FY 2010 Budget Update

The LTLS Board of Directors and LTLS management have been watching the state budget situation closely as I assume you have been.  As you know a budget has been passed, but the details have not been worked out in the Secretary of State’s office and the Illinois State Library.  At this time we do not know how our members and how LTLS as an organization will be impacted by the budget.  It is a stressful situation to simply watch and wait, but the LTLS staff continues to focus on providing a high level of service to our members.  We remain positive that we will be able to continue to provide the same services to you in FY2010 as we do now with little if any interruption or change in services.  LTLS is also watching our cash flow; at this time LTLS is still waiting to receive one final payment of our FY09 state funds.  We expect to receive this money in full according to the state library staff.  A careful examination of our cash on hand shows that because of good stewardship of our financial resources we will be fine for the next few months.  The possibility exists, however, that there may be longer delays in receiving the remaining FY09 and FY10 payments.