September 25, 2013 | eva
At the Budget Hearing on September 19, 2013, the Library Board of Trustees adopted the 2014 budget and set the 2014 millage rate. The millage rate remains the same at 1.5437, and the total 2014 budget of $5,599,410 reflects use of some of our Fund Balance (essentially, our savings account) to 1) make building improvements, and 2) bring the library's pension account to 100% funding.
1) As a result of patron feedback and suggestions, our 2012-2015 Strategic
Plan includes a comprehensive look at how library spaces are used, how
that usage has changed over time, and what changes you'd like to see to
improve our interactions with you. In addition to your feedback and suggestions, we also considered the entire building; the original library building is now 25 years old, and the library additions are now 12 years old. Much of our equipment and fixtures date back to the original construction and are due (some overdue) for replacement. In 2013, we were able, through donations and use of Fund Balance, to update and renovate some library spaces--new study rooms were added in the east wing of the library, and renovations were done in our Community Room and Quiet Study Room, as well as in the staff kitchen. These updates and replacements will continue in 2014 with updates to the main area of the library, with our Patron Service Improvement Project (PSI Project).
The PSI Project will help patrons find the help they need more easily, and create a consolidated copy center and work space, which will improve the patron experience overall. In addition, our service desks will be made ADA-compliant, and we will replace worn carpeting and furniture. The Canton Public Library has been recognized again and again for our excellent service, and the PSI Project will take us to the next level. Stay tuned to our website for further information and updates as the project progresses in 2014.
2) The Board of Trustees are the financial stewards of the library, with priority placed on long-term financial sustainability. With this in mind, the Board authorized a one-time payment in 2014 to fund the library's pension to 100% of the actuarial liability, using money from Fund Balance that they specifically set aside for this purpose. This 100% funding positively impacts our accounting and auditing statements, demonstrates the library's commitment to financial stability, and ensures that our long-term obligations continue to be satisfied.
The 2014 Budget is available here. I'd like to thank our elected trustees for their governance, our dedicated staff for their hard work crafting this balanced budget, and our community for your continued support of our award-winning excellence. Please feel free to contact me if you have any questions.
Eva M. Davis, Director