By strengthening funding structures, both public and private, the Pratt Library is ensuring a sound financial basis for current and future operations.
1. Identify operational and capital requirements for the next five years and assess gaps in funding.
2. Identify opportunities for additional budget efficiencies and improved stewardship.
3. Grow annual giving, endowment, and capital support to meet current and future needs.
4. Develop new capital funding possibilities for branch locations, both new and existing.
5. Continue advocacy for sustaining public funding.
Fiscal Year 2021 Progress Report
In FY21, the Pratt is working towards creating a sound financial basis for current and future operations.
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.
- 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.
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.