Illinois public libraries receive the bulk of their funding from local property tax revenues. Additional funding may come from grants and other miscellaneous revenue streams. Because public tax dollars fund library services, all libraries should strive for strong financial policies and transparent documentation. Board-approved policies and transparency are critical for maintaining public trust, ensuring legal compliance, and fostering responsible stewardship of taxpayer funds. Given the trust that taxpayers put in the library administration to be good stewards of the public monies, extensive training for the director and board of trustees is recommended.
The fiscal well-being of a public library is paramount to serving the community's residents. A library’s well-managed finances—through strong policies, procedures, and oversight—allow administration to maintain the facility and collections, hire and retain qualified and competent staff, and provide a variety of programs and services that stakeholders desire. Creating and managing the annual budget is one of the core tasks of the director, and oversight of library finances is one of the most important responsibilities of the board.
Audits are a best practice for maintaining fiscal integrity. Libraries with a budget of $850,000 or more are required by Illinois statute (50 ILCS 310/1) to conduct an annual audit. It is a best practice recommendation that libraries under that budgetary limit still conduct an annual audit. Audits may be done in conjunction with the library's funding agency (city, village) or independently (districts).
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