What’s It Worth to You? A Return on Investment Study of Selected Colorado Public Libraries Presented by Nicolle Steffen, Director Zeth Lietzau, Associate.

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Presentation transcript:

What’s It Worth to You? A Return on Investment Study of Selected Colorado Public Libraries Presented by Nicolle Steffen, Director Zeth Lietzau, Associate Director Library Research Service

What’s It Worth to You? A Return on Investment Study of Selected Colorado Public Libraries or Public Libraries – A Wise Investment

Presentation Overview Timeline Participating Libraries ROI Methodology Major findings Tools and Resources Public Libraries – A Wise Investment

Timeline: Study Set-up Late idea is born Spring 2006 – proposal submitted June 2006 – research begins August 2006 – advisory committee meets Public Libraries – A Wise Investment

Timeline: Data Collection Fall 2006 – library survey Spring 2007 –key informant interviews –patron survey (~5,000) Summer 2007 – data entry and analysis Public Libraries – A Wise Investment

Timeline: Reports & Tools September 2007 – Public Libraries – A Wise Investment (individual library reports) October 2007 – Library & Patron ROI Calculators Future Resources –Closer Look Report –Summary brochure –Demographic analysis Public Libraries – A Wise Investment

Library LSA Population CORTEZ PUBLIC LIBRARY8,550 DENVER PUBLIC LIBRARY571,848 DOUGLAS COUNTY LIBRARIES251,418 EAGLE VALLEY LIBRARY DISTRICT40,107 FORT MORGAN PUBLIC LIBRARY10,968 MESA COUNTY PUBLIC LIBRARY DISTRICT130,662 MONTROSE LIBRARY DISTRICT37,147 RANGEVIEW LIBRARY DISTRICT302,907 Participating Libraries

Public Libraries – A Wise Investment

Participating Libraries Library % of Non- Resident Borrowers CORTEZ PUBLIC LIBRARY55% DENVER PUBLIC LIBRARY15% DOUGLAS COUNTY LIBRARIES9% EAGLE VALLEY LIBRARY DISTRICT8% FORT MORGAN PUBLIC LIBRARY42% MESA COUNTY PUBLIC LIBRARY DISTRICT2% MONTROSE LIBRARY DISTRICT19% RANGEVIEW LIBRARY10%

Contingent Valuation +Cost to Use Alternatives +Lost Use +Direct Local Expenditures +Lost Compensation for Library Staff +Halo Spending Divided by Local Investment ROI - Methodology Public Libraries – A Wise Investment

Return on Investment Factors Montrose Library District Cost to Use Alternatives$5,408,539 Lost Use$498,200 Direct Local Expenditures$122,321 Lost Compensation for Library Staff $687,735 Halo Spending$615,116 Total Return on Investment$7,331,911 Total Local Investment  $1,375,441 Return per Dollar Invested$5.33 Public Libraries – A Wise Investment

ROI - Eight Colorado Libraries Eagle Valley Library District$4.28 Mesa County Public Library District$4.57 Rangeview Library District$4.81 Denver Public Library$4.96 Douglas County Libraries$5.02 Montrose Library District$5.33 Fort Morgan Public Library$8.80 Cortez Public Library$31.07 Public Libraries – A Wise Investment

$5$5 $1$1 $ 1 00 Invested Yields $ 5 00 Return

Out of State ROI Findings Summary StateScopeROI FLState$6.54 PAState$5.50 SCState$4.48 NYCounty$3.93 OH9 libraries$3.81 PAIndividual Library$3.00 Mean$4.54 Median$4.21 Public Libraries – A Wise Investment

Returns on Investment by Library

Public Libraries – A Wise Investment