CHALLENGES AND SOLUTIONS OF LIBRARY BUDGETING AND FINANCIAL MANAGEMENT IN LIBRARY OPERATIONAL ACTIVITIES

Libraries are vital centers of creativity and information; however, they are under increasing financial strain. Their capacity to deliver high-quality services is hampered by a lack of finances, rising resource costs, technological advancements, and an expanding user population. Thus, maintaining and enhancing library operations now depends heavily on efficient budgeting and financial management. This study examines the main obstacles libraries face in organizing, distributing, and tracking their financial resources. Strategic solutions, including multi-year planning, financing source diversification, joint purchasing, and the use of financial management technologies, are also highlighted. Libraries can improve accountability, maximize resource use, and strengthen their resilience to economic changes by implementing transparent and performance-based budgeting procedures. The results highlight the importance of proactive financial planning and long-term library staff capacity building.