Last Updated: Jan 11, 2018 Views: 275
Library revenues do not keep pace with demands for library service.
The library district gets 98 percent of its funding from a property-tax levy in Snohomish and Island counties. State law limits how much revenue from that levy can increase to about 1 percent a year. Even with careful, thoughtful and practical budget management, expenses rise faster than revenue due to inflation, wages and benefits and other factors.
The library district created a reserve fund, a savings account, anticipating the time when the funds would be needed. For the past several years, reserve funds were used to balance the budget. The reserve fund will be exhausted by 2019.