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Money Matters: Money Matters

Money Matters

Trustees have a responsibility to safeguard public funds. To understand the budgeting process and approve an annual budget for the library, board members must know where the money comes from and how much revenue they can expect to build into the budget each year. A good understanding of revenue sources is important as board members must encourage continued funding from those sources and find new sources when needed.

Each board member should:

  • Know the library's financial base and background
  • Know the governmental unit(s) allocating the local appropriation
  • Know the grants available from the state and federal government
  • Understand the basics of legal regulations and reporting required for library funding
  • Understand the financial needs of library operation and plan for funds needed for growth and expansion
  • Investigate other possible sources of funding: a bond issue, endowments, trusts, memorials, dedicated tax revenue, foundation grants, donations, gifts, and fines
  • Not wait for a budget presentation to make a case for needed funding or to describe programs and services; this is an ongoing responsibility of all trustees