A new funding formula has been proposed by the Fraser Valley Regional Library, in an attempt to balance out the costs shared by its 15 member communities.
The current cost sharing formula was developed more than 15 years ago, said Rob O’Brennan, CEO of the FVRL. Under the proposed budget, five municipalities will pay more, eight will pay less and two will remain the same.
Harrison Hot Springs would pay the same, at $56,703. The District of Kent would pay $22,516 less annually, with a new cost share of $282,171.
The biggest adjustment would be felt in Fraser Valley Regional District, which would be paying $217,531— $31,999 less than its current fee of $249,530.
However, the cost of being in the FVRL will rise by 9.19 per cent in Langley City. Their annual cost share would equal $1.27 million, a $106,882 hike from the current formula.
The new proposed funding formula was put forward and approved at the May 22 meeting of the FVRL board. Two thirds of the FVRL member municipalities would have to approve the formula for the change to be implemented in 2014.
A report from the FVRL’s director of corporate services said that the library will work with municipalities to minimize impact, and that the changes would be phased in over two years.
“With any change in a funding formula for budget allocation, there are winners and losers,” wrote Mary O’Callaghan.
Last Monday night, Harrison council approved the change unanimously. This week, the District of Kent council also approved the changes.
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