Breaking News Bar
posted: 8/14/2012 5:00 AM

Library: $16 million on hand pays bills

hello
Success - Article sent! close
 

To the editor: In the Monday, July 30, 2012 edition, Arlington Heights resident Steve Kopp presents current assets and liabilities figures for the Arlington Heights Memorial Library and asserts AHML has "at least $16 million in excess taxation accumulated."

In order to avoid erroneous conclusions being drawn please consider the following.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

• Some might interpret Mr. Kopp's letter as meaning AHML has over $16 million dollars in reserves, but $13 million of this are property taxes held and needing to be applied to running the library. Over 95 percent of AHML's revenue is derived from property taxes, payable in two installments each year. Understandably, the library's cash balance will be very high just after receiving payment, and the balance steadily drops as those funds are used to sustain the day-to-day operation of the library until the next installment arrives many months later.

• The library, like all responsible local governmental entities, does keep a reserve fund so that if property tax bills go out later than they are supposed to, the library has funds to pay bills without having to borrow money through a burdensome and expensive tax warrants process. An amount equal to roughly six months of operating expenses is held.

• Having approved a 0 percent increase over the prior year's extended property tax levy in three of the past four years, the Arlington Heights Memorial Library's Board of Library Trustees is committed to sound fiscal management of our residents' tax dollars.

Jason Kuhl, executive director

Arlington Heights Memorial Library

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.