Monthly Operating Budget Status and Activity Reports

Monthly Operating Budget Status and Activity Report

The Monthly Operating Budget Status and Activity Report is an outline of the expected income and expenditures for a twelve month period known as a fiscal year.  The plan of expenditures is initially approved by  by the Board of Trustees.  It is reviewed monthly by the Trustees to assure that operations of the Library are consistent with the approved plan.  The fiscal year for the Library starts July 1 of each year and ends June 30 the following year.

Name Change

This report was previously named The Monthly Income and Expenditures Report.  It was renamed in late 2014 to reflect the fact that Article IX  – Fiscal Policies of the Board’s By-laws, requires an annual plan of operation and a budget which must be reviewed monthly by the Board of Trustees.

Year to Date Summary

The report has two sections, one  tracks the receipt and balance of funds available and the second  tracks expenditures over the course of the fiscal year. At the start of the fiscal year this report is updated to reflect the expected income and expenditures for the coming year. Once this report is approved by the Trustees the projected income and expenditure amounts are not altered during the course of the year so as to enable the Trustees to track the performance of the library against the plan for the year.

There is a line entry for each source of income expected over the course of the year along with an entry for the total amount expected from each source.

There is a line entry for each category of expenditures and an entry for the total amount expected to be spent over the course of the year in each category.

If an unexpected source of income or unexpected expense occurs after the the budget is approved, a line entry without a budget amount is made.

The budget status page also has entries for the “received to date” and “spent to date” amounts. These amounts are accumulated from the monthly activity pages. The “yet to be received” and the “under/over budget” amounts represent the differences between the budgeted and the amounts accumulated to date.

Monthly Activity

The Monthly Activity pages have the same two sections and the same line items as the Budget Status page. Any amounts received or spent during the current month are entered on these pages along with explanatory notes. The amounts entered on the Activity pages are  “rolled up” to the corresponding entries on the Budget Status page to create  year-to-date to date amounts.

Archived Reports