Finance Overview

Outcome

The community is well served by a library that is appropriately funded and transparently administered to best meet community needs.

Overview

Colorado public libraries are supported primarily by local tax revenues. The Library Governing Authority seeks and secures funding from public and private sources and monitors and expends these funds with integrity and to support the goals in the library’s strategic plan.

finance

Many libraries have a separate Friends organization and/or Foundation with a 501(C)(3) status to manage donations for library projects, programs, or services. All fund-raising, grants, and donations shall be considered supplemental to local tax revenue.

Library districts follow fiscal procedures consistent with state law in preparing, presenting, and administering the budget. Unless exempted by state law, an annual audit of the library’s financial records is required. All libraries should have a financial plan.

Libraries earn the public trust by being accountable and transparent about the use of public money. Libraries are proactive in these responsibilities and demonstrate transparency by distributing and making information available on a consistent, reliable basis.


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