Boyd County Library Board Approves Tax Rate Decrease

UPDATE 8/28/13 @ 6:15 p.m.
ASHLAND, Ky. (WSAZ) -- The Boyd County Library is celebrating a record-breaking year.

In the fiscal year that ended June 30, library patrons checked out more than 523,000 items.

"We're pleased because we're giving people what they want," Amanda Gilmore said. "The library is a lot more than just books."

Megan Wells is a nursing student who's in the library at least six hours a day. She has a 4-month-old child at home and needs the "me-time" to focus on her studies.

"My time limit here is very valuable," Wells said. "I know if I don't get it done now, it's going to be stressful to get it done later."

Wells was given a tour Wednesday of the different locations and items available for checkout that she never knew about before. Items like metal detectors, fishing equipment, museum passes are all available for patrons for free.

"I understand now, why the library's so popular," Wells said. In the wake of record-breaking news, the Boyd County Public Library Board of Trustees unanimously voted to reduce the property tax rate for county residents.

The board's budget for the current fiscal year, which began July 1, reduced the real property rate from 13.6 cents (per $100 of value) to 12.4 cents. It also reduces the personal property rate from 13.91 cents to to 12. 4 cents.

“We’re doing fine; we’re giving people what they want,” Amanda Gilmore said. “They’re responding well, so we’re happy to reduce the tax rate and help people out.”

Revenue from real and personal property is expected to total just slightly more than $3 million on 2013-14. That's 82.5 percent of the library's overall operating budget. The remainder comes from a combination of other state taxes and library fines and fees.



ORIGINAL STORY 8/20/13
ASHLAND, Ky. (WSAZ) -- The Boyd County Public Library Board of Trustees has unanimously voted to reduce both the real property and personal property tax rates for county residents.

The board says the decision comes on the heels of BCPL’s record-breaking year in terms of items checked out.

In the fiscal year that ended June 30, library patrons checked out a total of 523,152 books, videos, audio books, music, magazines, e-materials and equipment. That number represents a 7.8 percent increase from the previous year.

The board’s budget for the current fiscal year, which began July 1, reduces the real property rate from 13.6 cents (per $100 of value) to 12.4 cents. It also reduces the personal property rate from 13.91 cents to 12.4 cents.

The rates will allow BCPL to bring in sufficient funds to cover the library’s operating expenses in 2013-14, said Director Debbie Cosper. Capital improvement projects will come primarily from the library’s reserve funds.

Revenue from real and personal property is expected to total just slightly over $3 million in 2013-14. That is 82.5 percent of the library’s overall operating budget. The remainder comes from a combination of other state taxes and library fines and fees.

“This new rate will allow the library to meet its budget, without adding to taxpayers’ burden,” Cosper said.

Last year, BCPL received about 7 percent less (in real and property taxes) than was budgeted, and Cosper said she expects the same to hold true this year.


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