Budget and Finance Terms

Donations, grants from non-profits, and funding from library support groups all fall in this category. Whether the money has stipulations on it is determined by the funding body. Library boards should have a donation policy to guide the director on when to accept a donation.

Property taxes are the most common source of revenue for libraries and local governments. The Montana Department of Revenue appraises property to determine its taxable value. That information is sent to local governments. It is used to determine how much the local government needs to assess property owners in order to meet the budget requirements of local government services. There are limits on how much money a local government can raise. MCA 15-10-420 provides guidance to local governments on how to calculate property tax levies to stay within allowable limits.