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FORT SMITH, Ark. (AP) — Fort Smith's public library system will cut spending and dip into its reserves to balance its budget for 2015.
The Southwest Times Record reports (http://bit.ly/1AX90H7 ) that a financial overview from the Fort Smith library system's $2.79 million budget for next year is "essentially flat."
The library has two major sources of revenue — a 6 percent share of the city's portion of a 1 percent Sebastian County sales tax, and a 1-mill tax on personal and real property. The library anticipates $925,000 from the sales tax, and $1.4 million from the property tax.
To balance next year's budget, the library will rely on $130,000 in reserve funds and reduce spending on materials like books and technology.
Since 2010, the library system has used almost $500,000 in cash from its reserves.
Information from: Southwest Times Record, http://www.swtimes.com/
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