Financial Stability

By strengthening funding structures, both public and private, the Pratt Library is ensuring a sound financial basis for current and future operations.

The Hamilton Branch celebrated 101 years in 2021

Mr. Enoch Pratt: Our First Philanthropist

Fiscal Year 2021 Progress Report

In FY21, the Pratt is working towards creating a sound financial basis for current and future operations.

Initiatives

In alignment with the goal to strengthen funding structures, the Library has pursued legislative initiatives to provide stable funding for the State Library Resource Center (SLRC), continued State support for expanded hours of service, and increased funding for Library capital funding.

The Library has also expanded outreach to legislative and other governmental leaders to increase visibility of the Library/SLRC and pursued additional funding to support a variety of Library operation. Additionally, a RFP (request for proposal) was developed with the goal of developing of a Master Facilities Plan for use in identifying funding needs and potential partners.

The Library continued many services during the pandemic

The Pratt maintains extended evening hours

Successes

• Secured $3 million per year for expanded hours funding.
• Received a 4% increase in funds to sustain operations.
• Submitted FY 2023-2028 Capital Improvement Plan for $17 million in bond support.
• Released RFP for Facilities Master Plan.

Progress

The Library is midway through the completion of this goal.

In FY 2022/2023, the Library will focus on developing a Master Facilities Plan, securing additional ARP Funding to support digital literacy infrastructure, City Budget stability, the Washington Village redevelopment project, and building support for the Branch Improvement Fund for larger scale, longer term projects.

Q4 FY2022 Snapshot

Snapshot of Financial Stability progress as of June 30, 2022