How does the library’s materials budget compare to that of other institutions?
Answer: Comparative 2016-17 Materials Budget Data For Our IPEDS Peer Institutions
| Institution Name | FTE | Total | Per Student |
|---|---|---|---|
| California Institute of Technology | 2,240 | $3,272,525 | $1,461 |
| Massachusetts Institute of Technology | 11,247 | $11,390,802 | $1,013 |
| New Mexico Institute of Mining and Technology | 1,805 | $1,180,000 | $654 |
| Michigan Technological University | 6,666 | $3,024,338 | $454 |
| Worcester Polytechnic Institute | 6,136 | $2,612,410 | $426 |
| Rensselaer Polytechnic Institute | 7,747 | $2,496,880 | $322 |
| Georgia Institute of Technology-Main Campus | 26,625 | $8,241,935 | $310 |
| Colorado School of Mines | 5,897 | $1,709,502 | $290 |
| Missouri University of Science and Technology | 7,383 | $1,576,394 | $213 |
| South Dakota School of Mines and Technology | 2,475 | $442,360 | $179 |
| New Jersey Institute of Technology | 9,123 | $1,462,494 | $160 |
What Are FY 20 Projections?
- FY 2018-19 current Library materials budget is $1,933,399
- Projections for FY 2019-20 inflation of serials (which accounts for 92.16% of overall materials budget) are 7.64%
- Calculated based on actual renewal costs
- Whenever possible we participate in consortia deals as well as multi-year contracts to limit costs & inflation
- The Library requested a 7.64% inflation factor for serials FY 2019-20 of $136,131
- Also requested $12,970 in new funds to support two new subscriptions:
- Mintel Academic Database = to support Economics and Business as well as Entrepreneurship & Innovation.
- Nature Physics Journal = to address consistent faculty and student requests for this title, high turnaways, and ILL requests exceed copyright limits.
- Also requested $12,970 in new funds to support two new subscriptions:
- The budget approved for FY 20 only increases the library material's serials budget by 3.82% with no increase for one-time purchases (books, backfiles, etc.) and no funds for new subscriptions for FY 2019-20
- Resulting in a $2,001,464 total for FY20
The Library will need to cancel at least $68,065 in existing subscriptions to cover its loss of buying power.
Do you have any other general data on historical materials infaltion?
Answer: Yes. Library materials inflation is a broadly recognized challenge in academia.
The following chart from the Association of Research Libraries (ARL) provides visual evidence of the annual price pressures for both monographs (books) and serials (journals) between 1998-2018
