The additional revenue received from the .216 tax increase voters approved in November, 2017 is currently being held in an interest earning Capital Projects fund. The interest on that fund will be added to help reduce the eventual borrowing costs.
Once the building plans are approved, the funds will be spent on bond payments for approximately $23 million allocated for a new Library building. A portion of the increase will also be used for operating expenses that will increase with a new facility. An explanation of the Helen Plum Library’s past annual operating costs compared to other local libraries is outlined below.
Prior to the successful passage of the November 2016 referendum, the Helen Plum Library had the lowest expenditure per capita of any of the local peer libraries with similar populations. Minimal annual levy increases through the years by Helen Plum were not significant enough to result in a capital reserve fund that could be used for the replacement of aging building systems and renovation of the facility.
Lombard taxpayers have benefitted from this lower tax rate for decades, however the building needed an investment from the community for upgrades.
This .216 tax increase will fluctuate slightly from year to year based on population and budget. After the 20 year bond debt for the new facility is paid off, the Library Board at that time will make a determination about the tax rate going forward.
To date, the Library has paid an additional $5,000 in redesign fees that will be deducted should those plans become part of the final design process.