Your Library and Its Finances

Key points to remember after reviewing the Local Government Budget Act

• Don’t spend more money than you are authorized to spend.
• Give plenty of public notice before adopting or amending (changing) a budget.
• Follow the guidelines and rules of the Department of Administration’s Local Government Services Bureau when designing your budget, changing your budget, developing financial statements, and submitting annual reports.
• In most cases, the county or town clerk or finance officer will take care of the financial reports and submitting annual reports for the library.
• Review 7-6-4020, MCA. Preliminary annual operating budget to understand what the county or city needs to report as part of the budget.
• Carry the correct percentage of funds in your cash reserves
  • 33 1/3% for counties
  • 50% for cities.
  • This information can be found in 7-6-4034, MCA. Determination of fund requirements – property tax levy