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1. Develop an annual financial plan/budget based on the library's goals and objectives for <br />approval by the Library Governing Authority. <br />2. Develop a long-term finance plan (minimum five years) in conjunction with the library's <br />strategic plan to identify resources that are available to address future needs of the community. <br />The plan should include categories and amounts. <br />3. Prepare and review monthly financial statements that include comparison to budgeted amounts <br />and make financial information available to the public to ensure responsible and transparent <br />use of funds. <br />4. Commission and accept an independent annual audit as required by law for library districts. <br />Other library types participate in audits with the Library Governing Authority. <br />5. Library Governing Authority reviews and approves the budget (in the case of governing <br />boards) or reviews the budget (in the case of advisory boards). <br />6. Follow financial management guidelines that include, at a minimum, policies on budgeting, <br />audits, capital assets, investments, purchasing, contract approval and borrowing, and follow <br />fiscal procedures consistent with federal and state law and local government requirements. <br />7. Explore local, state, and national fund-raising opportunities, sponsorships, partnerships, grants, <br />donations, and gifts for special projects or as a supplement to local funding. <br />8. Use group purchases and collective bargaining opportunities as a way to expend funds <br />effectively and efficiently. <br />FINANCE CHECKLIST — FUTURE -FOCUSED <br />1. Develop fund balance policies to ensure appropriate levels of fund balances at all times; develop <br />policies to address situations when targeted fund balances are not achieved. <br />2. Encourage community financial contributions through friends, foundations, philanthropists, and <br />other organizations. <br />15 <br />