New Hoag Library budget would raise taxes 1.6%
ALBION – The Hoag Library Board of Trustees last week approved a 2015 budget that stays under the tax cap and will go before voters on May 19.
The $698,601 budget increases spending by 2.2 percent or by $14,941 from the $683,660 approved for 2014. However, the amount of taxes collected to support the library would increase by 1.6 percent or by $10,551 from $669,860 to $680,411.
Most of the spending increase can be attributed to the $10,000 in “transition costs” for selling the former Swan Library and clearing out the historic building. The library has incurred legal costs, and expects it will hire a professional mover and will need to rent storage units for some of the valuable items that remain in the Swan building.
The library expects to close on selling the building next month for $53,000 from Chad Fabry of Holley. Proceeds from the sale will be used to pay down the mortgage on the Hoag Library, which opened in July 2012.
The library budget reduces payroll from $278,337 to $269,384. Social Security and Medicare would rise from a budgeted $17,256 in 2014 to $24,550 this year.
The library budgeted $61,000 for new library books in 2014, but only spent $37,698. The 2015 budget sets aside $50,000 for new books.
The vote for the budget will be from noon to 8 p.m. on May 19 at the elementary school.