All,
Our Board Finance Committee is exploring our current operating reserve levels and would like to understand what is typical among similar libraries (Class 6 public library, 4.0 millage rate, service population of approximately 80,000, new
building).
For context, our library currently has about 22 months of operating reserves, and we are considering the possibility of reallocating some of those funds to capital projects and community programming.
Specifically, we would like to know:
I realize each library’s financial situation is different and many factors come into play when determining how much to allocate to a reserve fund, but any information and guidance you’re willing to share would be greatly appreciated.
Thank you in advance for your insight.
_____________________________
Ann Manko
Interim Executive Director
Gloria Coles Flint Public Library
1026 E. Kearsley St., Flint, MI 48503
810-249-2038