The Indianapolis Public Library 2014 Budget Presentation explore

Transcription

The Indianapolis Public Library
2014 Budget Presentation
Yours to explore
INTRODUCTION
Top 10 Common Questions About the Library and Its Budget
How is the Library governed and who are the current Board members?
What percentage of the Library’s budget is supported by property taxes?
How much does the Library receive in grants and gifts?
Page 4
Page 21
Page 17
How much of my fines/fees contribute to the Library’s revenue?
Page 17 or 21
How much does the Library receive in County Option Income Taxes?
Page 16 & 22
Page 3 - detail pages 25-27, 31, 37
What is the total budget of the Library?
What percentage of the budget is spent on employees/benefits?
Page 24
What impact has the property tax caps had on the Library? Page 19
What is the Library’s Capital Projects Fund and its related budget? Pages 29-31
Page 34
How much debt does the Library have?
Want to find something else?
See more detail in the Table of Contents, or visit us at
www.indypl.org
1
Table of Contents
Mission Statement
The Indianapolis Public Library is the
community's place to access essential
information resources, technology,
programs and services; foster reading and
learning and promote the social, economic,
recreational and lifelong learning interests of
its diverse population.
Introduction
Top 10 Common Questions About the Library and
its Budget…………………………………………………….
Table of Contents…………………..……………………...
Executive Summary..………………................................
Library Governance..…………………............................
Statistics………………………………………………..........
1
2
3
4-7
8-11
Budget Calendar and Approval Process…………..…
12
Operating Fund
Revenue Sources…………………..……………..............
14-19
Revenue Assumptions…………………………………….
20
2014 Estimated Revenue….…………….………………..
21-22
2014 Budget Assumptions………………………………..
23
2014 Proposed Budget……………………………………
24-27
Capital Project Fund
2014 Estimated Revenue…………………………………
29
2014 Proposed Budget….……………………………..…
30-31
Vision Statement
The Indianapolis-Marion County Public
Library will continue to be one of the best
library systems in the United States as
measured by its responsiveness and
relevance to the community’s information
and learning needs; the excellent
stewardship of its resources and the
high-quality service it delivers to the public.
Bond and Interest Redemption Fund
Bond and Interest Redemption Fund Overview……..
2014 Estimated Revenue….………………….………….
2014 Proposed Budget…………………………………..
2
33-35
36
37
August 26, 2013
TO:
Citizens of the Indianapolis-Marion County Public Library District
FROM:
Library Board of Trustees
Jim Lingenfelter, President
RE:
The 2014 Budget Executive Summary
The budget presented herein represents an effective balance between
increased demand for library services, rising fixed costs, and the
community’s expectation of fiscal responsibility among all government
bodies. This budget reflects disciplined effort to sustain the level of public
services restored in 2012. However, tough choices had to be made due to
the increasingly negative impact of the Circuit Breaker (Tax Caps) on the
Library’s operating fund in 2014 resulting in the use of our fund balance.
That is why this budget prioritizes urgent needs, while supporting the
Library’s strategic focus of early childhood literacy, lifelong learning, and
enhanced technology to meet the needs of our patrons.
Goals included in the 2014 budget are the following: staff development
and training, continued investment in facility maintenance and repair,
maintaining a healthy materials budget in all formats, increased community
relationship building, fund balance strategy for long-term planning needs,
and preparation of the 2015-2020 Strategic Plan.
Comparison of the 2014 Budget with the current 2013 Budget:
Library Funds:
Operating
Capital Projects
Debt Service
Total
2014
38,409,122
1,363,000
10,357,794
50,129,916
2013
39,635,612
1,855,000
9,895,511
51,386,123
Variance
(1,226,490)
(492,000)
462,283
(1,256,207)
Due to the significant increase of the Property Tax Caps, the Library’s 2014
budget has been reduced by 2.44% compared to the 2013 budget.
The Indianapolis
Public Library
Indianapolis-Marion County Public Library 2450 North Meridian Street Indianapolis, Indiana 46208
3
2014 Proposed Budget of The Indianapolis Public Library
Library Governance
A seven person Board, whose members serve staggered terms of four years
each, governs the Library. The Board of Commissioners of the Indianapolis
Public Schools appoints two Board members, three are appointed by the
Commissioners of Marion County, and the City-County Council appoints two.
Members serve without compensation. Current members are:
Jim Lingenfelter
President
Dorothy R. Crenshaw
Vice-President
Lillian L. Charleston
Secretary
Vanessa V. López
Trustee Member
Kostas A. Poulakidas
Trustee Member
Dr. David W. Wantz
Trustee Member
Effective with the 2006 budget, the final approval of the budget was transferred
from the Library Board to the City/County Council. Now, the Library Board
recommends and the City-County Council may or may not accept the Library
Board’s recommendation regarding the budget. Upon approval from the
City/County Council the budget is forwarded to the Indiana Department of
Local Government Finance for final approval.
Service Area
The Public Library is an independent municipal corporation pursuant to Indiana
Code 36-12 and has been an active force in the community since 1873. Prior to
July 1, 1966, Marion County, with the exception of the IPS school district, the City
of Indianapolis and the City of Beech Grove had no library service. Subsequent
to the formation of a Marion County Public Library Board and the merger in 1968
4
forming the Indianapolis-Marion County Public Library, the library’s physical
service area was increased more than seven-fold to 380.3 square miles.
This merger into a City-County Library district greatly increased the Library’s
potential and responsibility. The economies of scale have benefited the
taxpayers, providing a greater wealth of material and ease-of-use than might
be possible with the myriad of library districts that exist in some Indiana counties.
While the City of Beech Grove and the town of Speedway maintain their own
libraries, cooperation with the Beech Grove district has increased significantly
over the years, including a reciprocal borrowing agreement and a shared
summer reading program.
The Library serves a potential clientele of 877,389 (2010 census) in the Library
district. The Library has been through a period of public service expansion in
physical quarters, electronic access services, and library materials. S ince 1999
the Library has replaced/added Franklin, College, East 38th Street, Fountain
Square, Glendale (formerly Broad Ripple), Irvington, and Haughville and
expanded Pike and Central to better serve the needs of the community. These
locations were part of the capital improvement
plan adopted by the Board and approved by
the public in 1 998. Two other branches were
approved under this plan, but due to budget
constraints, the expanded Flanner House and
the new Northeast/Lawrence Branch have
been deferred, as have requests for a larger
Brightwood Branch.
The Central Library serves a unique role within
the Library system. It is both a neighborhood
library to the 13,000 plus residents of its
immediate service area and those who work
downtown, as well as a major information
resource center for central Indiana. Besides
supplying resources to the other 22 branches,
Central’s special collections, particularly the
resources accumulated as a regional Patent
Research depository, a partial depository of United State Government
Documents, and as a Foundation Center regional affiliate, draw users from all
over the central Indiana region. Area employers and employees heavily use
company files, patent data, and other business information. The Nina Mason
Pulliam Indianapolis Special Collections Room provides a rich look at our city’s
history in addition to a great view of downtown. Numerous meeting rooms and
study spaces make Central Library a popular location for people to gather.
5
As the downtown continues to thrive and attract larger numbers of both
residents and visitors, Central will serve as a major partner in the economic and
cultural rebirth of Indianapolis’ downtown.
Measures of Excellence
The various statistics on the following pages provide a measure of the service
delivered to residents of Marion County and other non-resident users of the
Library system. No single measure is able to reflect the diversity of service
provided to the citizens. Together, the array of performance measures reflects a
strong demand for information, programs, and materials in a variety of
packages.
Today’s public libraries are vital community technology hubs that millions of
Americans rely on for their first and often only choice for Internet access. In
Indianapolis, it is estimated that there are perhaps 300 different restaurants,
coffee shops, and malls where one can find free internet access. E ven so,
during the second quarter of 2013 over 6,000 people each week visited the
public library to access the internet for their own devices, and patrons have
logged 543,539 hours (YTD) of time on the Library’s computers. For many in the
community, the Library is their place to connect to the increasingly digital world.
Following national trends, Indianapolis Public Library patrons are downloading
and reading Library eBooks in record numbers. From July of 2012 through June
2013 our e-book circulation is up by 41.2%, now representing 2.8% of circulation.
The emphasis on early childhood literacy remains paramount for the Library and
in 2013 the Summer Reading Program reached a nine year high in participation
with over 60,000 children and families participating. Motivating children to
improve their reading skills remains a critical role for the library. Due to the
popularity of our Earn and Learn program introduced last year, the Library again
offered children an opportunity to read off their fines/fees – resulting in over
1,100 children reducing their debt by nearly $25,000.
In
January
the
winners
of
the
COLTSTRONG, LIBRARYSTRONG contest
were announced. Over 18,000 children
ages 6 – 17 used their library card in
December 2012 to access the free
resources of the public library and to be
entered in the contest. I n a drawing of all
eligible entrants, 6-year-old “Tino” Pablo
Valentino Sosa Castaneda, a first grader
was selected. He and his brother along
6
with friends and family enjoyed pizza and a visit from Andrew Luck and Dwayne
Allen at the College Branch Library.
In February the Indianapolis Library Foundation announced a $1 million gift from
The Herbert Simon Family Foundation to endow the administration of early
literacy and technology programming for children up to age five as part of the
Library’s Ready to Read initiative, which has served over 23,000 children since its
inception in 2009. This gift will endow the Library’s position of Early Literacy
Specialist whose expertise in early childhood development has led to the
creation of strategic, research-based programming.
In April the Haughville Branch of the Indianapolis Public Library received the
Spirit of Philanthropy Award from IUPUI for its sustained commitment to improve
the lives of IUPUI students and residents of the near Westside.
In July the Library held a public event to launch our six-month strategic planning
process that will define the Library’s role in the community for the years 20152020. The event included a keynote address by Brian Payne, President and CEO
of the Central Indiana Community Foundation.
Hope Hampton, Director of Community Relations at
the Christian Theological Seminary, and Carey
Lykins, President and CEO of Citizens Energy Group,
co-chair a Steering Committee made up of
community members to identify how library services
impact the quality of life in the city. Task forces are
currently conducting studies and will make
recommendations to the steering committee which
will develop a final report to the boards of the
Library and Library Foundation. A final five-year
action plan will be presented to the community for
feedback in ea rly 2014, with initial implementation
reflected in the Library’s 2015 budget and operations plan.
In 2012 a survey was conducted online and in-person with help from the IU
Public Policy Institute. The survey included questions regarding how our patrons
use the Library. Some of the results of the survey are included on the following
pages. This survey along with additional statistical information will assist the
Library in accessing our facilities to meet the needs of our patrons in the future.
7
Patron Activities in the Last 6 Months
90%
80%
84%
*Other activities included: used
wi-fi, read books, read
magazines/newspapers,
attended programs for children
or adults, attended meeting,
pickup holds, other.
81%
70%
71%
60%
71%
62%
50%
40%
30%
28%
20%
10%
0%
checked returned
out
materials
materials
pick up
holds
browsed
used
computer
other*
Statistics taken from Indiana University Public Policy Institute's Patrons Survey Analysis and Maps,
Winter 2012. Information gathered December 2012 from 14,516 respondents. Respondents could
select multiple activities.
Formats for Reading Books
2%
Print
21%
Audiobooks
e-books
7%
Both Print and ebooks
None
65%
7%
Statistics taken from Indiana University Public Policy Institute's Patrons Survey Analysis and Maps, Winter
2012. Information gathered December 2012 from 14,516 respondents. Respondents could select
multiple formats.
Frequency of Visits to the Library
35%
30%
25%
32%
20%
23%
15%
10%
5%
0%
16%
12%
1x per
month
or less
2x per
month
3 times
per month
1x per
week
8%
9%
2x per
week
3x per week
or more
Statistics taken from Indiana University Public Policy Institute's Patrons Survey Analysis and Maps,
Winter 2012. Information gathered December 2012 from 14,516 respondents.
8
The Indianapolis Public Library was recognized in January at the 12th annual Mayor’s
Celebration of Diversity Awards as an organization that encourages, embraces,
and celebrates differences that foster a culture of diversity and inclusiveness. As
outlined on the charts below, the number of minority/women/veteran businesses
continues to grow.
Indianapolis Public Library
M/W/VBE % Spend 2013
$41,325
2%
$531,275
22%
$1,443,811
59%
$427,191
17%
2013 - YTD Non X/BE $
2013 - YTD WBE $
2013 - YTD MBE $
2013 - YTD VBE $
Monthly M/W/VBE Spend 2013
$700,000
mr 8/1/13
$652,409
$600,000
$500,000
$400,000
$407,924
$347,189
$367,826
$353,507
February
March
April
$314,747
$300,000
$200,000
$100,000
$-
January
Each monthly percentage is based on the total
monthly competitve spend.
The totals are not cumulative. This is a monthly
snapshot.
May
June
Monthly Non X/BE $
Monthly VBE $
Monthly WBE $
Monthly MBE $
mr 8/1/13
9
Indy PL Service Statistics
20
600
18
500
16
14
400
12
10
300
8
200
6
4
100
2
-
2009
2010
Circulation
2011
Computer Use
(Session Hours)
E-book Circulation
Registered Borrowers
-
2012
Patron Visits
Programs
Program Attendance
Service statistics taken from Indy PL Annual Reports.
2009
Service Hours
Registered Borrowers
Circulation
E-book Circulation
Computer Use
(Session Hours)
Patron Visits
Programs
Program Attendance
2010
2011
2012
73,814
57,798
52,837
66,025
511,974
550,540
542,678
512,990
17,186,739
16,578,849
14,638,562
15,494,195
45,782
87,932
129,107
342,683
1,241,096
1,290,073
955,495
1,030,613
5,985,906
5,071,257
3,956,277
4,272,380
11,570
10,460
9,916
11,266
233,303
221,978
216,632
251,228
10
Thousands
Millions
CEO Monthly Statistical Report - June 2013
Year to Date
June
+6.1%
+1.3%
2,143,412 2013
2,020,246 2012
436,678 2013
431,077 2012
Year to Date
June
+5.2%
+0.4%
7,890,736 2013
7,501,007 2012
1,568,693 2013
1,561,825 2012
12 mo avg operating
fund cost: $ 2.46
Year to Date
June
+5.4%
-1.3%
18,167 2013
17,232 2012
4,462 2013
4,520 2012
Year to Date
June
+14.9%
+7.9%
543,539 2013
473,019 2012
98,237 2013
91,078 2012
Jun 2013 use capacity:
66.92%
Year to Date
June
+0.4%
-5.3%
5,061,243 2013
5,041,137 2012
836,498 2013
883,229 2012
Year to Date
June
-3.4%
-6.6%
1,246,694 2013
1,291,102 2012
208,128 2013
222,916 2012
Year to Date
June
-8.9%
-16.2%
771,485 2013
846,774 2012
Programs and Attendees
June 2013
126,454 2013
150,881 2012
24 Month
Trend Graph
Programs: 1,055
Attendees: 32,822
1
July 2012 - June 2013
July 2011 - June 2012
Calendar and Approval Process
For the 2014 Budget
July 8
July 7
July 17
July 22
Aug 26
NOTE:
Aug 31
Sept 9
Sept 19
Sept 23
Oct 3
Oct 14
Oct 16
Draft of budget discussed at Finance Committee meeting – 5:00 p.m.
Budgets are advertised for the first time (Meets 6-1.1-17-3 (a)
requirement for 10 day notice before public hearing).
Budgets are advertised for the second time.
Public Hearing on 2014 Budget at regular July Board meeting (as
noticed on July 7th and July 17th public notices). In accordance with
IC 6-1.1-17-5(a) (notice of meeting to be posted 48 hours prior).
Board adopts budget at the regular August Board meeting (as
noticed on July 7th and July17th public notices). In accordance with
IC 6-1.1-17-5(a) (notice of meeting to be posted 48 hours prior).
Beginning in calendar year 2009, the notice and publication of the
estimated budget and public hearing must occur before September
10 of the calendar year per IC 6-1.1-17-3(a).
Last day for Board to approve Budget (Per IC 36-3-6-9(b).
Board must submit adopted budget and tax levies along with
detailed accounts to council clerk before close of business. (Per IC
36-3-6-9(b)).
Budget introduced at Council meeting (Per CCC schedule).
Municipal Corporations Committee hearing on the 2014 budget (Per
CCC schedule and in accordance with IC 6-1.1-17-5(a) (2)) 5:30 p.m.
Room 260.
Public hearing on the 2014 budget at City-Council meeting at 7:00
p.m.
Review and pass budget by the Municipal Corporation Committee
5:30p.m. Room 260.
City County Council adopts Budgets for 2014 (as required by IC 6-1.1175(a) (2)).
Library files approved budget with the City Controller.
Two (2) days after budget is signed by mayor or veto of budget is overridden,
adopted budget.
Ordinances must be filed by City County Council Clerk with Board of Tax
Adjustment. (Per IC 6-1.1-17-5(e).)
1
OPERATING FUND
THE OPERATING FUND
Revenues
Property Taxes
The Operating Fund is the general fund from which an annual appropriation is
made for the day to day operations of the Library. This fund is used to pay staff
and associated fringe benefits, supplies, utilities, maintenance, and collection
materials.
The 2013 levy-collect 2014 estimated Operating Fund tax rate is
0.1029 based on an estimated reduction of 1% in the AV.
The library’s long range financial plans indicated that a small rate increase
would be necessary to operate the new and larger facilities coming online.
However, changes in the law prohibited the Library’s ability to increase the tax
rate once the new and expanded facilities were completed. T o address this
change, the Library began evaluating operations to formulate a plan for
streamlining operations. T he Library was successful in r educing our costs and
living within our limited resources until the CAPS were implemented further
reducing our primary source of revenue – property taxes. The Library continues
to update and monitor the five year financial plan to ensure its sustainability.
Under the provisions of the Property Tax Control program, the current estimated
maximum levy for the Operating Fund and Capital Project Fund (2014) allowed
by law for the Indianapolis-Marion County Public Library is $35,035,355.
Beginning with budget year 2009, the Capital Project Fund became part of the
maximum levy allowed under the Property Tax Control program. T his change
further reduced the amount of property taxes available for on-going operations.
The chart below reflects the difference in the amount of property taxes levied as
opposed to the actual amount received.
IMCPL LEVY RECAP
2004
2005
2006
2007
2008
2009*
2010
2011
2012
2013
Proj. 2014
Maximum
Levy
28,994,958
28,889,536
29,981,837
31,176,519
31,153,567
33,210,267
31,762,045
32,071,118
33,126,307
34,052,099
35,035,355
Actual
Receipts
27,071,591
28,059,321
28,878,509
31,328,444
30,813,963
30,614,804
29,315,078
28,247,729
29,341,304
***29,661,359
28,720,255
Actual Levy
27,673,295
28,854,216
29,971,460
31,152,975
31,149,500
**33,194,944
30,619,443
32,151,188
33,104,197
34,031,090
35,035,355
Difference
(601,704)
(794,895)
(1,092,951)
175,469
(335,537)
(2,580,140)
(1,304,365)
(3,903,459)
(3,762,893)
(4,369,731)
(6,315,100)
*Starting in 2009, the Maximum levy includes the Capital Projects Fund.
**Includes Shortfall of $1,461,417
***Projected receipts for 2013
14
Percentage
-2.17%
-2.75%
-3.65%
0.56%
-1.08%
-7.77%
-4.26%
-12.14%
-11.37%
-12.84%
-18.02%
Total taxes levied, but not received over the last ten years is $18,570,260.
A “shortfall” occurs when a particular tax levy has been certified by the
Department of Local Government Finance in t heir budget order, but for one
reason or another, the unit does not receive that amount. Since the budget
process is focused on a certified fixed tax rate there isn’t any leeway to adjust
for this during the tax year. Reasons for shortfalls to occur include:
•
•
•
•
Erroneous statements of assessed values used in budget calculation
Adjustments to assessed values during the year due to the appeal
process
Defaults on tax payments or other failures to collect
Property Tax Caps
The seriousness of the impact depends on:
•
•
•
•
How closely the unit has budgeted
How dependent the unit is on property taxes
Whether other income sources increase enough to compensate
How much of an operating balance the unit has to fall back on
Motor Vehicle Excise Tax
Motor Vehicle Excise Tax projected for 2014 is $2,292,417 for the Library's
Operating Fund. This tax is in lieu of a personal property tax on vehicles, and it is
paid at the same time annual license plates are obtained. Yearly renewals of
plates and payments of this excise tax are normally handled by mail. The rate of
tax varies based on the initial "factory advertised delivered price" of the vehicle
in the year which it was new. T he tax is then computed lower per year of
manufacture. C hanges in r ecent legislation have reduced the amount of tax
collected through this mechanism. Replacement funds are provided from
gambling proceeds and from the general fund, if necessary, to make up the
difference for units of local government.
Commercial Vehicle Excise Tax (CVET) projected for 2014 is $278,325 for the
Library's Operating Fund. This is down approximately 3% compared to 2011.
Financial Institutions Tax
The library's share of tax monies received from banks and savings and loan
associations is projected at $253,980 in 2014 for the Library's Operating Fund.
15
Sources of Additional Revenue:
Public Library Access Card
As a result of legislative action, a Statewide Library Card (PLAC) was made
available beginning January 1, 1993. F or 2014, PLAC revenue is projected at
$79,000.
County Option Income Tax (COIT)
During the summer of 2007, the Governor requested local governments to
increase the COIT for property tax relief (known as LOIT). T he City-County
Council adopted an increase in Au gust of 2007 which provided funding for
public safety along with property tax relief. As a result of this action, the Library
was required to keep their tax levy for years 2007 – 2010 at the rate approved for
2007. The difference between the levy adopted by the Library and the
maximum allowed would be made up from the increase in COIT as a Local
Option Income Tax. For 2014 the amount anticipated to be received by the
library is $3,000,000, down from $3,765,434 in 2011.
This Local Option Income
Tax is not a new source of revenue for the Library – it is property tax
replacement.
In 2011, legislation was changed allowing the Library’s fiscal body (City/County
Council) to distribute a share of COIT revenue to the Library. F or 2014, the
estimated revenue from COIT is $181,000.
Fines and Fees
Fines and fees projected in 2 014 for overdue materials, lost, and damaged
materials are $1,060,617. The growth of eBooks will reduce this amount in the
years to come.
Projected photocopier revenue is $39,032. PC pay-for-use
printer is projected to generate $146,532 in revenue. Due to the demand for
meeting rooms and the popularity of using Central as a venue, the Library’s
meeting room income is projected at $150,000 in 2014.
Interest
This represents the investment income earned on cash held by the Library during
the year. Investments are limited by statute to government operating- fund
backed instruments such as CD's. For 2014, interest income is projected at
$15,000 for the Operating Fund. Due to the current economy our sweep
account is no longer generating an income so the Library has switched to high
yield savings pooled investment accounts until the economy improves. Zero
balance accounts have also been maintained for payroll which has increased
the availability of those funds in the savings account.
16
Other Sources
The Library has been fortunate to obtain grants from various sources over the
past several years. For 2012, the Library received a total of $1,306,343 in grants.
In addition, the Library received donations/gifts in the amount of $779,584 in
2012. These Grants and Gifts support 85% of the Library’s programming budget
including the Summer Reading Program, visits to day care providers, the
classical and home roots concerts at Central, Meet the Artist and Fall Fest
events, the Job Centers, and numerous other programs provided at no charge
throughout the system. These grants and gifts would not be possible without the
support of the Indianapolis Public Library Foundation.
INDIANAPOLIS PUBLIC LIBRARY
Operating Fund Revenue - 2011 to 2014
Cash Basis
2011
Actual
Source
Excise Tax
2,219,666
In Lieu of Property Taxes
Local
Tax
COIT
Option
2012
Actual
Income
2,367,242
2013
Estimated
2,171,738
2014
Projected
2,292,417
303,504
292,713
8,748
20,938
3,765,434
3,234,757
2,852,696
3,000,000
146,583
169,016
181,000
E-Rate
305,689
90,000
195,686
26,824
27,027
163,000
150,000
CVET
286,896
281,892
271,408
278,325
300,087
275,369
265,128
253,980
1,223,943
1,185,683
1,152,544
1,124,432
39,171
42,583
27,000
39,032
Facility Rental
Fines/Fees
Photocopiers
Printers
117,704
146,756
119,000
146,532
PLAC Distribution
92,323
79,880
79,000
79,000
Headset/USB
18,889
17,278
22,000
16,315
Interest Income
18,632
14,331
20,000
15,000
1,065,446
24,503
16,700
8,725
Co-op Projects
110,171
94,454
71,261
72,000
Reimbursements
177,076
233,603
228,739
228,000
Grants/Contributions
220,000
220,000
250,000
250,000
9,985,766
8,990,343
7,977,978
8,351,382
Property Tax
31,291,564
32,715,499
33,367,716
33,784,182
Less Property Tax CAPS
(3,540,166)
(3,238,495)
(4,343,400)
(6,189,300)
TOTAL
37,737,164
38,467,347
37,002,294
35,946,264
Miscellaneous
Sub-Total
17
Long Term Operating Fund Projections
In assessing the Library’s ability to move forth with the long-range plans for Capital
Projects, Services, and Technology, the Library Board has repeatedly stressed the
importance of only authorizing those projects that could be operated within the
maximum levy available to the Board. N o recommendations to implement any
expansion will be supported by the Board unless said programs can be operated to
the standard of service to which the Board is committed to maintain.
Due to shortfalls in collections and negative comments from rating agencies and
auditors regarding the Library’s cash balances in previous years, the Board has
added a benchmark to aid in their long range planning for the Operating Fund. In
2012, the Board approved an Operating Fund Balance Policy that sets the balance
at the amount necessary to avoid the issuance of Tax Anticipation Warrants as a
minimum target for the Unrestricted Operating Fund balance. Unrestricted fund
balance is an important measure of economic stability. It is essential that the Library
maintain adequate levels of unrestricted fund balance to mitigate financial risk that
can occur from unforeseen revenue fluctuations, unanticipated expenditures and
to ensure stable tax rates. The fund balance also provides cash flow liquidity for the
Library’s general operations and is crucial in long-term financial planning.
The 2014 budget presented in this document is 2.44% less than the current 2013
budget due to the anticipated increase in Property Tax Caps and not receiving the
full amount of Local Income Taxes promised to replace lost property taxes. T he
Library’s projected revenue for 2014 is $35,946,264 and the projected budget is
$38,409,122 resulting in a structural deficit of $2,462,858.
In order to balance the 2014 budget it will be necessary to draw from the
Library’s fund balance. Fortunately the Library has sufficient funds to address this
deficit for 2014, but looking ahead the Library cannot continue to operate at a
structural deficit beyond 2015. The Library is currently planning a refinancing of
debt to help reduce future debt service payments. The projected savings from
the refinancing is $4.3 million (net present value) over the life of the debt. This
reduction will not be sufficient to make up for the increases in the Property Tax Caps.
18
REDUCTIONS IN LOCAL OPTION INCOME TAXES)257+(/,%5$5<
$3,765,434
$4,000,000
$3,765,434
$3,234,759
$3,500,000
$2,852,759
$3,000,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2010 Actual
2011 Actual
0%
% Change
0%
2012 Actual
2013
Projected
2014
Projected
-14%
-12%
5%
When the property tax levy was frozen in 2007, the Library was guaranteed the
$3,765,434 as this amount is reduced from our taxes prior to distribution
REDUCTION IN REVENUE DUE TO INCREASES IN PROPERTY TAX CAPS
$0
-$1,000,000
-$2,000,000
$(2,071,342)
-$3,000,000
$(3,540,166)
-$4,000,000
$(3,238,495)
$(4,343,400)
-$5,000,000
-$6,000,000
$(6,189,300)
-$7,000,000
2010 Actual
0%
2011 Actual
2012 Actual
-71%
9%
1
2013 Projected 2014 Projected
-34%
-42%
Summary of Significant Assumptions
Budget 2014
Operating Fund Revenues
Property Taxes: Includes a 2.6% increase over last year’s property tax levy based
on the allowable growth rate per the Department of Local Government
Finance. The estimated maximum levy for the Operating Fund for 2014 is
$33,784,182 less the estimated loss of $6,189,300 due to the Circuit Breaker
resulting in net property taxes of $27,594,882 compared to 2013’s levy of
$33,367,716 less estimated loss of $4,343,400 due to the Circuit Breaker resulting
in net property taxes of $29,024,316 – a loss of $1,429,434.
Intergovernmental:
Local Income Taxes: $3,000,000– increase of $147,304 compared to 2013.
Intergovernmental: $2,845,661 – includes license excise taxes, financial institution
taxes, commercial vehicle excise taxes, and in-lieu-of property taxes. A
reduction of $20,000 compared to 2013 due to changes in financial institution
taxes.
COIT: $181,000 – increase of $11,984 compared to 2013.
Fines and Fees:
Fines & Fees: $1,124,432 – 3% decrease – increased usage of e-books, electronic
reminders of due dates, and changes in children’s fines as approved by the
Library Board of Trustees.
Copy/Printing Fees: $185,564 – increase of $39,564 over 2013.
Other Revenue:
Interest Income: $15,000 – due to low interest rates and no change is expected
during the next year.
Grants/Contributions: $250,000 – annual support for the InfoZone Library Branch.
The Library maintains Grant/Gift funds for all other grant/gifts in accordance to
State Accounting Guidelines.
PLAC Distribution Revenue: $79,000 – same as 2013.
Miscellaneous: $663,084 – increase compared to 2013 – includes E-rate funds.
Operating Fund
2014 Estimated Revenue
$35,946,264
Operating Fund 2014
Intergovernmental
17%
Other Revenue
2%
Fines & Fees
4%
Property Taxes
77%
1
Indianapolis Marion County Public Library
2014 ESTIMATED REVENUE - OPERATING FUND SYSTEM-WIDE
2013 Adjusted
Estimate
Actual Y-T-D
6/30/2013
32,715,499
(3,238,495)
2,367,242
275,369
281,892
292,713
3,234,757
146,583
36,075,562
33,367,716
(4,343,400)
2,171,738
265,128
271,408
8,748
2,852,696
169,016
34,763,050
15,217,974
1,146,209
136,990
139,163
10,469
1,434,207
106,945
18,191,956
1,088,821
42,583
146,756
43,558
35,943
9,506
8,942
8,336
4,165
3,690
1,392,299
1,094,604
27,000
119,000
36,000
10,000
10,000
12,000
2,000
1,600
1,312,204
546,710
19,658
73,097
14,999
6,877
206
4,553
3,875
2,157
2,205
674,337
1,060,617
39,032
146,532
30,000
13,000
8,565
7,750
2,500
2,000
1,309,996
Grants
OTHER GRANTS
Total Grants
220,000
220,000
250,000
250,000
250,000
250,000
250,000
250,000
Other Revenue
INTEREST INCOME
PLAC DISTRIBUTION REVENUE
LSC PARKING LICENSE
SET-UP & SERVICE - TAXABLE
SET-UP & SERVICE - NON-TAXABLE
FACILITY RENTAL REVENUE
CAFE REVENUE
FACILITY RENTAL REVENUE - NONTAXABLE
SECURITY SERVICES REVENUE
SALES TAX REVENUE
CATERING REVENUE
SALE OF SURPLUS PROPERTY
E-RATE REVENUE
INSURANCE REIMBURSEMENTS
REIMBURSEMENT FOR SERVICES
REFUNDS
Total Other Revenue
14,331
79,880
220
10,640
16,387
25
2,348
21,910
305,689
1,240
253,581
73,236
779,488
20,000
79,000
2,640
100,000
7,400
63,000
10,000
5,000
90,000
300,000
677,040
6,861
1,100
676
5,470
54,497
1,846
48,212
4,470
3,922
10,657
129,473
17,700
189,830
5,272
479,986
15,000
79,000
2,640
90,000
7,400
60,000
10,000
5,000
195,686
300,000
764,726
$ 38,467,349
$ 37,002,294
$ 19,596,279
2012 Actual
2014
Projected
Revenues
Tax Revenue
PROPERTY TAX
PROPERTY TAX CAPS
LICENSE EXCISE TAX REVENUE
FINANCIAL INSTITUTION TAX REVENUE
COMMERCIAL VEHICLE TAX REVENUE
IN LIEU OF PROP. TAX
LOCAL OPTION INCOME TAX
COUNTY OPTION INCOME TAX
Total Tax Revenue
Fees & Fines Revenue
FINES
COPY MACHINE REVENUE
PUBLIC PRINTING REVENUE
PLAC CARD REVENUE
OTHER CARD REVENUE
MISCELLANEOUS REVENUE
REVENUE ADJUSTMENT
HEADSET REVENUE
USB REVENUE
LIBRARY TOTES
PROCTORING EXAMS
Total Fees & Fines Revenue
Total Revenues
2
33,784,182
(6,189,300)
2,292,417
253,980
278,325
20,938
3,000,000
181,000
33,621,542
$
35,946,264
Summary of Significant Assumptions
Budget 2014
Operating Fund Expenditures
Appointed Salaries:
• 379 FTE down from 382.1 in 2013 and 402.5 in 2008
• Includes $216,568 for salary increases – distributed uniformly to staff
• Maintaining current hours of service
• Includes the following (at time of publication) vacant positions:
Business Analyst
Library Assistant II at Central
Training Coordinator
Library Assistant II at Garfield Park
Web Developer
Library Assistant II at West Indianapolis
2 Librarians at Central
Library Assistant II and I at Franklin Road
Hourly Salaries: Decrease from 2013 of $43,518
Health Care: Increase over 2013 by $545,658 – based on current year
experience, 15% projected increase in cost, and includes the estimated fees
related to the Affordable Health Care Act.
PERF: Employer’s share increases to 11.2% - 1.2% increase over 2013. Employee
share remains at 3% for a total of 14.2%.
Interest: Impacts of tax caps may require some debt service dollars be paid
from operating.
Utilities: Increase of $52,575 based on expected rate increases from the various
utility providers.
Education: Increased commitment to staff development and training.
Liability Insurance: 18% increase due to current insurance market and an
increase in workers compensation claims over the past three years.
Collection Materials: Same as 2013 – maintaining $5.5 million level.
2013 Budget
$39,635,612
Operating Fund
2014 Budget
$38,409,122
The significant increase in Property Tax Caps resulted in a reduction of
$1,226,490 -3.09% in the Library’s Operating Fund.
23
Operating Fund
2014 Proposed Budget
$38,409,122
Operating Fund 2014
Collection Materials
15%
Debt Service
1%
Other Services &
Charges
22%
Services Personal
60%
Supplies
2%
2
2014 BUDGET - SYSTEM WIDE
Account Description
2012 Actual
2013 Original 2013 Adjusted Actual Y-T-D
Budget
Budget
6/30/2013
2014
Budget
Expenses
Services Personal
Salaries & Wages
SALARIES APPOINTED STAFF
SALARIES HOURLY STAFF
Total Salaries & Wages
13,182,715
13,694,034
14,191,117
6,891,001
1,319,393
1,561,090
1,723,255
736,945
1,679,737
$14,502,109
$ 15,255,124
15,914,371
$ 7,627,945
$16,170,029
2,743,600
3,152,240
3,162,451
1,592,499
3,697,898
26,574
30,000
30,000
15,077
30,154
27,538
30,000
30,000
12,476
29,500
24,464
60,000
60,569
1,372
5,000
1,053,817
1,225,818
1,221,993
557,981
1,238,920
2,052,824
1,879,953
1,939,525
896,274
2,061,171
22,020
25,000
25,000
11,010
22,020
7,326
5,000
5,000
-
5,000
-
775,003
58,581
-
25,000
5,958,163
7,183,014
6,533,119
3,086,689
7,114,663
$20,460,272
$ 22,438,138
22,447,490
$ 10,714,635
$23,284,692
710,653
361,450
516,216
350,882
393,900
6,967
7,000
7,000
208
$
14,490,292
Employee Benefits
HEALTH INSURANCE
GROUP LIFE INSURANCE
LONG TERM DISABILITY INSURANCE
UNEMPLOYMENT COMPENSATION
FICA AND MEDICARE
PERF
EMPLOYEE ASSISTANCE PROGRAM
TUITION ASSISTANCE
SALARY ADJUSTMENT
Total Employee Benefits
Total Services Personal
$
Supplies
Office Supplies
OTHER OFFICE SUPPLIES
UNIFORMS
Total Office Supplies
$
717,620
$
368,450
$
523,216
$
351,089
7,000
$
400,900
Operating Supplies
CLEANING & SANITATION
GASOLINE
Total Operating Supplies
$
121,654
128,900
155,991
68,706
23,894
34,000
34,000
15,634
145,548
$
162,900
$
189,991
$
84,340
156,710
38,000
$
194,710
Other Supplies
LIBRARY SUPPLIES
NON-CAPITAL FURNITURE & EQUIPMENT
Total Other Supplies
Total Supplies
$
153,017
150,000
150,000
47,162
89,188
25,000
20,035
4,052
175,500
15,000
242,204
$
175,000
$
170,035
$
51,214
$
190,500
$ 1,105,373
$
706,350
$
883,241
$
486,643
$
786,110
Other Services & Charges
2
Account Description
Professional Services
CONSULTING SERVICES
LEGAL SERVICES
Total Professional Services
2012 Actual
$
Budget
Budget
6/30/2013
2014
Budget
99,465
65,000
183,959
66,473
95,000
152,430
215,000
243,269
97,053
195,000
251,895
$
280,000
$
427,228
$
163,526
$
290,000
Communication & Transportation
POSTAGE
TRAVEL
CONFERENCES
IN HOUSE CONFERENCE
FREIGHT & EXPRESS
DATA COMMUNICATIONS
CELLULAR PHONE
Total Communication & Transportation
56,375
81,300
81,652
3,925
73,300
20,116
33,600
33,600
8,222
32,168
35,046
56,400
55,804
35,077
77,420
11,385
50,000
50,000
5,842
50,000
90,117
57,500
58,600
33,543
6,000
319,890
360,000
361,975
175,829
358,240
10,789
$
543,718
11,000
$
649,800
11,000
$
652,631
4,071
$
266,509
10,758
$
607,886
Printing & Advertising
PUBLICATION OF LEGAL NOTICES
PRINTING
Total Printing & Advertising
$
2,374
3,800
3,800
994
3,800
188,447
175,600
181,655
152,207
218,000
190,821
$
179,400
$
185,455
$
153,201
$
221,800
Insurance
OFFICIAL BONDS
AUTOMOBILE
PACKAGE
WORKER'S COMPENSATION
EXCESS LIABILITY
PUBLIC OFFICIALS & EMPLOYEE LIAB
BROKERAGE FEE
Total Insurance
975
1,000
1,000
975
1,000
16,456
19,517
19,517
9,759
10,500
172,640
182,254
182,254
90,834
176,000
74,782
96,825
96,825
48,413
174,000
10,284
10,803
10,803
5,402
8,500
19,000
19,000
15,500
15,500
16,000
25,000
$
319,136
25,000
$
354,399
25,000
$
350,899
12,500
$
183,381
25,000
$
411,000
Utilities
Gas
ELECTRICITY
HEAT/STEAM
COOLING/CHILLED WATER
WATER
STORMWATER
SEWAGE
Total Utilities
51,513
90,000
99,021
50,024
103,850
799,975
802,200
864,279
373,992
821,650
227,128
350,000
377,363
164,134
364,000
416,293
440,000
464,615
166,162
440,000
39,122
40,450
42,971
22,295
45,725
10,881
12,500
12,500
5,630
12,500
33,830
35,425
37,732
24,405
50,150
806,642
$ 1,837,875
$ 1,578,741
2
$
1,770,575
$
1,898,482
$
Account Description
Repairs & Maintenance
REP & MAINT-STRUCTURE
REP & MAINT-HEATING & AIR
MAINT & REPAIR - AUTO
REP & MAINT-EQUIPMENT
REP & MAINT-COMPUTERS
CLEANING
Total Repairs & Maintenance
2012 Actual
Budget
Budget
6/30/2013
2014
Budget
1,671,164
750,000
1,068,261
508,027
750,000
317,739
155,000
183,935
75,990
155,000
25,708
30,000
30,722
17,149
40,000
75,689
71,000
75,799
34,202
71,000
287,427
333,000
387,519
309,264
338,000
$ 2,377,727
845,276
$
2,184,276
$
851,276
372,817
851,276
2,597,511
$ 1,317,449
$ 2,205,276
448,383
Rentals
REAL ESTATE
EQUIPMENT
Total Rentals
$
429,672
436,170
436,170
217,030
56,084
56,060
56,060
30,493
485,755
$
492,230
$
492,230
$
247,523
56,060
$
504,443
BOND EXPENSE
TRANSFR TO LIBRARY IMPROVMT FND
INTEREST EXPENSE
DUES & MEMBERSHIPS
COMPUTER SERVICES
PAYROLL SERVICES
SECURITY SERVICES
TRASH & SNOW REMOVAL
PROGRAMMING
PROGRAMMING-JUV.
PROGRAMMING ADULT - CENTRAL
PROGRAMMING EXHIBITS - CENTRAL
EVENTS & PR
LAWN & LANDSCAPING
OTHER CONTRACTUAL SERVICES
MATERIALS CONTRACTUAL
BANK FEES/CREDIT CARD FEES
RECRUITMENT EXPENSES
Total Other Services & Charges
840,000
-
-
-
-
-
2,300,000
2,300,000
2,300,000
-
846,486
250,000
803,755
553,755
250,000
16,332
31,650
31,650
19,882
33,550
3,653
5,000
43,510
686
5,000
118,605
150,000
137,000
59,917
130,000
837,687
868,434
868,434
381,564
866,934
147,042
366,450
459,208
243,882
384,300
64,045
100,000
109,240
39,131
100,000
110,739
150,000
162,114
88,226
150,025
31,193
30,000
30,000
8,190
20,000
4,200
4,000
4,000
3,000
4,000
8,554
34,860
32,660
18,692
43,275
88,432
104,700
104,700
16,345
104,700
378,012
476,750
497,635
178,190
470,456
958,875
1,000,000
1,179,000
572,889
1,200,000
47,250
50,000
50,000
27,441
50,000
37,356
35,000
35,000
9,479
21,800
$ 4,538,462
$
5,956,844
$
6,847,906
$ 4,521,268
$ 3,834,040
$10,286,256
$ 11,867,524
$
13,452,342
$ 7,659,500
$ 9,912,320
Capital Outlay
CAPITAL - FURNITURE
CAPITAL - EQUIPMENT
COMPUTER EQUIPMENT
BOOKS & MATERIALS
UNPROCESSED PAPERBACK BOOKS
Total Capital Outlay
131,554
75,557
126,000
$ 4,989,005
$
4,623,600
$
5,147,827
$ 2,359,273
$ 4,426,000
Total Expenses
$36,840,906
$ 39,635,612
$
41,930,901
$ 21,220,051
$38,409,122
2,282
-
-
-
-
-
-
38,940
38,940
-
52,379
-
74,333
74,333
-
4,804,026
4,500,000
4,903,000
2,170,443
4,300,000
130,318
2
123,600
CAPITAL PROJECTS FUND
CAPITAL PROJECTS FUND
Beginning in 2006, the Library received approval for the establishment of a
Capital Projects Fund (CPF) in accordance with Indiana Code 36-12-12. Prior to
approval of the CPF, the only source available to fund capital projects,
technology upgrades and improvements and facility repairs and improvements
was the issuance of debt. A CPF promotes efficient use of taxpayer dollars by
allowing all the proceeds to be used for the project rather than interest
expenses and bond costs associated with the issuance of debt and facilitate
multi-year planning for projects. This is included in the maximum levy.
This plan was presented to the Council earlier this spring and approved on June
10, 2013.
Revenues
Property Taxes
The estimated tax rate for 2014 is $0.0038. Beginning in 2009, the Capital Projects
Fund became part of the maximum levy allowed by the State. The projected
property tax levy for the CPF is $1,251,173.
Governmental Revenues
Other sources of income include:
Commercial Vehicle Excise Tax
License Excise Tax
Financial Institution Tax
In-lieu-of Property Taxes
Interest Income
Expenditures
$ 16,083
$ 75,685
$ 15,500
$
500
$ 1,685
$109,453
Major items for 2014 include HVAC repairs/upgrades at Decatur, Nora, Eagle,
Spades Park, East Washington, West Indianapolis, and Pike branches. Computer
upgrades for 255 PC’s and laptops and starting the process of replacing the
Library’s Integrated Library System for collection management. In addition various
locations will have renovations in the form of restroom upgrades, carpet
replacement, and updates to Circulation Desks. Funds for furniture replacement
and/or reupholstering are also included in the budget for 2014.
29
2014 ESTIMATED REVENUE - CAPITAL PROJECTS FUND
Projection
Estimate
6/30/2013
2014
Projected
Revenues
Tax Revenue
PROPERTY TAX
PROPERTY TAX CAPS
Total Tax Revenue
661,255
(96,473)
41,486
5,000
5,000
500
616,768
Other Revenue
INTEREST INCOME
Total Other Revenue
Total Revenues
663,374
(86,300)
43,176
5,271
5,396
500
631,417
1,000
1,000
$
617,768
30
302,622
20,468
2,446
2,485
208
328,230
1,000
1,000
$
632,417
$
1,251,173
(125,800)
75,685
15,500
16,083
500
1,233,141
687
687
1,685
1,685
328,917
$ 1,234,826
2014 PROPOSED BUDGET - CAPITAL PROJECTS FUND
Account Description
2013 Original 2013 Adjusted Actual Y-T-D Proposed 2014
Budget
Budget
6/30/2013
Budget
Expenses
Supplies
O ffice Supplies
OTHER OFFICE SUPPLIES
Total Office Supplies
210,000
210,000
210,000
210,000
159,418
159,418
350,000
350,000
325,000
325,000
295,000
295,000
10,443
10,443
250,000
250,000
535,000
505,000
169,860
600,000
45,000
45,000
45,000
1,925
46,925
1,363
547
1,910
25,000
25,000
445,000
235,000
680,000
443,076
235,000
678,076
184,124
184,124
428,000
210,000
638,000
100,000
100,000
100,000
100,000
42,910
42,910
50,000
50,000
825,000
825,000
228,943
713,000
75,000
420,000
495,000
105,000
420,000
525,000
2,419
2,419
50,000
50,000
O ther Supplies
NON-CAPITAL FURNITURE & EQUIPMENT
Total Other Supplies
Total Supplies
Professional Services
CONSULTING SERVICES
LEGAL SERVICES
Total Professional Services
R epairs & Maintenance
REP & MAINT-STRUCTURE
REP & MAINT-HEATING & AIR
Total Repairs & Maintenance
OTHER CONTRACTUAL SERVICES
Capital Outlay
COMPUTER EQUIPMENT
VEHICLES
Total Capital Outlay
Total Expenses
$
1,855,000
31
$
1,855,000
$
401,222
$
1,363,000
BOND AND INTEREST REDEMPTION FUND
BOND AND INTEREST REDEMPTION FUND
General Obligation Bonds
The Library issues general obligation bonds to provide funds for the acquisition and
construction of major capital facilities as well as major maintenance and the
purchase of computer equipment. General obligation bonds are direct obligations
and pledge the full faith and credit of the government.
Current Bond Ratings
The Library’s general obligation bonds have always been rated very favorably, due
in part to the low level of debt that the Library has carried and the conservative
nature of that debt in that all issues in the past have been general obligation bonds.
In May of 2012, the Library obtained new ratings in conjunction with the refinancing
of the 2002 Refunding debt.
Moody’s Investors Service issued a rating of Aa2 for the Series 2012 Refunding.
Among the comments included in their opinion were the following:
“Moody’s Investors Service has assigned an Aa2 rating to the
Indianapolis-Marion County Public Library’s, (IN) $9.1 million
General Obligation Refunding Bonds, Series 2012. Concurrently,
Moody’s has affirmed the Aa2 rating on the Library’s $76.6 million of
outstanding general obligation debt. Assignment of the Aa2 rating
reflects the library’s large and diverse tax base, average wealth
levels, satisfactory financial operations characterized by improved
reserve levels, alternate liquidity available in the Rainy Day and
Library Improvement Reserve Fund, and manageable but elevated
debt burden.”
Fitch Ratings issued a rating of AA+ for the Series 2012 Refunding. Among the
comments included in their opinion were the following:
“Fitch assigned an AA+ rating to the Indianapolis-Marion County
Public Library’s $9.1 million General Obligation Refunding Bonds,
Series 2012. Their rating was based on limited operating risk, stable
financial operations, improved liquidity position, prudent
management practices, and diverse economic base.”
Revenues for the Bond and Interest Redemption Fund
Property tax receipts for the Bond and Interest Redemption is projected to be
$10,869,843 in 2014. Other sources of income include:
Commercial Vehicle Excise Tax
Excise Tax License
In-lieu-of Property Taxes
Interest Income
33
$
$
$
$
$
$
68,338
562,870
67,272
5,724
300
704,504
Tax Rates for the Bond and Interest Redemption Fund
The estimated tax rate for Debt Service in 2014 increases from 0.0275 in 2013 to
0.0331 (0.0056 increase) based on a projected1.3% reduction in the AV.
General obligation bonds currently outstanding as of July 31, 2013 are as follows:
$12,000,000 2005 General Obligation Refunding Bonds
Due in Installments of $405,000 to $890,000 Plus Interest
Through January 1, 2016; Interest at 3.25% to 4.00%
$ 2,875,000
$25,000,000 2006 General Obligation Bonds
Due in Installments of $1,600,000 to $5,660,000, Plus Interest
Through January 1, 2023; Interest at 4.25% to 4.50%
$ 25,000,000
$20,000,000 2007 General Obligation Bonds
Due in Installments of $730,000 to $1,490,000, Plus Interest
Through January 1, 2018; Interest at 4%
$ 11,135,000
$9,155,000 2009 Refunding General Obligation Bonds
Due in Installments of $175,000 to $1,525,000, Plus Interest
Through July 1, 2019; Interest at 2% to 5%
$ 8,215,000
Due in Installment of $310,000 to $1,465,000. Plus Interest
Through January 1, 2022; Interest at 2% to 5%
$ 19,155,000
Due in Installment of $20,000 to $2,070, 000, Plus Interest
$ 8,240,000
Due in Installment of $950,000 to $1,075,000, Plus Interest
$ 7,175,000
Total Long Term General Obligation Bonds
$ 81,795,000
Expressed in Thousands:
Legal Debt Limit: $231,942
(AV 2012 of $34,791,357 / 3 x 2%)
34
Reductions in Annual Debt Service Payments
Beginning 2008, the Library began an early debt extinguishment plan in
conjunction with refunding/refinancing plan to reduce the amount of
outstanding debt and annual payments. As detailed below, this plan will
reduce the annual payments for 2014 by $1,044,787.
Outstanding Debt
1998 Bonds
2001 Bonds
2002 Refunding Bonds
2002A Bonds
2003 Bonds
2003 A Refunding Bonds
2005 Bonds
2006 Bonds
2007 Bonds
Total
Ending Balance as of July 31, 2012
paid off with settlement proceeds
paid off with settlement proceeds & refinanced
Refinanced
Refinanced
Refinanced
Retired
2,875,000
25,000,000
11,135,000
8,215,000
19,155,000
8,240,000
7,175,000
81,795,000
ANNUAL DEBT SERVICE PAYMENTS FOR 2014
1998 Bonds
2001 Bonds
2002A Bonds
2003 Bonds
2005 Bonds
2006 Bonds
2007 Bonds
Total
Before Changes
1,059,153
2,396,370
2,738,415
371,982
1,466,500
1,107,510
2,259,163
$11,399,083
Savings:
After Changes
paid off early
partially paid off & Refunded
refunded
refunded
refunded
1,466,500
1,107,510
2,259,163
766,950
2,261,649
290,223
2,202,300
$10,354,295
$1,044,787
35
2014 ESTIMATED REVENUE - BIRF FUND
2012
Actual
2013 Adjusted Actual Y-T-D
Estimated
6/30/2013
2014
Projected
Revenues
Tax Revenue
PROPERTY TAX REVENUE
PROPERTY TAX CAPS
Total Tax Revenue
9,067,706
(897,609)
589,161
67,507
69,106
81,131
8,977,002
9,121,394
(1,187,300)
593,666
72,475
74,192
2,563
8,676,990
4,161,055
281,435
33,636
34,169
2,862
4,513,157
10,651,140
562,870
67,272
68,338
5,724
11,355,344
300
300
297
297
300
300
8,677,290
$ 4,513,453
$ 11,355,644
Other Revenue
TRANSFER IN
INTEREST INCOME
Total Other Revenue
Total Revenues
1,497
474
1,970
$ 8,978,972
36
$
2014 PROPOSED BUDGET - BIRF FUND
2012
Actual
Account Description
2013 Adjusted
Budget
YTD Actual
6/30/2013
Proposed 2014
Budget
Expenses
BOND EXPENSES
INTEREST EXPENSE
BANK FEES/CREDIT CARD FEES
Total Expenses
5,220,000
3,119,940
1,700
6,395,000
3,497,011
3,500
3,150,000
1,228,646
1,100
7,095,000
3,259,294
3,500
8,341,640
9,895,511
4,379,746
10,357,794
8,341,640
9,895,511
4,379,746
10,357,794
$ 8,341,640
$
9,895,511
$
4,379,746
DEBT REDUCTION ACTIONS
$1,044,787
$12,000,000
Savings for 2014
$10,000,000
$8,000,000
$6,000,000
$11,399,083
$10,354,295
$4,000,000
$2,000,000
$0
Debt Payments Before
Refundings
Debt Payments After
Refundings
37
$
10,357,794
Indianapolis-Marion County Public Libraries
Central Library
Glendale Branch Library
40 East St. Clair Street
Indianapolis, Indiana 46204
317-275-4100
6101 North Keystone Avenue
317-275-4410
Brightwood Branch Library
Haughville Branch Library
College Avenue Branch Library
Irvington Branch Library
Decatur Branch Library
Lawrence Branch Library
Eagle Branch Library
Nora Branch Library
2435 North Sherman Drive
317-275-4310
2121 West Michigan Street
317-275-4420
4180 North College Avenue
317-275-4320
5625 East Washington Street
317-275-4450
5301 Kentucky Avenue
317-275-4330
7898 North Hague Road
317-275-4460
3325 Lowry Road
317-275-4340
8625 Guilford Avenue
317-275-4470
East Thirty-Eighth Street Branch Library
Pike Branch Library
5420 East 38th Street
317-275-4350
6525 Zionsville Road
317-275-4480
East Washington Branch Library
Southport Branch Library
Flanner House Branch Library
Spades Park Branch Library
Fountain Square Branch Library
Warren Branch Library
2822 East Washington Street
317-275-4360
2630 East Stop 11 Road
317-275-4510
2424 Dr. Martin Luther King Jr. Street
317-275-4370
1801 Nowland Avenue
317-275-4520
1066 Virginia Avenue
317-275-4390
9701 East 21st Street
317-275-4550
Franklin Road Branch Library
Wayne Branch Library
5550 South Franklin Road
317-275-4380
198 South Girls School Road
317-275-4530
Garfield Park Branch Library
West Indianapolis Branch Library
2502 Shelby Street
317-275-4490
1216 South Kappes Street
317-275-4540
InfoZone
at The Children’s Museum
3000 North Meridian Street
317-275-4430
The Indianapolis Public Library
www.indypl.org
317.275.4100
Jackie Nytes, CEO
jnytes@indypl.org
Becky Dixon, CFO
bdixon@indypl.org

The Indianapolis Public Library 2014 Budget Presentation explore

Transcription

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