As a member of the Clearview Library of Trustees (WHO IS NOT SPEAKING ON THE BOARD’S BEHALF), I have received some questions regarding how the library is financed, its budget, and operating costs.
Did the original .5 mill levy approved by voters to build the Third Street library ever sunset? When was the library bond paid off?
Below is a timeline of the Clearview Library mill levy, as documented on their website.
- 1985: Windsor Severance Library District formed at 1.5 mills
- 1995: Voter-approved tax increase (1.740 mills, 0.93 bond)
- 2001: Voter-approved mill levy increase NTE 3.546 mills (1 mill increase) and TABOR 2 prevention (“de-Bruced”)
- 2011: Third Street building is paid off four years early (0.93 bond sunsetted)
Is the library still collecting 2 mills for operations and maintenance of the library? What is the total mill levy for the library district?
Each year, the Library Board-approved mill levy is certified by the Library Director to Weld County. A 3.546 mill levy currently funds our district to support operations.
The current mill levy was set and approved by voters back in 2001.
How much cash-on-hand does the library district have?
As of August 2023 close:
– ($4,663,582.38) Lease loan funding for Severance build, 100% committed.
– ($2,401,575.67) Long Term Building Fund, allocated for Severance build
– ($1,188,440.36) Capital Fund Reserve
– ($3,256,726.80) Operating Fund Reserve. Reserve targeted to be equal to 12 months operating budget
– ($1,188,812.68) Checking Account
– ($544.70) Cash on Hand
Total Committed or reserved funds: ($11,699,702.89)
Current Non-committed: $2,187,361.49 (Edit Oct 6, 1pm):*
*Keep in mind that our budgeted expenses are $404,092.16 per month, so we anticipate the remaining expenses for the last 4 months of 2023 to total $1,616,368.60, with little remaining income to be collected. Taking this into account our adjusted Non-Committed number is $570,992.80.
What is its operations budget this year and next?
2023: $6,091,415.00 Revenue. ($4,671,689.86) Expense
2024: This budget is being finalized. The first reading is scheduled for the October 26 regular business meeting.
How much is the library district paying to build the Severance library branch? What will its operating and maintenance budget be once it opens?
Current Severance Budget: $7,610,239.27, which includes finish, furniture, land acquisition, books and materials, IT, and audio/visual. As for operations and maintenance: that budget is currently being finalized and is scheduled for a first reading at the October 26 regular business meeting.