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Budget Overview - 2013 Committee on the Library January 2014
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What’s happening?
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Fondren Library’s materials budget (Not adjusted for inflation) FY2008 ($ millions) FY2009 ($ millions) FY2010 ($ millions) FY2011 ($ millions) FY2012 ($ millions)FY08-FY12 Cornell 15.84 16.16 14.92 15.90 19.2921.79% Brown 8.49 8.82 9.70 9.87 10.2921.12% Emory 14.90 16.98 16.50 16.51 16.8713.20% Vanderbilt 11.44 11.06 11.31 12.27 11.692.24% Washington- St Louis 12.46 12.77 12.27 12.15 12.591.02% Rice 11.13 10.46 10.02 9.93 9.97-10.40%
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Fondren Library’s total budget FY2008 ($ millions) FY2009 ($ millions) FY2010 ($ millions) FY2011 ($ millions) FY2012 ($ millions)FY08-FY12 Emory 31.9 34.7 33.6 36.7 37.718.16% Brown 19.9 21.0 20.4 21.47.59% Cornell 46.8 46.5 44.2 44.4 49.55.71% Vanderbilt 24.7 24.424.9 25.2 23.6-4.45% Rice 17.0 16.2 15.8 15.9 16.2-4.71% Washington -St Louis 27.3 28.2 26.8 27.4 25.6-6.48%
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Percent of Total Library Budget Spent on Materials/Collections
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Percent of Total Library Budget Spent on Staff
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Fondren’s buying power adjusted for 5.4% materials inflation Currently reduced 26% Purchasing Power (cumulative)
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Fondren’s buying power adjusted for 5.4% materials inflation Purchasing Power (cumulative)
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Fondren’s buying power adjusted for 5.4% materials inflation Projected Loss FY16: 37% Purchasing Power (cumulative)
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Sample of Journals inflation (2010-2014) 20102014Change Elsevier $1.51 million$1.81 million+19.5% Project Muse $23.4K$28.9K+23.4% American Chemical Society $56.7K$75.4K+29.4% JSTOR (access fee only) $33.5K$42.0K+25.5% IEEE $123.4K$144.4K+17.1%
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What about going digital? Average online journal (2012): $832.33 Average print journal (2012): $254.06 Academic e-books cost 100-165% of list price for print books We have moved to online when financially beneficial and where it benefits our users
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What’s coming next?
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As Fondren’s purchasing power falls… FY16: no money will be available for purchasing individually requested books – all standing orders for monographic series or sets will be cancelled
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As Fondren’s purchasing power falls… FY17: no money will be available for the approval plan under which books from major university presses come automatically. The plan will be cancelled and Fondren will acquire no newly published books
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As Fondren’s purchasing power falls… FY18: Fondren will be forced to charge for interlibrary loan borrowing, which may be a few dollars or several hundred dollars (depending on item and source)
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As Fondren’s purchasing power falls… FY19 : Fondren will be unable to sustain existing serials subscriptions and will need to cancel $600K in serials (minimum)
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What is needed …to avoid further reductions in access to current information services? $600K needed annually added to our base budget to stabilize purchasing power $900K needed annually added to our base budget would restore our previous purchasing power to 2008 levels 5-6% increments required on ongoing basis to keep us level ($600K in FY16, increasing annually)
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What have we done?
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Efficiencies and cost cutting Implemented $1,043,000 in cost cutting and deferred spending over 5 years
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Supplemental information
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Efficiencies & cost cutting $1.043 million over 5 years Cancelled $640K in serials Moving expensive per-use serials to ultra-rapid article delivery (January 2014) ($150K) Moved large parts of book purchasing to online – books paid for only when actually used ($50K) Eliminated duplicate subscriptions & moved online to reduce binding costs ($133K) Selected lower cost vendor for journal listing/linking service ($20K) Changed serials vendors to cut costs ($50K)
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