Is the New York Public Library in Serious Financial Trouble?

That's the question recently posed by The Nation.

From the article...

The New York Public Library, which comprises four research libraries and eighty-seven branch libraries, has seen other cutbacks as well. Since 2008 its workforce has been reduced by 27 percent. In a recent newsletter to library supporters, the institution reported that its acquisitions budget for books, CDs and DVDs had been slashed by 26 percent.

Despite these austerity measures, NYPL executives are pushing ahead with a gargantuan renovation of the Forty-second Street library, the crown jewel of the system. The details of the Central Library Plan (CLP) are closely guarded, but it has already sparked criticism among staff members, who worry that the makeover would not only weaken one of the world’s great libraries but mar the architectural integrity of the landmark building on Forty-second Street and Fifth Avenue, renamed the Stephen A. Schwarzman Building in 2008, following the Wall Street billionaire’s gift of $100 million. (Every staff member I spoke with demanded anonymity; a number of them talked openly about their fear of retribution from management.)

These are arduous times for public library systems. More people are using libraries during the economic downturn, but state and local legislators are steadily cutting their budgets. The American Library Association notes that since 2008, “more than half the states have reported a decrease in funding, with cumulative cuts averaging greater than ten percent.” Library systems of all sizes are under pressure. The Los Angeles County public library system, which serves 3.7 million citizens, faces a structural deficit of $22 million a year for the next decade. Budget cuts have forced the Seattle Public Library, one of the nation’s finest, to shut down for a week in late summer. Thomas Galante, CEO of the bustling Queens Library, which serves hundreds of thousands of immigrants in New York City, spoke reverently about one healthy and outstanding public library—in Toronto.