Effective school library media centers are a cost-efficient way for schools to provide children with the sophisticated knowledge, research, and computer skills they will need for the growing demands of work and citizenship in the 21st century. The libraries' cultivation of literacy, research, and thinking skills is particularly crucial in elementary schools, which lay the foundation for later learning. For most of New York City's 640 elementary schools serving 490,000 children, libraries are not a priority relative to other pressing needs. The DeWitt Wallace-Reader's Digest Fund has invested $11 million in a public/private partnership to improve library services in 150 of the city's public elementary schools through its "Library Power" program led by the Fund for New York City Public Education. This report demonstrates how contemporary school library media centers can and should enhance teaching and learning. The report shows that: (1) quality elementary school library media centers are important to sound educational experiences; (2) most elementary school libraries in New York City are far from meeting contemporary standards; (3) quality elementary school libraries exemplified by the "Library Power" model are a cost-efficient educational investment; and (4) even in tough budget times, New York City schools should work to fund elementary school library media centers. The report has six sections: Executive Summary; Introduction; School Libraries and the Twenty-First Century; The Power of the "Power Library"; The Sorry State of Our Elementary School Libraries; and Financing a Library for Every Elementary School. Appendices contain lists of the personnel who provided data for the report, and those who participated in focus groups. (SWC)