IMRF Employer Rates

For IMRF employers, the IMRF released to each of you a Preliminary Phase-In Notice. The letter that is addressed to the Alliance Library System is dated March 3, 2009. If you did not receive the notice, you can access it via the IMRF Webpage. This is a preliminary estimate.

According to the IMRF, "In mid-April you will be provided the preliminary rate notice, showing the actuarially calculated rate (ARC), and a confirmation of the phase-in contribution rate. At that time, employers will be given the option to contribute the phase-in rate, the higher ARC rate, or some rate between the two. Employers who choose a rate less than the ARC rate will be required by generally accepted accounting principles to record a net pension obligation on its books in 2010."

For information on why the IMRF is using a lower phase-in rate, see my earlier post here.

The choice is to pay now by using the ARC, or pay more over the long term by using the phase-in rate. Each library will need to make that decision based on its funding and levy situation.

Are You Wasting Money?

I ran across an article on the Yahoo! Personal Finance Section titled "7 Things You're Wasting Money On"

The introduction says that if you cut back or make changes on these seven things, you could save up to $1,000 per year. Here they are:

1. Bottled Water
2. Extended Warranties
3. Gym Memberships
4. Overdraft Fees
5. Organic Produce
6. Auto Insurance
7. Music Downloads

Here's a link to the full article.

The Economic Stimulus Bill

The American Recovery and Reinvestment Act of 2009, commonly known as the Economic Stimulus Bill, was passed into law on February 19, 2009. This bill is a combination of additional Federal government spending and tax benefits.

So, “What’s in it for me?”

One provision of the bill, called the “Making Work Pay” provision, creates a tax credit for workers of approximately $400. While previous efforts last year put lump sums directly in consumers’ hands, this provision will be enacted by adjusting the paychecks of eligible individuals through lower Federal income tax withholdings, to the tune of about $10 per week.

There is also a first-time homebuyer credit, which is an $8,000 tax credit if you buy a principal residence by December 1. The credit is available to home buyers who haven’t owned their primary residence for the past three years. The income limitations for this credit are $75,000 for individuals and $150,000 for married couples.

Another credit to help stimulate the economy – an auto sales tax credit, where you can deduct the portion of state and local sales and excise taxes on the first $49,500 of a new car or light truck’s purchase price.

There are also other provisions dealing with college costs, the Earned Income Tax Credit, unemployment benefits, using public transportation, the alternative minimum tax, and energy incentives.

For a summary, which provides an overview as well as summaries for both individuals and businesses, click here.

Budget Artists

I didn't post anything last week because I was busy. I'm still busy, but I'm posting a link to a new site called Budget Artists. From my quick read, it looks like it contains (or will eventually contain) a lot of useful information for surviving in this difficult economy.

Their website, found at budgetartists.com, "exists to help individuals and families live well through hard economic times."

An introduction to the site continues, "in hard times, we all have to cut our budgets, but being thrifty doesn't mean lowering your standard of living - just changing your priorities and working smarter with what you have... This site will guide you through the process of evaluating your lifestyle and financial priorities and making informed choices about what items you can replace with lower cost alternatives."

Every Library in ILLINET

The Illinois Library & Information Network (ILLINET) is a cooperative network of libraries in Illinois administered by the Illinois State Library (ISL). From the ISL website, “More than 5000 academic, public, school and special libraries belong to ILLINET and work together to meet the diverse information needs of Illinois citizens. A library becomes an ILLINET member when it is accepted for membership in one of the ten state-funded regional library systems.”

A useful tool is the website for Every Library in ILLINET, found at www.eliillinois.org. Here, you can find directory and statistical information on all ILLINET member libraries, including:

• Library Name, Type & Library System membership
• Address
• Phone & Fax Numbers
• ILDS Route
• Cities Served
• Hours
• Electronic Resources
• Staff Information
• Interlibrary Loan Policies
• Foreign Language Resources
• Previous State Grants
• Legislative Districts and Legislators (State & Federal)
• Library Trustees

For public libraries, a useful reference found on this site is a compilation of information from the Illinois Public Library Annual Report that each public library submits to the ISL each year. While the information is a bit dated (FY05-06 is the latest data that is posted), it can be useful. You can look at information by library size, location, library system, etc. The IPLAR statistics can be found at www.eliillinois.org/iplar/

Library Systems

On December 23, 2008, I posted an entry titled "Resources for Libraries: Your Library System" where I gave a very brief overview of the Alliance Library System & the services it provides for its members. In that entry, I mentioned that ALS was one of nine multitype library systems in Illinois.

The systems work together on various efforts, and the directors of the systems meet periodically to reach concensus and provide a common direction for the nine systems.

A useful website that they created can be found at www.ilsdo.org. Some items that I find of interest include:

- The 2009-2011 strategic plan laid out by the directors: www.ilsdo.org/downloads/ILSDOStrategicPlan2008.pdf
- A two year calendar of important legal dates and deadlines of interest to Illlinois libraries: www.ilsdo.org/se_daystoremember.html
- Information on the Fund for Illinois Libraries - allowing libraries to receive contributions from donors that contribute solely to non-profit organization holding IRS 501(c)(3) status: www.ilsdo.org/se_fund.html
- A list of Library Related Acronyms for those of us who are not librarians: www.ilsdo.org/se_acronyms.html