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<br />Library Local Option Levy - Fund 111 - Six Year Financial Forecast FY07 - FY12
<br />Executive Summary
<br />Includes shift to General Fund of $700,00 in services in FY08
<br />Major Issues for this Fund:
<br />The current Library Local Option Levy was approved in 2002. The levy is set at $4.9 million annually for FY04 through FY07 to support branch operations and support
<br />Main Library services. If voters do not approve renewal of the levy, these operations will need other funding or will have to be reduced. Services amounting to $700,000
<br />annually are expected to be assumed by the General Fund beginning in FY08. With this assumption, a new Local Option Levy at a rate of $0.41 per $1000 of assessed
<br />value will be required for FY08 through FY11 to continue current services.
<br />ActualActualEstimatedProposedForecast
<br />FY04FY05FY06FY07FY08FY09FY10FY11FY12
<br />Resources
<br />Beginning Working Capital 1,102,799 1,865,063 2,129,527 2,065,320 1,892,000 1,704,000 1,440,000 1,220,000 1,071,000
<br />Revenues
<br />Property Tax Revenue 4,693,011 4,708,673 4,708,427 4,731,159 4,341,000 4,520,000 4,734,000 4,990,000 122,000
<br />Rental Revenue 23,653 24,199 24,814 25,240 25,000 25,000 25,000 25,000 25,000
<br />Other Revenue 28,486 58,198 95,700 115,751 88,000 84,000 71,000 61,000 33,000
<br />Total Revenue 4,745,149 4,791,070 4,828,941 4,872,150 4,454,000 4,629,000 4,830,000 5,076,000 180,000
<br />Total Resources
<br /> 5,847,948 6,656,133 6,958,468 6,937,470 6,346,000 6,333,000 6,270,000 6,296,000 1,251,000
<br />Requirements
<br />Expenditures
<br />Bethel Branch 358,672 406,670 474,028 479,328 498,000 513,000 529,000 547,000 565,000
<br />Sheldon Branch 383,701 440,355 495,319 485,905 509,000 524,000 541,000 559,000 578,000
<br />Main Library 3,240,512 3,679,582 3,923,801 4,080,469 4,275,000 4,401,000 4,533,000 4,677,000 4,830,000
<br />Nondepartmental - - - -
<br />Shift of Services to General Fund (700,000) (712,000) (724,000) (737,000) (750,000)
<br />Contingency - 137,000 142,000 146,000 151,000 -
<br />Total Expenditures 3,982,885 4,526,607 4,893,148 5,045,702 4,719,000 4,868,000 5,025,000 5,197,000 5,223,000
<br />Surplus/(Deficit) 762,265 264,464 (64,207) (173,552) (265,000) (239,000) (195,000) (121,000) (5,043,000)
<br />Total Ending Fund Balance 1,865,064 2,129,527 2,065,320 1,891,768 1,704,000 1,440,000 1,220,000 1,071,000 -
<br />Total Requirements
<br /> 5,847,948 6,656,133 6,958,468 6,937,470 6,346,000 6,333,000 6,270,000 6,296,000 4,382,000
<br />Target Unappropriated Ending Fund Balance - - - 840,950 764,000 788,000 813,000 841,000
<br /> -
<br />Amount Above or (Below) Target - - - 1,050,817 940,000 652,000 407,000 230,000 -
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<br />Notes:
<br />Target ending fund balance equals two months operating expenditures.
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