Eliot library seeks funds to assist in operation expenses

ELIOT, Maine — William Fogg Public Library has requested $145,000 from the town to cover the year’s operating costs.

On Thursday night the Board of Selectmen were presented a request from trustees of the library for money to operate for the 2013 year, according to Selectman Leroy Dunkleberger. Dunkleberger asked Library Trustee Peter Dennet if the library trustees would accept a lower contribution from the town, at $135,000. Dennett responded that they would be agreeable to that figure and that their objective is to keep the trust fund balance above a million dollars.

“If the library trust fund is doing well then there is no need for the extra $10,000 and the library trustees agreed,” Dunkleberger said on Monday.

Trustee Peter Dennett told selectmen the trust fund, managed by the Edward Jones Investment firm, now stands at a figure slightly more than $1.1 million. Dennett said the fund is composed of stock and bond funds that generates an interest rate of around 3.5 percent annually.

In other news, taxpayers will be getting a helpful break in another way. Eliot Festival Days Chairman Eugene Sahr told selectmen the organization would be withdrawing a request for $4,400 for this year’s event. Due to the rain interfering with last year’s firework show, some funds are still available. Selectmen have discussed to bring in department heads to review individual plans for the town’s capital improvement program. Selectmen have also agreed that the town’s trust fund should be maintained at $1.5 million for emergency expenses, with a provision that any money withdrawn would be used for capital rather than operating expenses.

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