Budget and Funding
The library project is budgeted at $85 million, which includes $15 million for public infrastructure on the site and a separate parking structure at 8th & River streets to serve both the Library Campus and the entire lower-Bodo area. The proposed total funding plan for the Library Campus is as follows:
$52 million - City of Boise
$18 million – Philanthropy
$15 million – Urban renewal funds for parking and public infrastructure
The city has identified and approved $22 million of existing budget capacity to support the project. These funds were allocated by the City Council in Fiscal Years 2018 and 2019. Under the city’s new proposed self-finance plan, the remaining $30 million would come from the following internal sources:
|$7.5 million||Cash flow/service maintenance reserve|
|$7 million||Reuse of planned lease-finance payments|
|$6 million||FY 2019 End-of-Year Funds|
|$5 million||Fire Station 5 remodel vs new build|
|$3 million||Capital Fund balance|
|$1.5 million||Delay of Hillcrest Library property purchase|
This strategy will allow the city to generate significant saving when compared to the 20-year lease-financing plan the city previously considered. While no formal structure for the lease financing was in place, it is anticipated that this approach will save a total of approximately $15 million in interest costs over the lease-finance period.
Please note that this plan is preliminary and could be modified in the future as the project advances and additional one-time funds are identified.
This project will not require an increase in city taxes.
More Information on the Self-Financing Plan