The Library District’s Board of Trustees adopted the FY 2014-2015 budget starting July 1, 2014, through June 30, 2015, at its Board Meeting held on May 15, 2014. The budget’s General Fund, or operating fund, is $55.4 million.
“Six years of cost reduction, expenditure management and personnel cost containment have paid off,” said Library District Executive Director Jeanne Goodrich. “The District has turned the corner and is projecting a 2% increase in property tax revenue and a 6.6% increase in consolidated tax revenue. We are delighted that we can finally expand our computer lab and homework help services, expand services to children and families at the renovated Sunrise Library and shore up critical support services.”
The Budget also provides for expanded hours at the Sandy Valley Library in response to community request and usage, a Library Materials budget of $8M, and transfers to the Capital Projects Fund to provide funding for identified repairs, maintenance, and construction projects.
The Budget positions the District for the future through the establishment of Capital Projects Funds for needed furniture replacement, and opening day collections for new or enlarged facilities. It funds the implementation of a comprehensive services and facilities master plan to address the needs of both the District’s aging facilities inventory and the demands from population growth.
“By tightening our belt significantly during the tough times, the District is now in a position to build its capacity to meet community needs, while maintaining a prudent ending fund balance. The Adopted Budget is sustainable, using conservative expenditure and revenue estimates over the next 15 years.
The Library District is an independent taxing entity that levies and collects its own taxes. Ninety-two percent of the District’s revenue is from a combination of property tax and the consolidated sales tax.
The Adopted Budget for FY 2014-2015 may be found on the District’s website.