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Library Depreciation Fund versus County Capital Improvement Fund

Library Depreciation Fund versus County Capital Improvement Fund. Based on a presentation created by Harold Blattie , Montana Association of Counties. Library Depreciation Fund. Fund established by city, county, or combination

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Library Depreciation Fund versus County Capital Improvement Fund

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  1. Library Depreciation FundversusCounty Capital Improvement Fund Based on a presentation created by Harold Blattie, Montana Association of Counties Created by TC, 2012

  2. Library Depreciation Fund • Fund established by city, county, or combination • Money is used for “replacement and acquisition of property, capital improvements, and equipment necessary to maintain and improve city, county, or city-county library services.” MCA 22-1-305 Created by TC, 2012

  3. Moneys for the Fund • Where does the money come from? • Any unspent monies allocated to the library. MCA 22-1-306 • What happens to the money in the fund? • May be invested (we encourage this, so ask the person in charge of handling money to do this for you.) MCA 22-1-307 • Interest should be credited back to the fund. MCA 22-1-307 • How much money can we put in this fund? • As much as you need, but don’t treat it like a personal savings account Created by TC, 2012

  4. I want to spend money in the library depreciation fund, but the county is saying it has to cost more than $5000 Created by TC, 2012

  5. County Capital Improvement Fund • What is this? • County, city, or special district can establish a capital improvement fund MCA 7-6-616 • for the replacement, improvement, and acquisition of property, facilities, or equipment that costs in excess of $5,000 and that has a life expectancy of 5 years or more. Created by TC, 2012

  6. What about money for this fund? • Comes from any source of unspent allocations • May be invested and any interest must be returned to the fund Created by TC, 2012

  7. So what’s the difference? County Capital Improvement Library Depreciation • Established by Governing Body • Source: Any Source • Interest Must Be Credited to Fund • Purpose • Replacement, Improvement and Acquisition of Property or Equipment • Must Cost over $5,000 and have Life of over 5 Years • Established by Governing Body • Source: Unspent Funds Allocated to Library • Interest Must Be Credited to Fund • Purpose • Replacement and Acquisition of Property, Capital Improvements and Equipment • No Restriction on Cost or Useful Life Created by TC, 2012

  8. Questions? Created by TC, 2012

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