LETTER OF THE WEEK

The current budget for the library system is $4.3 million. This amount

provides for the annual debt payment of $550,000, approximately $1

million for maintenance and operations, still more for salaries and

finally approximately $550,000 for library materials. The purpose of the

Library Foundation, its endowment fund and other support groups, is to

supplement the library materials portion of the budget thereby enabling

the Board of Trustees to maintain a first-class library system for our

citizens.

The goal of the foundation’s endowment campaign is to raise $2.5 million.

That money will be placed in rock solid investments. The interest earned

from those investments are to be used to supplement the library system as

may be appropriate over the ensuing years. Conservatively, those funds

should earn at least $100,000 per year. These earnings, combined with

other funds that the foundation should raise each year, could reach

$200,000 per year of additional funding for the library. This is a very

significant sum of non-taxpayer money for the library system. In fact, it

could reach 30% of the library materials’ budget when the program is

complete.

However, if we are to achieve those goals, the foundation and the library

trustees must maintain a resolve not to tap those endowment funds for

instant gratification. Rather, the foundation should squirrel away those

funds to level out funding for the library during good times and bad.

The public should also know that our library receives generous support

from The Friends of the Library and funds from the Carl Ackerman Estate.

In the case of the Friends, new accounts indicate that their annual

contribution is in the $100,000 range. The Ackerman Estate contributes

still another $55,000 per year. Thus, one could argue that the library

depends on the public for nearly 50% of its library materials’ budget.

That translates into fantastic public support.

It is incumbent on all involved to accept the fact that this support is

not to be taken for granted.

Perhaps all of us need to remember this.

CLARENCE J. TURNER

Newport Beach

Editor’s note: Clarence Turner is a former Newport Beach mayor.