Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Library Levy topic
No spam. Unsubscribe anytime.
Library board uses reserves; Bloomington library tax rate falls though levy dollars rise slightly
Summary
Bloomington Public Library recommended using capital reserves to reduce the tax rate; the library levy results in a 1.94% increase in dollars levied but a 5.51% reduction in the tax rate, and the council approved the library levy ordinance with one nay.
The Bloomington City Council considered and approved an ordinance levying taxes for the Bloomington Public Library during the Dec. 15 meeting. Library Director Jeanne Hamilton and Library Board President Katrina Parker presented the item, saying property tax makes up around 85% of the library's revenue and the library represents roughly 4% of the total property tax levy.
Director Hamilton said the board opted to use some capital reserves to lower the amount of tax required for bond repayment. The result, she said, is a $ (dollar) increase in the amount levied of about 1.94% but a 5.51% reduction in the library's tax rate compared with previous calculations. The library cited seasonality in costs and recent union contract settlements as reasons to be conservative in forecasting for next year.
Council discussion asked about the library's current spending relative to its budget and whether the modest levy change was required given current-year underspending; the director said some large liabilities (for example, liability insurance and subscription renewals) are pending and the board judged the requested amount appropriate.
Member Lee cast the sole recorded nay; clerk announced the item passed with one no. The ordinance passed as presented. The council recorded appreciation for the library's fiscal management and leadership in the first full year in the expanded facility.
Ending: Library levy ordinance approved on Dec. 15; library staff will continue to monitor expenditures and report back as part of regular budget processes.
