Board Minutes

Meeting Date

Next Meeting: February 9, 2022


William R. Dunaway Community Meeting Room

MINUTES of the regular meeting of the PItkin County Library Board of Trustees on November

17, 2021. The meeting was called to order at 12:05 p.m.

ROLL CALL: Trustees present: Barbara Reid, Barbara Smith, Judy Wrigley, John Wilkinson,

and Austine Stitt. New trustee Ashley Connolly and guest Wally Obermeyer attended via Zoom.

New alternate trustees Elizabeth Stewart-Severy and Erin Cummins were also present along with

Kathy Chandler and staff members Genevieve Smith and TJ Kaiser. Erin Cummins voted in

place of Elizabeth Nix who was absent.


APPROVAL OF MINUTES: Austine Stitt moved to approve the minutes of the October 12,

2021 meeting. Barbara Smith seconded her motion which passed unanimously. 

OLD BUSINESS: Jeremiah Hines of Audio Video Experts presented three proposals for the

Meeting Room projector and sound system. TJ Kaiser and John Wilkinson served as fellow

committee members to research systems. The favored proposal will definitely enhance the

viewers’ enjoyment of movies. A motion was made by Barbara Reid and seconded by Austine

Stitt to select the third (most expensive) proposal. The motion was passed by all Trustees with

one exception by Barbara Smith.

TRUSTEE COMMENTS:  Austine Stitt inquired about Molly Ireland, and Kathy gave an

update. Barbara Smith explained her “no” vote on the motion to approve the purchase of a new projector

and sound system for the Dunaway Community Meeting Room. Judy Wrigley shared a concern

about the movie series’ future. John Wilkinson will confer with Jeremiah Hines about exploring

another high quality option for the Board to consider.

LIBRARIAN’S REPORT: Kathy Chandler gave a recap of the history of the capital reserve fund

for the new trustees along with an explanation for inviting Wally Obermeyer to offer us guidance

on seeking a better return on our investment. 

NEW BUSINESS: Wally Obermeyer of Obermeyer Investments graciously donated his time to

give guidance to the Board on investing the capital reserve fund of $1,725,235 that is money that

had been gifted to the library. He advised us to invest long term funds (5+ years or possibly 3+)

into 60% equities and 40% bonds which he called moderately aggressive. Later on, he said there

is nothing wrong with starting conservatively (50% equities). He advised us to run any new

allocations through the Pitkin County Attorney and Treasurer to make sure the County is

comfortable with the allocations. Also, Wally said we should devise an investment policy with

our advisor that should include restrictions regarding the quality of the investments, types of

bonds, and diversification. In addition, he said the Board should consider dollar cost averaging over a 12 month period.

He acknowledged that “timing” the market is difficult. The Board thanked Wally for his time and advice.

A Nominating Committee for Election of Officers consisting of Austine Stitt, Barbara Smith, and

Judy Wrigley was formed to select nominees for next year’s officers. The slate will be presented

at the January 2022 meeting. Austine Stitt offered her resignation as Vice President. 

Due to concern about the ongoing pandemic and group gatherings the Holiday Potluck has been

cancelled again.


January 12, 2022 April 13, 2022

February 9, 2022 May 11, 2022

March 9, 2022 June 8, 2022

ADJOURNMENT: A motion was made by Judy Wrigley and seconded by Barbara Reid to

adjourn the meeting at 1:37 p.m.


Judy Wrigley