Budget and Finance Terms
Review the terms in this glossary to help recall important concepts in the course.
You can print the whole glossary to keep as a resource for board meetings and meetings with local government officials.
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salaries and wagesThis expenditure category includes
the salaries/wages for the library director and staff as well as the cost of
their benefits. If you can offer health insurance or retirement, those expenses
will fall in this category. Other items found in this category include payroll
taxes such as social security. This is also where you will find the line item
for worker’s compensation. | |
state aid per capitaThis funding source is given to public and tribal college libraries in Montana. It is an appropriation from the Montana state legislature and can be used in whatever way the director and board needs. The Montana State Library sends the check to library directors. In order to receive the funds, the library must meet the public library standards. | |
state entitlement shareThis is revenue that goes to each local government. It was created with the Montana legislature overhauled the property tax appraisal and revenue system in 2001. Local
governments receive this funding to offset losses that occurred with the
overhaul of the taxation structure in Montana. Many libraries receive a portion
of these funds. It is roughly equal to the library’s percentage of the overall
mills of a local government. | |
state revenue | |