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THE CORPORATION OF THE CITY OF PORT COQUITLAM

17 1989

MEMO TO: B. Kirk DATE: April 13, 1989

FROM: M. Farnworth, Alderman

SUBJECT: Fraser Valley Regional Library Funding Formula

RECOMMENDATION

That the City of Port Coquitlam approve the proposed funding formula of the Fraser Valley Regional Library.

BACKGROUND & COMMENTS:

The existing funding formula is based strictly on assessments and has resulted in the average homeowner here paying more that the average homeowner at the eastern end of the FVRL.

The proposed formula is a compromise which gives equal weight to population and assessments to arrive at the cost share to be picked up by each member municipality.

Attached is some information received from the FVRL which shows that if there is no change to the formula we will pay 9.88% of the FVRL cost (page A-6) with the change proposed, our share drops slightly to 9.07% (page A-7).