Library w-a-a-a-y in the black?

Saturday, May 10, 2014

Library w-a-a-a-y in the black?

When Jeanne called my attention to page 3 of Westhamp­ton Free Library's recently mailed "May 2014 Budget Informational Issue/An­nual Report," I was stunned!

By their numbers, WFL's "Full Market Valuation for 2014-2015" is an estimated $4,269,054,376, down 2½% from 2013-2014's $4,378,517,309.

Yet the Library's tax rate still increased 3.2%.

I guess that's why neither Jeanne nor I are accountants... in words those gross figures are billions!

I know land on Library Avenue is valuable, but are is the inventory of books and DVD enough to bring the current number up to one billion, three hundred seventy-eight million, five hundred seventeen thousand, three hundred and nine dollars?

What are we missing?

Comments

1. Victor Levy said...

That is the total assessed value of the taxable properties in the Library's tax district. To raise the same amount of money for the next year, the rate must go up if the valuation goes down.

Storm-damaged properties, successful tax grievances and properties removed from tax rolls all contribute to lower Total Valuation.

Ahhhhhhhhhhhhhh! Thank you, Vic! Seems we missed the "larger picture."
– Dean

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