Financial Policies

Setting the Tax Rate

The Hannibal Free Public Library, as a corporate body and subdivision of the State of Missouri, certifies a tax rate in a manner prescribed by the Revised Statutes of Missouri.


The Hannibal Free Public Library is audited annually as a part of the City of Hannibal audit. A copy of the Library's portion of the audit is sent to the State Auditor. The Library makes auditing documents available for inspection by the public.

Bonding and Insurance

The Hannibal Free Public Library maintains liability insurance and an errors and omissions policy on its board and staff. The Library purchases a bond for the Board Treasurer.


Investment Policy 12-8-14

City Accounts

The Hannibal Free Public Library maintains an account at City Hall sufficient to pay all current obligations. Monies not needed within a period of two to three months are transferred to the Treasurer's Account for investment. The monies from the Treasurer's Account are transferred to City Hall to meet obligations as necessary.

Treasurer's Account

The Hannibal Free Public Library contracts with a local trustee department to manage the funds in the Treasurer's Account. The management of the account shall be bid at least every five years.