Once the budget is approved, the Board distributes the tax cost amongst the municipalities and regional districts according to a formula in Section 24 of the Act. The formula calls for half of the cost to be shared on the basis of land value and improvements (property assessments), and half the cost to be shared on the basis of population. Cost sharing on the basis of property assessments reflects a community's ability to pay, and cost sharing on the basis of population reflect a community's usage of the library.
When costs are shared out, the ORL sends a bill to each municipality and regional district in the region, and your local Council or District Board then apportions that cost amongst all property owners on the basis of property assessments. Each municipality and regional district has the power to change their own tax apportionment formula.
Capital Costs for $11 million Financing:
In this case using 2010 *Draft Levy share of 10.268% Vernon's share of the $11 million Library Financing Principle would be $1,249,480.
On an annual basis the $11 million dollar financing at 4.93% (indicated rate of a MFA financing as of April 1, 2010) for the next 20 years, Vernon's share would be (369,399 + 542,300 {Interest} = $911,699) x 10.268% = $93,613 per year. (Coldstream's annual cost at 2.754% =$25,108.)
---------*The actual final levy was somewhat higher. In Vernon's case the 2010 requisition is for $1,428,228 as projected in Vernon's budget documents rather than $1,397,406 as indicated in draft levy. However the %age of total should not have changed significantly so above calculation should be accurate.
(Our year over year tax increase for Vernon based on the actual figure will be 1,428,228/1,342,826 = 6.35% increase in 2010.) The average tax for the Library was $64.69 for the average house valued at $414,406 in 2009. The 2010 cost for this same valued house would be $68.80 an increase of $4.11.
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Amortization Schedules.xls http://www.mfa.bc.ca/amortschedules.htm
architectural concept drawings document.
2 comments:
as boomers age a static facility becomes less relevant.
An electric/gas hybrid book mobile with a weekly or bi-monthly route makes more sense.
How will the average senior foot the bill to construct a new library and then maintain and staff it, including a new staffing requirement: security.
Very nice figures-but what is the reality=-you people were led up the garden path with your eyes closed-you don't know up from down,you don't recognize what changes technology will bring,making this expenditure useless,and you don't present the real cost to Vernon.
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