The Library Debate - More real costs come to light .

Coun Beardsell threw out a bombshell about the Library's contribution of $9 million towards the Library/Civic Complex at yesterday's Council Meeting. He stated that less than $600,000 of this money had been placed in the Library's building reserves. These figures were taken from the Library's financial statements. ( From incomplete financial information available at http://www.orl.bc.ca/aboutus/finance.aspx it appears that $ 364,963 was added in 2006 to the building reserve.) (I have not located any reserve amounts totals on line yet )

If Coun. Beardsell is correct and you ain't going get me to argue with him about figures on a financial statement without a lot more research; then I have been under a mistaken impression that the Library Board had already built up these reserves from past taxes. I naively kept insisting that the Library's money that they claim to bring to the table was only money garnered from taxation in PAST years from taxpayers. Actually it appears that taxation in the future will have to increase to cover the additional $8.4 million needed if this building goes ahead.

Now it is true that this taxation is spread across 22 different municipalities and regional districts and Vernon taxpayers share will be a lot less then if the money came from Vernon Taxpayers alone there will be an added tax to consider when and if you decide to support this building.

All figures below Library Boards website link above:
For instance, budgeted expenditures for 2005 are $11,538,882. Taxpayers in 18 municipalities and four Regional Districts will pay $10,137,027 of that cost. The average Vernon property value calculated at $192,500 by the Library's figures paid a rate of .25650/1000 in 2005 or $49.38. You can do the math: if we decided to tax $8.4 million in one year (8.4/10.137 x 49.38= $40.92 for the average Vernon Property owner in 2005.

(The $49.38 was confirmed by my 2005 Tax Information sheet attached to my tax bill.)

Now I realize that they might borrow the money and the increase in taxes would be spread over a longer period at lower rates but the above calculation is the present day value commitment that would be the taxpayers burden.