From the Brookville American-Democrat:
Franklin County Public Library District will not receive its Capital Projects Fund for 2013.
After a petition was filed by several Franklin County citizens and a public hearing was held on June 21 in the Brookville Public Library’s meeting room, Indiana Division of Local Government Finance Commissioner Brian E. Bailey ruled in favor of the petitioners.
Five people spoke in favor of the petitioners, and one person, Kim Simonson, a library board member, spoke in favor of the library’s proposed tax rate during the June 21 public hearing.
Daryl Kramer, a Franklin County Council member, initiated the petition drive and led off the hearing portion. Kramer’s argument was used by Bailey in his decision.
According to the figures, the library district’s 2012 budget is $696,002, and the library has a cash balance for 2012 of $1,241,998, which is 178 percent of its annual budget. The district also has a Rainy Day Fund balance of $360,342.66 as of Dec. 31, 2011, which is 52 percent of the 2012 budget.
According to Bailey’s Findings of Fact, the Capital Projects Fund proposed tax rate is 0.0133 per $100 of the assessed valuation starting in 2013 to generate about $56,000 annually. That is the same rate as the library had for 2012.
...
In his Final Determination, Bailey states:
*“The Department finds that the Library’s operating fund cash balance and rainy day fund balance are persuasive evidence of the sufficiency of the Library’s current cash reserves.
*“The Department finds that given the amount of cash reserves the Library has available, a capital projects fund and corresponding tax rate are unjustified.
*“The Department finds that the Library’s documentation and testimony do not demonstrate why the Library’s current cash reserves are insufficient to cover the capital expenses it anticipates incurring in the next three years.
*“The Department also finds that the Library has not offered persuasive justification for the necessity or reasonableness of a capital projects fund and corresponding tax rate in light of the Library’s cash reserves.”
Thus, Bailey disapproved and denied the library’s proposed plan and corresponding tax rate.
See the full article here:
http://www.whitewaterpub.com/AAAissues/brookville/2012/30/story03.php
