Common use of Distribution Formula Clause in Contracts

Distribution Formula. Each participating municipality shall be allocated a portion of all county dollars, including the Library MSTU, to the extent that it is demonstrated that the Cooperative’s library system benefits and is used by residents of the unincorporated area of Polk County, based on this formula: [10% of the municipality's current library budget (excluding capital as defined herein) + (remaining funds for distribution X its library's % of circulation (as compared to the entire Cooperative's circulation) for the most recent fiscal year)] Any publicly owned and operated library open at least 40 hours a week will receive at least $25,000. The minimum funding level has the opportunity to be increased upon recommendation by the Governing Board and with a unanimous approval vote of the Governing board. Shown another way the formula looks like this: A = Total County Funds B = 10% of municipality's current library budget (excluding capital as defined herein) C = Sum of amount B for each location D = A – C (remaining funds for distribution) E = % of library's circulation (as compared to the entire Cooperative's cumulative Circulation for the most recent fiscal year) Each municipality's allocation = B + (D*E), with the provision that any library open at least 40 hours a week will receive at least $25,000. The minimum funding level has the opportunity to be increased upon recommendation by the Governing Board and with a unanimous approval vote of the Governing board.