Comments on: Boise To Accept Library Written Comment

By: 60%

60% — Thu, 29 Nov 2018 21:03:25 +0000

Did you folks realize under the current library scam, (before this new scam happens), did you know the library is getting 60% as much money as ACHD from household property taxes? Look at your tax statement. WTF?!?! Who are the idiots who are approving all this waste???

By: Useful, but not fully

Useful, but not fully — Sat, 24 Nov 2018 03:03:30 +0000

I think the library manager is giving these wedgies, not the mayor. He’ll (mayor) have to pay for it. But why circumvent the public process? That is the transgression and the question. The pubic needs to buy in, or out. If it was 40 million, or 20, it would be different.

By: Useful Idiots

Useful Idiots — Sat, 24 Nov 2018 00:03:34 +0000

Yoss, how true.

Are your tracking about the personal social credit score FB and Google are helping Commie China to create? All the data on Americans needed to erect the same scoring system in the USA has been collected, they’re just waiting for our next democrat president to approve. It’s why the swamp dwellers are so frustrated by 2016 outcome and totally freaked that RBG will be replaced by Trump.

Democrats will be our end. Useful Idiots as the Bolsheviks called them.

https://en.wikipedia.org/wiki/Social_Credit_System

Libraries good, but we have enough. This $$$$$$$$$$$$$$ Taj Mahal plan is a monument to Bieter, nothing more. Selfish Jerk.

By: Yossarian_22

Yossarian_22 — Thu, 22 Nov 2018 18:50:06 +0000

We do not need a new fancy library. We need more satellite libraries or improve the satellites out there already. This is a showpiece for Team Dave to point at in legacy. Besides, the time is coming when all books with information contrary to official narratives will eventually be removed from libraries the way that Big Tech is censoring dissident platforms that merely tell contra narratives. What good will a library be then?

By: E.B.Schofield

E.B.Schofield — Wed, 21 Nov 2018 19:18:24 +0000

My earlier post was referring to the 3% state limit allowed for the budget, not the levy rate, as the levy rate is calculated by the tax commission after the City submits the budget; I should have included “budget” in the sentence.

The amount allowed for the value of new construction or “plus a growth factor which captures new development” as the letter said in the 2017 tax mailing, is quite variable as the Editor noted. The 2019 Annual Budget shows the Property Tax “Growth Increases” in actual dollars to be:

2014 – $1,802,476
2015 – $2,910,476
2016 – $6,696,815
2017 – $8,885,089

These amounts are in addition to the $114 to $128 million in base tax increases during the same time period. Instead of saving some of this surplus, it appears spending it and then some is the game plan.

The City’s financial documents show clear cut plans to go negative in the Capital Fund account as a result of this expensive library project. $1.8 million in the hole for the 2019 forecast, with financial projections of the economy continuing on the upswing in 2019 to bring this negative amount to “only” $45,620 in the hole for the 2020 forecast.

And that is IF this project stays within the $80 million currently allocated for it. What happens if/when this cost goes off the rails as what occurred with the Fire Station projects?

By: Erico49

Erico49 — Wed, 21 Nov 2018 15:50:11 +0000

I thought tuat the 3% cap applied to the budget increase rather than the levy rate.

EDITOR NOTE–Erico, you are correct. In good times the budget hike usually is similar to the levy rate. The increase is limited to “3% plus the value of new construction.” That NEW CONSTRUCTION can be worth a hefty amount in boom years.

By: E.B. Schofield

E.B. Schofield — Wed, 21 Nov 2018 03:22:34 +0000

Raising the levy rate does not make up for the total loss in revenue when assessed values decline during a recession. The State limits the annual increase to 3% regardless of what the economy is doing. So although they can up it each year by 3%, which they usually do, this does not fill the coffers back up to what they would have been when the assessed values were higher.

Going back to 2008, as the assessed value on my property declined each year, the taxes also went down – not proportionally to the loss in assessed value, but this did mean the City would have taken an overall hit on total revenue collected across the board.

2008 – $1263
2009 – $1279
2010 – $1215
2011 – $991

What E. Harter expressed concern about in the earlier post was the City living on the revenue it is use to today, essentially finding a way to spend it as fast as it has been increasing each year. Rather than setting some of the surplus money aside for a rainy day when the revenue stream declines – which would be fiscally responsible with the taxpayers purse.

By: Erico49

Erico49 — Wed, 21 Nov 2018 00:44:05 +0000

If property values decline, they just raise the levy rate and go merrily along.

By: E.B. Schofield

E.B. Schofield — Tue, 20 Nov 2018 22:00:23 +0000

I know the financial documents are audited, but I do not recall coming across any mention of stress-testing protocols. If this does occur, it seems contradictory to allow the fund to go negative, especially when the City budget speaks of keeping the fund in balance by maintaining sufficient reserves.

The City’s 2017 Comprehensive Annual Financial Report (CAFR) mentions the likelihood of a recession at some point during the five-year forecast period (p.38). The 2018 CAFR has not been released yet, as the fiscal year just ended on Sept. 30, but this issue will most likely be addressed again.

When the next recession occurs, which it will, as this tends to be part of the normal cycle of economics, this will impact nearly all of the City’s revenue streams – just as this did in the years following the 2008 debacle.

Besides property tax, revenues from sales tax, development fees (permits & impact fees), and investment income will all be impacted. While revenues from liquor tax, and fines & forfeitures, tend not to be. Recession or not, these stay fairly steady but can never make up for the large decreases in the major revenue categories

By: Eamonn Harter

Eamonn Harter — Tue, 20 Nov 2018 20:08:33 +0000

Since the city gets the majority of its revenue from property taxes, has Team Dave planned for what could happen if property values and tax revenues fall? The city’s accountants need to perform a stress-test on the city’s finances to model a case where property prices fall 30-50% or more. That is a scenario that could play out during the next recession, particularly when interest rates continue their upward trend. Increasing outlays for a new Library! while revenues decline would be a perfect storm for the city. Instead, now would be the perfect time to add to the city’s financial reserves and cut expenses in order to weather a recession that is probably in the near future.