Building Budgets and Reading Financial Statements

Develop a plan for maintaining and improving the building. What does it need? When will certain items need to be fixed? How much will it cost?

If there is room in the budget, consider whether to move money into a library depreciation fund or a capital improvement project. If the library has some upcoming repairs or capital work, the board can vote to set aside some funding to pay for these. 

Pay attention to the cash balance. If the library is consistently showing balances that are greater than what is allowed by law, identify how to spend down the cash balance. This is one situation where expenditures will be higher than revenues.

Next, you will move on to Financial Reports.