By Greg Forester, Staff Writer
Worsening economic conditions and falling revenue have Princeton Public Library officials mulling a reduced 2009 budget that leaves open the possibility of reducing the hours the library will be open and layoffs.
The $4,573,021 operating budget, which was under review by the board of trustees Tuesday and may still be amended, represents a 2.3 percent decrease from last year’s version.
The reduction was possible through the elimination of two vacant positions, a freeze on non-emergency hiring, reductions in office costs and employee cost of living increases, and the elimination of a longevity payment program that provided bonuses to long-term employees.
But those cost-saving measures leave the library with little recourse should economic conditions worsen and revenue fall further, according to library officials. If that were to occur, the library could be forced to resort to staff layoffs and a reduction of services, according to a budget memorandum prepared by Ms. Burger.
She said there is an expectation that income could be as down by as much as 14 percent this year.
”Right now, we’re doing the best we can,” Ms. Burger said.
Some of the impetus for proposing this “no growth” budget came from municipal officials, according to library budget documents.
In total, the library is requesting $3,734,913 from the two Princeton municipalities, or approximately $37,000 more than what the library received from the municipalities last year. The borough and the township covered 79 percent of last year’s budget, Ms. Burger said.
Besides the money coming from the municipalities, the library generates revenue through a variety of sources, including private support donations, fees, fines, grants, and income from the library’s endowment.
But endowment income is expected to be down by as much as $37,000 due to economic conditions, according to Ms. Burger.
She said revenue from late fees on library books and money generated through DVD rentals and other library business is also expected to decline.
Major cost increases in the new budget include rising energy costs, which have not yet experienced the same price declines as retail gasoline, and a dramatic increase in employee pension contribution, Ms. Burger said.
There was also a minor increase in state health benefits and building maintenance costs.
