Public Library Budgeting in Indiana for Library Staff

Public Library Budgeting in Indiana for Library Staff Karen Ainslie Public Library Consultant Indiana State Library / Library Development Office [email protected] Gateway Forms Form 1 Budget Estimate Form 2 Estimate of Miscellaneous Revenues

02/10/2020 2 Form 1 Budget Estimate 02/10/2020 3 Form 2 Estimate of Miscellaneous Revenues

02/10/2020 4 Budget Estimate-Financial Statement-Tax Rate Report Sometimes referred to as Form 4B Sample Budget with total budget

for incoming year of $876,000 Need to raise tax levy of $616,572 Tax rate is .1521 02/10/2020 5 Gateway: Annual Financial Report Expenditures

or disbursements https://gateway.ifionline.org/repor t_builder/Default2.aspx?rptType= afr 02/10/2020 6 Allocation of Expenditures in 2014 02/10/2020

7 Library Budget Personnel: 60% to 70% Materials: 15% to 20% A library expending at least seven and five-tenths percent (7.5%) of its operating fund expenditures for library collections shall meet basic standards for collection

expenditures. Supplies: 2% to 3% 02/10/2020 8 Forecasting: External Factors Local unemployment

Business growth or recession Impact of Property Tax Caps 2014 http://www.in.gov/dlgf/9354.htm Pay 2014 (1782 Notice) Tax losses Hoosier Data at www.hoosierdata.in.gov 02/10/2020 9

Budget Guess Work Estimate revenues low even by half Keep strong operating balance Policy for fund balance 50% half way through year Grow your budget by growth quotient

Target Max Levy 02/10/2020 10 Budget Calendar 18 month plan July 1 you know the June balance Early September submit proposed 2016 budgets, tax rates and tax levies to appropriate fiscal body for review

October 23 last possible date to hold public holding 10 days before adoption November 2 Deadline for taxing unit to adopt 2016 budgets, tax rates and tax levies 02/10/2020 11 Department of Local Government Finance November

4 last day for library to submit 2016 budgets, tax rates and tax levies. February 15, 2016 the DLGF certifies 2016 budgets, tax rates and tax levies 02/10/2020 12 Budget Year 2016 Segregation

of Duties Bonded Treasurer Safeguard Cash Monitor cash flow 02/10/2020 13