Library Fund
Adopted October 19, 2022, (Revised July 17, 2025)
The Library Fund is the Evanston Public Library’s general operating fund. It is the goal of the Evanston Public Library Board of Trustees to maintain no less than 4 months (33.3%) and no more than 12 months (100%) of anticipated operating expenses for the budget year in the Library Fund.
The Board shall include this policy with other Board policies for a routine review (at least every 3 years) to evaluate the anticipated operating expenses and ensure alignment for the operating cost basis for this fund balance target remains appropriate, considering factors such as inflation, operational needs, and strategic priorities.
In the event that the forecasted balance based on a balanced budget is below the minimum level of 4 months (33.3%) of anticipated operating expenses for the budget year, the fund may be structured with a surplus budget in order to bring the reserves up to the minimum.
In the event the forecasted balance exceeds 6 months (50%) of anticipated operating expenses, the excess operating fund balance may be considered for transfer to the Capital Improvement Fund at the close of each fiscal year, following the completion of the annual audit and reconciliation of accounts, with Board approval. At the board’s discretion, the budget may also be structured in a deficit to reduce the fund balance.
At year-end, if the Library Fund balance exceeds 12 months (100%) of anticipated operating expenses, the excess amount may be transferred to the Capital Improvement Fund with Board approval, or the budget may be structured in a deficit to reduce the fund balance.
Capital Improvement Fund
The Library Capital Improvement Fund shall maintain a Fund Reserve level appropriate with current and upcoming capital requirements.
Adopted October 19, 2022