Finances: Overview and Guiding Questions

Getting Started

Understanding the library’s revenue, expenditures, and local government budgeting is an important duty of the library board and director. 

There is an expectation that the director and board will manage public funds wisely and that takes regular and consistent effort to be successful.

It may help to focus your attention on these topic areas and the questions you may have about each:

• Budget Planning
• Review of Financial Reports
• Approval of Budgets
• Revenue Sources
• Expenditures

OPTIONAL: Download and print this Guiding Questions document to help you take notes and reflect on the content from this course.

Questions About Managing Finances

What is the most confusing part of managing the library’s finances?

• How to build a budget
• How to read financial reports
• Understanding the sources of revenue and how they can be spent
• Understanding the power of the board and how it relates to local government authority
• Understanding the budgeting process at the local level

Questions About Sources of Revenue

What are the major sources of revenue for your library?

• Property taxes
• Oil and gas tax proceeds
• Grants
• Donations
• State funding
• Other

Questions About Expenditures

Where is most of the money spent?

• Personnel
• Building – facilities, repair, and maintenance
• Library materials
• Technology – computers, software, IT support
• Other

Questions About Review and Approval

Which local government officials need to review and/or approve your budget? 

• County commissioners
• City council and/or Mayor
• City Manager
• County Administrator
• Clerk or Clerk and Recorder
• Treasurer
• Finance officer

Other Questions

What other questions do you have about the library’s financial picture?

As you work through the course, please focus on the items you identified in these questions.

Next, you'll work through the Your Library and Its Finances activity. 

Use the Course Index on the left to navigate there.