At its April 16, 2012 meeting, the Ann Arbor District Library board reviewed a draft of the budget for the coming fiscal year, beginning July 1, 2012 through June 30, 2013. [.pdf of draft budget]
Based on collection of a 1.55 mill tax, the budget anticipates tax revenues of $11.203 million for fiscal 2012-13, compared to the current budget projection of $11.091 million for fiscal 2011-12. That represents a 1% increase in tax revenues. The overall FY 2012-13 budget revenues – including tax revenue, state aid and other revenue sources – is $12.254 million, compared to the current budget of $12.191 million.
On the expense side, employee benefits are budgeted to increase from $1.476 million this year to $1.565 million in the next fiscal year. In part, that reflects an increase in the amount that AADL must contribute to the Michigan Public School Employees Retirement System (MPSERS) – from 24.46% this year to 27.37%. The proposed budget also includes a 3% merit raise for employees.
The library finance staff projects a surplus of $292,025 for the current fiscal year. The board is expected to vote on the FY 2012-13 budget at its May 21 meeting.
This brief was filed from the conference room of the Ann Arbor District Library’s downtown building, located at 343 S. Fifth Ave. A more detailed report will follow: [link]