Birmingham libraries may consider investment changes after $87,000 in losses

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BIRMINGHAM, Ala. (WIAT) — Trustees of the Birmingham Public Library (BPL) may soon consider changes to some investments after losing around $87,000, a library official said in a meeting Tuesday afternoon.

During a regularly scheduled meeting of the Birmingham Public Library board, Damein Baity, the system’s chief financial officer, advised trustees that a Region’s bank investment account held by the library system lost around $41,000 “just this period” and, in total, has lost around $87,000 through the end of last month.

Baity said that the board that its finance committee should meet to consider options related to the investment account because of “volatile” market conditions.

“I did reach out to the Region’s rep,” Baity said. “And I think we need to reconvene the finance committee to look at it further and see what other options we have to help stabilize this account.”

Board trustees did not ask any questions about the account at Tuesday’s meeting.

BPL Executive Director Janine Langston also announced at the meeting that the World Games will impact the Avondale library’s operation and will cause July’s board meeting to be held at the library branch in North Birmingham.

Board trustees voted to close the Avondale branch July 8 through 15.

“In preparation for the World Games 2022, a team of local and federal law enforcement partners conducted site surveys at all venues for overall safety conditions,” Langston said in the meeting. “During this site survey, it was determined that the Avondale branch library is extremely close in proximity to the athletes’ course of play and the spectators’ area and the library will fall within the perimeter of Avondale park’s ‘sterile area.’”

Langston said security officials recommended that one library staffer remain at the library during the closure. She said that the facility will be made available for law enforcement.



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