Haas center Meeting your business information needs. Return on Investment in Floridas Libraries: Using the Study Phyllis K. Pooley, MBA, JD Associate Director.

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Presentation transcript:

haas center Meeting your business information needs. Return on Investment in Floridas Libraries: Using the Study Phyllis K. Pooley, MBA, JD Associate Director

haas center Meeting your business information needs. Collect, Analyze, Disseminate data on Northwest Florida and the state Sponsored Research Web/Print publications Free data services

haas center Meeting your business information needs. Public libraries are places where all citizens can reap the benefits of their tax dollars. Study found that for FY 2008, Florida public libraries returned $8.32 for every $1 spent

haas center Meeting your business information needs. What does ROI Mean? Results measured by collected revenues after taking into account cost of the effort Can also measure how long it takes to receive tangible benefits

haas center Meeting your business information needs. For Public Libraries: Revenues = Budget from funding entity Expenses = Cost of effort to provide services

haas center Meeting your business information needs. No profits generated = no return on investment. Story over?

haas center Meeting your business information needs. ROI is also: A measure of investment versus OUTCOMES (not just profit)

haas center Meeting your business information needs. For Public Libraries: Investment = Budget from funding entity (Revenue Investment) Outcomes = Cost to Use Alternatives - (Revenue Investment + User Investment ) + Lost Use Benefit + Community Economic Benefit + Economic Return

haas center Meeting your business information needs. Outcomes = $ values User Investment: The investment by users in their time, travel, purchases, etc., necessary to use public libraries or specific services

haas center Meeting your business information needs. Outcomes = $ values Cost to Use Alternatives: The estimated costs to use alternatives to the public libraries should they cease to exist, and should users decide to pursue alternatives (measured in terms of time and other expenditures).

haas center Meeting your business information needs. Outcomes = $ values Lost Use Benefits: These are benefits derived from use that would be lost if the public libraries did not exist.

haas center Meeting your business information needs. Outcomes = $ values Community Economic Benefits: These are benefits that flow from the public library such as library spending with vendors, contractors, etc., in the state; revenues generated by vendors and contractors in the library (e.g., copying, coffee shop, gift shop); and spending that occurs as a result of library use (e.g., restaurants, stores, coffee shops).

haas center Meeting your business information needs. Outcomes = $ values Economic Return: The results of public library use that can be expressed in economic terms. (Such as impacts to Gross Regional Product)

haas center Meeting your business information needs. User Investment: The investment by users in their time, travel, purchases, etc., necessary to use public libraries or specific services. Cost to Use Alternatives: The estimated costs to use alternatives to the public libraries should they cease to exist, and should users decide to pursue alternatives (measured in terms of time and other expenditures). What DONT the ROI Study results say about public libraries?

haas center Meeting your business information needs. If ROI isnt high, we arent doing a good job... No, ROI may be high because of carryover effect coupled with budget reductions.

haas center Meeting your business information needs. If my ROI is higher than another libraries, my library is better than theirs... No, ROI as measured by the study is not better or worse if it is high or low.

haas center Meeting your business information needs. If ROI goes down, we are spending too much money... No, a decrease in ROI in this context does not necessarily mean a decrease in efficient use of funds

haas center Meeting your business information needs. What DO the ROI Study results say about public libraries?

haas center Meeting your business information needs. A positive ROI means our public library is providing positive value to the community...

haas center Meeting your business information needs. Thank you! Questions?