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Library trustees report $580k–$600k shortfall, outline fundraising and grant plan
Summary
Library trustees told the Select Board the project has a $1.5 million capital grant and additional contingency but still faces a roughly $580,000–$600,000 shortfall; trustees plan fund-raising, several grant applications and a Jan. 20 meeting with the Department of Libraries to seek options.
Kelly, who spoke for the library trustees, presented the project's current finances and told the Select Board the capital grant was $1,500,000 with another $180,000 set aside as contingency, $37,000 in a reserve fund and about $40,000 in donations and other grants. "So this is total revenue," Kelly said, and then described an outstanding gap that trustees estimate between $580,000 and $600,000.
Trustees said they have three active grant applications and will meet with the state Department of Libraries on Jan. 20 to discuss the shortfall and possible remedies. Kelly said smaller, quicker funding sources (for example, a $50,000 T-Mobile program and a community bank option) could help with cash flow, while larger grants or a bond vote at town meeting could address the remaining gap. "We plan to do the best we can to raise the money to fill in the gap," Kelly said.
Board members asked for clearer, line-item figures before the next Select Board meeting and asked the library to forward reports and meeting invites to the new town administrator. The board offered limited short-term borrowing as a possibility if funds could not be raised quickly and asked trustees to return on the next meeting with an updated expense report and an explicit fundraising plan. The trustees said they will present more detailed numbers at the board's February meeting and that they meet again Jan. 21 with the library board.
