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.
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.
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.
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.