We are currently working with the Worth Branch Advisory Group, comprised of area residents and Library Board members, to determine branch features which will determine the final cost. A new branch will create additional staffing and operating cost. Therefore, the size of the branch will dictate the estimated cost of the expansion. Using the building size options listed below, you can see the associated cost comparisons.
The Library and Board are committed to providing the same outstanding Library services that it currently offers Library district taxpayers. General cost fund estimates, estimated levies, and estimated tax rates are listed in the table below. General fund costs are the operational costs of the Library, like personnel, supplies, and materials.
|
|
20,000 SF Building |
30,000 SF Building |
Potential General Fund Cost |
|
$550,0001 |
$820,0002 |
Estimated General Fund Levy |
|
$1,582,9131 |
$1,792,9132 |
Estimated General Fund Tax Rate3 |
|
$0.04651 |
$0.05272 |
Estimated Debt Service Tax Rate4 |
|
$0.01591 |
$0.01592 |
Estimated Total Tax Rate |
|
$0.06241 |
$0.06862 |
1 Cost of a Library that is approximately 20,000 square feet.
2 Cost of a Library that is approximately 30,000 square feet.
3 Tax rate is derived from dividing that levy by the proposed expanded net assessed value and multiplied by 100.
4 The 2020 debt service rate of the Library is estimated to fund approximately between a $6 and $8 million debt issuance.