Libraries have been in the forefront in embracing the technological changes in the information society. Libraries have been the driving force in research in various fields of study. Therefore, libraries have been the biggest player on matters of education. With the recent challenges of global financial crisis, libraries are facing the challenges financial undercutting. Considering the stakes at hand, there is a strong feeling that this may have a negative impact on the economy and the community since libraries will not be in a position to fulfill their mandate. One of the strengths of libraries is that there is increased demand for knowledge than ever before and libraries are in a position to handle information both analog and digital. There is a continuous growth in world population, which is an opportunity for libraries coupled with the fact that there is more demand for information. The biggest threat to libraries is the advancement in technology. Availability of e-books on the internet has reduced library visits since most books can now be accessed through the websites. To solve this problem of budget cuts, the public and the government must be made to understand the importance of libraries in today’s world and the steps libraries are taking to remain relevant in this dynamic world.When you compare the libraries today and the libraries in the past half a decade, you will not fail to notice a number of new developments. These developments cut across technological changes and cultural changes. Since libraries are used by the public, adequate financing of the libraries is seen as a good move by the public. Adapting to new technological changes calls for financial sacrifices, which must be undertaken by the library management. They need to hire competent personnel to help adapt to the changes in the technological world. There is a need for procurement of new machines and new books and house them in a state of art building.