Daily Independent (Ashland, KY)

August 20, 2013

Boyd library board OKs tax-rate reduction

Staff report
The Independent

ASHLAND — The Boyd County Public Library Board of Trustees has set a budget for the 2013-14 fiscal year that once again reduces both the real property and personal property tax rates for county residents.

The board voted unanimously in favor of the tax rate reduction at a meeting this week. The decision comes on the heels of BCPL’s record-breaking year in terms of items checked out. In the fiscal year that ended June 30, library patrons checked out a total of 523,152 books, videos, audio books, music, magazines, e-materials and equipment. That number represents a 7.8 percent increase from the previous year.

The board’s budget for the current fiscal year (which began July 1) reduces the real property rate from 13.6 cents (per $100 of value) to 12.4 cents. It also reduces the personal property rate from 13.91 cents to 12.4 cents.

The rates will allow BCPL to bring in sufficient funds to cover the library’s operating expenses in 2013-14, said Director Debbie Cosper. Capital improvement projects will come primarily from the library’s reserve funds.

Revenue from real and personal property is expected to total just slightly more than $3 million in 2013-14. That is 82.5 percent of the library’s overall operating budget. The remainder comes from a combination of other state taxes and library fines and fees.

“This new rate will allow the library to meet its budget, without adding to taxpayers’ burden,” Cosper said.

Last year, BCPL received about 7 percent less (in real and property taxes) than was budgeted, and Cosper said she expects the same to hold true this year. Anyone wanting to know more about the library budget and tax rate can contact Cosper at dcosper@thebookplace.org or (606) 329-0518, ext. 1110.