that our local library is our most precious community asset. So, we have created a nonprofit foundation with a goal of $4 million to $5 million capitalization for the preservation of these magnificent resources. We want to be in a position to devote ALL taxpayer money to programs, collections & staffing. Please bear in mind that it was these very Library Foundation trustees who are responsible for our fortunate economic results and the Library District trustees who are responsible for operational excellence.We are asking you to contribute what and when you can, to the Grand County Libraries Foundation. Consider us for future planned giving; significant tax benefits are there for Coloradans who itemize deductions. We appreciate every dollar and we are good stewards.Please take advantage of all of the resources we provide to everyone (books, CDs, DVDs, free Internet access, meeting rooms, book clubs, etc), as the result of your generous support to our community.Bill TetlowPresidentGrand County Library DistrictGrand County Libraries Foundation

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