Long Term Financial Strategy
Massachusetts Public Library Construction Program (MPLCP)
BFPL’s Financial Strategy for Planning and Design Phase of the Two-Phase Program
Update: Since our April meeting, the MPLCP has announced its schedule for the 2016-2017 construction aspect of the program (phase two). Based on this information we may assume that grant applications for the Planning and Design phase (phase one) will likely be scheduled for 2018/2019 on.
The Bigelow Free Public Library’s Financial Strategy Goal for the Planning and Design Phase
As we’ve discussed previously, if possible, the trustees wish for the BFPL to be self-supporting for a MPLCP planning and design phase grant application and not need to approach the Town at that point to ask for additional money for such a grant application. (Note: It’s extremely likely the library will need to approach the Town for construction phase support.)
To determine the feasibility of this planning and design grant goal, below are estimated figures discussed at the Board of Trustees Meeting on April 2016. Now that we have a sense of the timeline of the MPLCP, I propose we enter our financial strategy into the public record at the May 2016 meeting of the trustees with the understanding that our feasibility figures are subject to change over the next couple of years as more actual versus estimated information becomes available.
- Estimated cost to the BFPL to apply to the MPLCP for a Planning and Design grant : $50,000
- How the BFPL might have access to $50,000 by 2018/2019: State Aid and other sources.
State Aid: This money comes directly from the state to the library for the library to use as it sees fit. We’ve been advised by MPLCP advisers that applying state aid to a planning grant application is a fitting use of state aid. As of April 2016 we had around $29,517. A conservative estimate of an additional $30,000 based on a further two years of state aid would give a state-aid total of around $59,517. (There would, however, be other disbursement calls on this amount going forward.)
Other sources: A couple of years ago the library successfully applied for remediation money to be made available upon completion of a building project in Clinton. This money is soon to be available. A conservative estimate is around $27,500.
The total of an estimated $87, 017 from these two sources would enable the library to meet the goal of $50, 000 for the Design and Planning grant application and also have financial resources to meet other timely needs of the library between now and the due date of a Planning and Design grant application in a couple of years.
Gloria Parkinson
Chair, Board of Library Trustees, May 19, 2016
