Budget and Finance Terms

The library is part of a regional library network called a federation. There are currently six federations in Montana. You can determine which federation your library belongs to my viewing the map located on the federation website. The legislature appropriates coal severance tax money for library federations. The federation determines how much money each library spends and how that money can be used through a budgeting process that happens each spring at a federation meeting. The Montana State Library Commission reviews and adopts the budget requests of each federation at their June meeting.

The library may charge fees for services like printing and copying. It might also charge fines for overdue materials. Whether the library does this and how much it charges is determined in a policy adopted by the library board.

The state annual fiscal year, or fiscal year (FY), is July 1 to June 30.

Federal fiscal year is October 1 to September 30.

Some budgets run on other fiscal year schedules or may be tied to a calendar year.

It is important to know what source and fiscal year your funding is tied to.

If the library has a friends or foundation group, it is wise for the director and perhaps one board member to have a relationship with that group. Attendance at their meetings and regular communication can ensure that the library support group is assisting the library in meeting the needs of the community.

A fund is used to account for everything associated with a service. 

There is a library fund in larger governmental entities. 

All money that is used for library services is accounted for within that fund.