The Lexington Public Library receives most of its operating funds from an Ad Valorem property tax. By State law, the Library receives five cents for every $100 of assessed property value in Lexington and Fayette County. This is the minimum amount allowed by the state of Kentucky for support of public libraries. Many counties choose to support their libraries at a higher level.
Lexington Public Library receives a small amount of state and federal funding. The remainder of our operating monies comes from donations to our Friends of the Library and our Library Foundation, from grants, and from fees. These additional sources of income provide the margin of excellence which allows us to offer services and programs which meet the ever-changing needs of our community.
The Library operates on a fiscal year which runs from July 1 – June 30. The Library Board of Trustees reviews and approves the budget prior to the start of each fiscal year.
Each year, an independent audit is conducted on the Library’s financial statements, internal controls, and compliance with government accounting standards.