Library Costs Rising, and 1975-Era Tax Rate Can't Keep Up

Library Costs Rising, and 1975-Era Tax Rate Can't Keep Up Without Referendum Approval

by Maria Galo 52.40sc on February 15, 2019

Repairing the roof, ventilation and updating inefficient lighting are all plenty

of reasons to approve Palatine Library's April 2 Referendum. But why do
we need a permanent rate hike? Because ordinary expenses are increasing and the current tax rate will not keep up.

The graphic above shows the Library's corporate fund. The corporate
fund is the money available to pay for ordinary costs of operating:
labor, insurance, interest, new books, movies, materials, to name a few.
And those costs are going up.

Remember, the current tax rate was set in 1975, when Palatine Library
began operating as a separate taxing body. Yes, the tax rate increased
in the 1990s when voters approved a building referendum to allow the
Library to raise funds to build the current Main Library. But those
bonds were paid off in 2011. The tax rate then dropped back to its low,
1975-era rate. And now the Main Library is 25 years old, and its
infrastructure needs maintenance.

After 44 years, it's time we approved a small increase in the tax
rate. If approved, the owner of a home that is in the median market
value will see an increase of $52 per year. A dollar week. Or one Big
Mac per month. And the Library will still be the most frugal library in
the Northwest Suburbs.

It's time to Vote Yes for Palatine Library on April 2!

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