Public Comment: Former Jones Treasurer Says Town Cannot Responsibly Sign a Contract for Library Expansion

The following public comment was submitted to the Town of Amherst’s Public Comment Webpage on April 10, 2025. The comment is reposted here with the author’s permission.

I try to keep up with the saga of the Jones Library Expansion Plan. As the former Library Treasurer and one of its some-time supporters, I no longer think the town can responsibly sign a contract that commits it, not the Library, to pay the full cost of the work less any and all grants and contributions received to offset them. Neither the level of the costs nor of the contributions can be relied upon.

Other people have written extensively to you about the uncertainties in the cost of the work and the insufficiency of the project contingency reserve fund. I will focus on the known and unknown status of contributions. You need to hear directly from the Library and the Capital Campaign leaders exactly where they are and how they will get to full financing of the Library’s share.

I only have access to the publicly released data on fundraising that you can access. I have put my understanding of that data into the attached table (note; the Indy could not access this table). From December 1, 2023 through May 1, 2024 the Capital Campaign Committee reported that it raised roughly $429,000. Of that sum $250,000 (58%) came from Amherst College, and $179,000 came from all other local sources – about $35,000 per month. It also reported that there would be no historic tax credits, previously estimated to bring about $1.8 million to the project. And finally, it reported over $88,000 had been spent on fundraising. The net result in available pledges and funds was an increase of $340,375. Before the loss of the historic tax credit hope, my projections required about $100,000 per month to make it financially feasible for the library; without those tax credits the need doubled.

The most recent public report shows partial results through March 1, 2025. It no longer distinguishes between pledges and received gifts, and no longer shows fundraising expenses. It states, however that the campaign has added about $728,000, of which $25,000 came from foundations or corporate giving. Using a monthly fundraising cost of $15,000, this would show $578,000 in net new fundraising – about $58,000 per month. Given the uncertainties of the project, I would expect that the campaign rarely accepts actual funds, so the new receipts are probably all pledges. I’m not sure where to put the library’s offer to pay for the recent redesign work – another half million dollars from the endowment? The Capital Campaign?

The bottom line is that although the Capital Campaign reports that it is within $7 million of its final goal, that is neither true nor relevant – the need is clearly much more and, because it will take more time than allowed, it will require help that has hardly been discussed. If none of the pledges have been cancelled and all grants remain in place the gap is now at least $1 million higher, but probably slower – the hoped-for grand opening of the campaign with enthusiasm building is long gone.

As the costs rose it became clear that some borrowing would be needed for the library to pay its share by the completion of the project. The projections we (and I include myself) gave the town did not assume the loss of the tax credits, nor the delays and uncertainties and national financial and policy changes that we have experienced. In a best case future, the library would have to borrow more and for longer than what I said then could be done without reducing the operating budget beyond its minimum needs. None of the lending sources that the library contacted ever went beyond a statement of interest; none gave even a limited commitment of dollars or time. In the end lenders must believe that the library can repay them. If the amount, timing or access is unfavorable, the town would face a choice between funding more of the library’s operations or kicking in more project financing.

It is the town that will issue and repay the project bonds, and their amount and their cost will be obligations of the town. If the council will now hold a hearing, it must invite the representatives of the library and of the Capital Campaign to come before you with (1) full details of the current status of pledges and gifts; (2) any other public or private intentions or contracts upon which the project financing depends; and (3) the current and projected fundraising costs going forward, all pegged to a timeline, that are or will be funded through the campaign, the endowment or other library sources. That will, at least, give you the financial information from which you can make your judgments.

Bob Pam was a long time resident of Amherst’s District 3 and severed for over a decade as the Treasurer of the Jones Library Trustees. He recently moved to Maryland.