Library rainy day fund to pay for roof, materials

The Waterford Township Board of Trustees approved several amendments to the Waterford Township Public Library’s operations budget on Monday, Sept. 24, drawing over $364,000 from the library’s fund balance now that a renewal of the library’s millage passed during the Aug. 7 primary election.

The library had held money in reserve in case of a different outcome during the election.

“The $1.1 million in reserves has been accumulating since 2004,” said Library Director Joan Rogers. “Whatever hasn’t been spent from the previous year goes into the fund balance. We haven’t been drawing on it in case the millage didn’t pass to use it to operate the library and (meet) obligations to vendors. We didn’t want to touch it until the millage was renewed.”

The millage is expected to generate $1.76 million in its first collection in January under the renewal, compared to the $1.80 million collected in February 2012.

“It’s about $100,000 less than last year due to property values (declining),” Rogers said. “We will draw down on fund balance until the millage funds get the fund balance to 15 percent as recommended by our auditors, Plante Moran.”

The millage funds will be collected and distributed effective Jan. 1, 2013. The library’s fund balance as of Jan. 1 was $1.174 million.

In addition to the $364,400 taken from the fund balance, another $40,000 from the fund balance will be used, as already approved in the 2012 budget.

The money will be used to replace the library’s roof, which is now 20-years-old.

“Our last construction project was in 2004,” Rogers said. “Now we have funds available to take care of capital improvements.”

The new roof will cost approximately $300,000.

Another $30,000 will be used to purchase library books and reference materials.

“Since 2008, we have reduced spending on the collection by 68 percent,” Rogers said. “The dollars will be spent for such needs as children’s materials, audio (materials), and best-sellers.”

About $12,400 will used for computer upgrades.

“We have deferred upgrades (for) 2 to 3 years. We need to keep up on this for Internet public workstations,” Rogers said.

Lastly, $27,000 will be spent for books and magazines, and office and operating supplies, along with a reserve in case the library must use matching funds for grants.