We understand the budget Sample Clauses

We understand the budget is developed in the previous summer and fall from “estimated” revenues; especially state aid. Is it amended when the final amounts are established in the spring? If there are unanticipated revenues, are they credited to the Library Fund? Once the County determines the Library appropriation and adopts its budget for the coming year it has historically been stable with the exception of years with significant recessions and, of course, 2020. The New York State budget is not determined until April of the Library’s fiscal year, at the earliest. The Library uses the previous year’s funding as its budget estimate. Last year the State estimated a 22% reduction for 2021; which was factored into the budget estimate. At this time it appears the Library will receive funding similar to previous years. Once member library and system annual reports have been received and approved by the State, OCPL will receive its 2021 System funding. All such funds will be applied by the County to the “Library Fund”. Any unanticipated revenues will be credited in subsequent years.
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