Budget Overview - 2013

Committee on the Library

January 2014

What’s happening?

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 19.29 21.79%

Brown 8.49 8.82 9.70 9.87 10.29 21.12%

Emory 14.90 16.98 16.50 16.51 16.87 13.20%

Vanderbilt 11.44 11.06 11.31 12.27 11.69 2.24%Washington-St Louis 12.46 12.77 12.27 12.15 12.59 1.02%

Rice 11.13 10.46 10.02 9.93 9.97 -10.40%

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 37.7 18.16%

Brown 19.9 21.0 21.0 20.4 21.4 7.59%

Cornell 46.8 46.5 44.2 44.4 49.5 5.71%

Vanderbilt 24.7 24.4 24.9 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%

Percent of Total Library Budget Spent on Materials/Collections

Percent of Total Library Budget Spent on Staff

Fondren’s buying power adjusted for 5.4% materials inflation

Currently reduced 26%

Purchasing Power (cumulative)

Fondren’s buying power adjusted for 5.4% materials inflation

Purchasing Power (cumulative)

Fondren’s buying power adjusted for 5.4% materials inflation

Projected Loss FY16: 37%

Purchasing Power (cumulative)

Sample of Journals inflation(2010-2014)

2010 2014 Change

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%

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

What’s coming next?

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

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

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)

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)

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)

What have we done?

Efficiencies and cost cutting

Implemented $1,043,000 in cost cutting and deferred spending over 5 years

Supplemental information

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)