by Kathy Savolt -
The Mamaroneck Public Library has released a draft budget for Fiscal Year 2025-2026 which begins on June 1, 2025. The public will have the opportunity to vote on the budget on Wednesday, December 11, 2024. The projected tax increase is 5%. See HERE.
The total budget is $4,270,050, a 4.3% decrease from the current year’s budget. This decline is due to the Library ramping down its need for additional debt to meet operating expenses.
As expected, the main source of income for the Library is the tax levy at 80% of the total income. An additional and final Tax Anticipation Note (TAN) of $383,333 will be needed to balance the budget. The Library Board is also proposing to use over $400,000 from its reserve fund to help keep the tax increase at 5%, which is 10% less than the current year’s increase.
The top expenses are salary and benefits (47% of the total expenses) and debt payments, which are 37.5% of the total expenses. The Library is repaying the Tax Anticipation Note (TAN) that the Village issued on their behalf as well as the long-term debt for the expansion and renovation project. FY 2025-26 is anticipated to be the final year the Library will need the TAN.
Despite the projected decrease in operating expenses the library has hired a permanent bookkeeper and resumed purchasing books and other materials. They also re-opened the Young Adult/Teen Room and expanded program offerings. Generous donors also helped by contributing $300,000. See HERE.
On December 11, 2024, voting will be held at the Library from 7 am to 9 pm. In addition to the budget, three Trustees will be on the ballot. If you are interested in serving on the Library Board, information is available at the library front desk. Nominating petitions are due November 8th.
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