How do you adjust your library budget throughout the year?

1 Assess your current situation

The first step to adjust your library budget is to assess your current situation and identify any gaps, risks, or opportunities. You should review your income sources, such as grants, donations, fees, or subsidies, and track any changes or trends that may affect them. You should also analyze your expenses, such as staff, collections, programs, operations, or maintenance, and evaluate their efficiency and impact. You should compare your actual spending with your projected budget and see if you are on track or need to make adjustments.

2 Prioritize your needs and goals

The next step to adjust your library budget is to prioritize your needs and goals and allocate your resources accordingly. You should consider your library's mission, vision, and strategic plan, as well as your user feedback and data, to determine what are the most important and urgent areas to invest in. You should also consider the external factors, such as the economic, social, or political environment, that may influence your library's role and demand. You should rank your priorities and align them with your income and expenses.

3 Communicate and collaborate

The third step to adjust your library budget is to communicate and collaborate with your stakeholders, such as your staff, board, patrons, partners, or funders. You should inform them of your current situation, your priorities, and your adjustments, and explain the rationale and benefits behind them. You should also seek their input and feedback and address any concerns or questions they may have. You should also look for opportunities to collaborate with other libraries or organizations to share resources, reduce costs, or increase revenue.

4 Monitor and evaluate

The fourth step to adjust your library budget is to monitor and evaluate your progress and outcomes. You should use various tools and methods, such as reports, dashboards, surveys, or audits, to track your income and expenses, measure your performance and impact, and identify any issues or challenges. You should also review your budget regularly and make any necessary changes or corrections. You should also document and report your results and achievements to your stakeholders and celebrate your successes.

5 Plan for the future

The fifth step to adjust your library budget is to plan for the future and anticipate any changes or opportunities. You should use your data and insights to forecast your income and expenses for the next year and beyond, and set realistic and achievable goals and targets. You should also consider any potential scenarios or risks that may affect your library's budget, such as inflation, emergencies, or new initiatives, and prepare contingency plans and reserves. You should also explore new ways to diversify your income sources, optimize your expenses, or enhance your value.

6 Learn and improve

The final step to adjust your library budget is to learn and improve from your experience and feedback. You should reflect on what worked well and what did not, and identify any strengths, weaknesses, opportunities, or threats. You should also seek best practices and advice from other libraries or experts, and learn from their successes and failures. You should also update your skills and knowledge on library budgeting and funding, and use the latest tools and techniques. You should also embrace innovation and creativity, and try new ideas or approaches.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?