The rate of growth in Sno-Isle Regional Library System’s budget took two punches that will have to be absorbed before its 2002 budget is approved in a meeting scheduled for Nov. 26.

Tom Weeks, Sno-Isle director, said Wednesday that voter approval of Initiative 747 will reduce the library system’s property tax income next year by about $612,000.

On top of that, Sno-Isle will receive about $400,000 less than originally anticipated from property taxes resulting from new construction. Weeks attributed that reduction mainly to a building decline in Snohomish County.

“We’re looking to trim about a million (dollars),” Weeks said. “What they’re going to come up with I don’t know.”

Sno-Isle’s board planned to raise property tax collections by 3 percent next year, which would have put Sno-Isle at its maximum tax rate of 50 cents per thousand dollars of assessed value. But I-747 limits property tax increases to 1 percent annually without a vote of the people.

Property taxes provide about 88 percent of Sno-Isle’s $20 million in annual revenue. In 2002, that was expected to be $18.7 million, but I-747 will cut that figure by $612,000.

Sno-Isle’s expenses are topped by salaries and benefits, which take about 61 percent of the budget; operating expenses and reserves, 22 percent; and library materials, 17 percent.

Weeks said voter approval of I-747 didn’t come as a surprise to the Sno-Isle board. He didn’t anticipate any major cuts next year, but noted that over the next five years Sno-Isle is looking at about $5 million in lost revenue due to the property tax lid.

“How we are going to grow the system is going to be challenging,” Weeks said. One possibility is an election to ask voters to raise the levy lid at some point in the future.

Sno-Isle operates public libraries in Snohomish County and Island County.