- Associated Press - Tuesday, December 23, 2014

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.

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Information from: Southwest Times Record, http://www.swtimes.com/

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