Error reported, don’t understand what it means

I’m getting this report under incoming links in my dashboard:
Fatal error: Allowed memory size of 33554432 bytes exhausted (tried to allocate 22976 bytes) in /home2/cigarsag/public_html/wp-includes/functions.php on line 965

Can anyone explain to me what this means and how I can fix it (or if I even need to!). Thanks!