Financial Transparency
At Lincoln Township Public Library, we believe in responsible stewardship of public funds and are committed to transparency in all financial matters. Because we are funded by our community, it’s important to us that our patrons have a clear understanding of how those resources are being used. Our Financial Transparency page offers detailed information about the library’s financial position, including updates on the 2024 renovation project, our financial policies, current operating budgets, and past audits. We invite you to explore this page to learn more about how we manage and invest in the future of your library.
Current Budget
Lincoln Township Public Library’s annual budget outlines how we allocate public funds to support library services, programs, collections, staffing, and facility maintenance. Our budget is thoughtfully prepared and reviewed to ensure we meet the needs of our community while maintaining fiscal responsibility.
The budget is approved each March by our Board of Trustees for the upcoming fiscal year. Any adjustments or amendments throughout the year are brought to the Board for discussion and approval, in full compliance with applicable state and federal laws.
Below is a copy of our current budget, reflecting our ongoing commitment to responsible financial stewardship and transparent operations.
2024 Renovation Financials
As part of our ongoing commitment to transparency and stewardship, Lincoln Township Public Library is proud to share an overview of our 2024 renovation project, an initiative designed to enhance our space, services, and long-term value to the community.
This project was the result of over a decade of careful financial planning by dedicated board members and library staff, who prioritized saving for future capital improvements. When renovation planning began, the Library Board, following the recommendations of professional architects, made the strategic decision not to expand the building’s footprint. Instead, the Board chose to reimagine and renovate existing underutilized spaces an approach that maximized efficiency while minimizing cost.
Thanks to responsible budgeting and thoughtful oversight, the renovation was completed under budget by more than $64,000. The majority of funding came from library savings, supplemented by grants and interest earnings. Key expenditures included architectural design, construction, and temporary relocation during the renovation period.
Even after this significant investment, the library remains in a strong financial position, with healthy reserves in place to support ongoing operations and future needs.
Below, you’ll find a detailed breakdown of the renovation budget, funding sources, and current financial outlook.
📉 Project Budget & Spending
- Total Budget: $1.6 million
- Total Spent: $1,535,963.48
- Under Budget By: $64,036.60
We completed the project under budget, ensuring that every dollar was used wisely.
💰 Funding Sources
- Library Savings: $1,449,150.30 (94.3%)
- Interest Earnings: $61,813.17 (4%)
- Grants: $25,000 (1.6%)
The majority of the project was funded through library savings, with minimal reliance on outside funding.
📊 Expense Breakdown
- Library Design: $1,089,375.00 (70.4%)
- Pearson Construction: $270,118.07 (17.5%)
- Dave Cole Decor/Design: $65,390.00 (4.2%)
- Other (Agio Imaging, Lighting, IEC, etc.): Remaining 7.9%
- Temporary Location Costs: $13,344.00
Our largest investment went into designing a functional, modern space that meets community needs.
💼 Current Financial Position
- 2023 Savings: $4,023,725 (Savings Ratio: 3.02 years)
- 2024 Capital Spending (Renovation): $1,535,963
- Estimated 2025 Savings: $2,140,951 (Savings Ratio: 1.61 years)
Even after the renovation, the library remains in a strong financial position.
