Financial Reports
| Site: | MSL Learn |
| Course: | Trustee Essentials: Understanding Local Government Budgeting and Finance |
| Book: | Financial Reports |
| Printed by: | Guest user |
| Date: | Thursday, April 3, 2025, 8:26 AM |
Reading Your Monthly Financial Reports
Just like your home budget and the budget for your business or place of work, regular review of financial statements is a good idea.We'll walk through the terminology and types of financial statements you may encounter for public libraries in just over five minutes. Use the pause and rewind to review any sections of the video.
Routine Inspection
Establishing a regular and predictable routine for reviewing financial reports and budgets will help you answer these essential questions:
- Are revenues coming in as expected?
- Is there a need to adjust planned expenses?
- Are expenditures on track?
- Do you have questions about line items?
- How are things going, in general, with the annual budget?
You may decide on a routine or calendar to review specific reports or elements of the budget at significant points prior to or after a fiscal year ends.
Work with your director and clerk or treasurer to create a routine that helps keep you informed and timely in managing the library's finances.
Next Steps
Your next steps in the course are to review the Budget and Finance Terms, look at Guides, Handbooks, and Other Useful Resources. After that, complete the course evaluation.
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