Mahomet Public Library saves taxpayers money
BY DANI TIETZ
dani@mahometnews.com
The Mahomet Public Library worked to save taxpayers money this summer.
In the Aug. 12 board meeting, Ehlers Senior Municipal Advisor Jerry Dudzik presented the Board of Trustees with the good news that a bond was refunded at $242,000 with an interest rate of 1.579%, which was higher than expected.
“That’s a benefit to the taxpayers, Dudzik said.
When board member Chris Moore asked about the factors that played into the refund, Dudzik noted that favorable factors included library district’s reserves in place, the preparation, and the combined income power of the area.
“I want to compliment the board and the administration,” Dudzik said.
“John (Howard) and Kate (Smith) did a really good job on the phone during the rating process. You two were a really good team as far as offering the information.
“I thought you were very well-prepared.”
Alongside the bond refund, the Mahomet Public Library’s S&P Global Ratings was upgraded to ‘AA-’ with a stable outlook.
The Ehlers’ report states, “In our opinion, the district maintains a very strong financial position, supported by operating surpluses in 13 of the past 14 years. It ended fiscal 2018 (June 30) with a $77,000 general fund surplus, bringing its available general fund balance to $849,000, which, translates to a very strong 165.8% of expenditures.”
The report goes on to say those surpluses are a result of growing property taxes and curbs on expenditures.
“The working cash fund, with a fund balance of $70,000, provides additional liquidity,” Dudzik said. “The district has budgeted for an operating surplus of about $29,000 for fiscal 2019, but estimates show that it outperformed the budget and will have a surplus of $60,000.”
The district has been diverting operating revenues into the special reserve fund to pay for building expenditures, capital improvements, new furnishings, technology and unexpected repairs.
“The fund had $393,000 in fiscal 2018 and will increase to $713,000 following an unexpected private donation in fiscal 2019,” Dudzik said.
Late Champaign County property tax bills and payments required the library district to use cash on hand to fund operations while they waited for their allotted tax funds, but Dudzik believes this to be a one-time occurrence.
The Board of Trustees also approved a general fund surplus in the 2020 budget.
