How much does NOLS have in reserves?
The Library maintains several reserve funds: • Reserve for economic uncertainty. Current balance approximately $812,000. This fund provides cash flow for the Library District, to help bridge the gap by covering expenses during those months when property tax receipts are the lowest (January-March and July-September). It will be used to help balance the 2010 budget, as financial projections indicate revenues will fall short of expenditures by approximately $88,000. It is the likely source of money to cover any facilities maintenance/repair costs that exceed the capital replacement funds. As the District’s rainy day fund, it will be used to bridge any severe gaps in property tax funding, as well as to cover the costs of downsizing operations, such as pay-outs to laid off employees, unemployment insurance premiums, etc. This fund is equivalent to about one quarter of NOLS’ annual operating costs. • Port Angeles Capital Fund. As part of a contractual agreement with the City of Port Angeles,
