|Burning of Library of Alexandria.|
New York City passed its budget for fiscal year 2013 this past Monday, and city libraries survived a proposed major slash in funding. The NYPL and Brooklyn Library both made statements thanking the city for restoring $90 million back to the library budget.
|Tammany Hall supporters at work (1871, NYPL).|
Each year the city’s libraries are threatened, and then each year seemed to be saved at the 11th hour. Much of the funding goes to construction and overhaul costs. The Mayor’s office naturally treats its own information architecture as a real estate investment. Mayor Bloomberg LP reported that total funding for public libraries is “up to about $300 million,” which includes money to keep several branches open on the weekend.
The city hopes to benefit from offering attractive debt ratings:
“New money and savings measures since the mayor first proposed his budget in May include $240 million from reduced debt-service payments by taking advantage of low interest rates on municipal bonds in the current and next fiscal years. The city’s general-obligation debt is graded AA by Fitch Ratings and Standard & Poor’s, and Aa2 by Moody’s Investors Service, the third highest level for all three.
City analysts project the 2014 budget at $72.4 billion. Read the city’s capital budget for 2012.
|2012 NYC Budget, Libraries.|