The Library's Finances

IMCPL continues to review operations for efficiencies and cost reductions as well as ways to increase revenues. The Library entered into a guaranteed energy savings contract that will lower the cost of utilities by $145,000/year beginning in 2010. We continue to review other energy conservation projects that will reduce costs and our carbon footprint.

In 2009, and again in 2010, IMCPL refinanced debt due to the favorable market conditions resulting in a savings of approximately $2.7 million in debt payments. These savings are in addition to the debt that was retired from settlement funds related to the Central Library litigation. In total, IMCPL has reduced debt by approximately $3.6 million since 2008.

Read A Report to Our Citizens - 2010 for a more detailed description of IMCPL's financial situation.

2011 Budget

LIBRARY BUDGET ESTIMATES for Calendar Year Ending December 31, 2011

• Operating Fund
• Bond and Interest Redemption Fund
• Capital Projects Fund

2009 Financial Statement

Revenue	Total
Property Taxes	$36,854,457	80%
Intergovernmental	6,738,901	15%
Fines & Fees	1,629,459	4%
Charges for Services	182,524	0%
Miscellaneous	839,778	2%
	$46,245,119	100%

Expenditures	Total
Personal Services	$21,815,877	47%
Supplies	886,638	2%
Other Services & Charges	7,984,319	17%
Library Materials	6,792,380	15%
Capital Outlay	82,783	0%
Debt	8,973,180	19%
	$46,535,177	100%

Tax Rates	2009	2008
Library Operations	0.0897	0.0732
Debt Services	0.0155	0.0157
Capital Project Fund	0.0033	0.0014
	0.1085	0.0903