Can you take the $15.5 million planned for the Central Library Renovation and the $2.5 million discussed for the South Buffalo Library project and use that to offset the $19 million cut?
No. First, much of the $15.5 million has NOT yet been raised. The Central Library Renovation is a multi-year, multi-phase capital project. Donations of $1 million have been applied and County Funding of $4.8 million has been approved, for a total of $5.8 million. Nearly $3 million of that amount was committed after a public bidding process in spring 2004. That construction is underway now. The remaining $9.7 million has yet to be approved or otherwise secured. Second, County funding for the renovation project is in the form of long-term tax-exempt bonds that, by federal and state law, may be used ONLY for the intended project. Third, the potential source of funding for the new South Buffalo library construction project is from the County’s Tobacco Settlement proceeds. These are restricted by the provisions of the Tobacco Securitization agreement to use for capital outlay projects. They may not be used to support operating expenses. Finally, all of these funds are one time revenues with
