The CEO of the Saskatoon Public Library has the rundown of where the money is coming from for the new central library project.
This is something that some mayoral candidates have been concerned about, with the price tag estimated at $134-million.
Carol Cooley explains that back in 2009, the Library Board and City Council set up a reserve for funds collected through the library levy in the property tax.
That fund is now at around $32-million.
She estimates that in 2021 through 2024, with the average home costing about $371-thousand, there will be a little less than $5 a year increase and in 2025 and 26, the increase will be a little over $1.60 per year.
The library has borrowed $67.5-million from the City, which Cooley says is because the Library Act prohibits them borrowing any money, so they are getting the City to do it, but she emphasizes it will be paid back.
It’s estimated the rest of the funds will be $16-million from the levy to 2026, selling the current library site at around $4.6-million and the rest will come from future fundraising.