The average annual rate of inflation on our subscriptions for the past decade has been about 7.5%. Because over 90% of the collections budget goes to serials and other ongoing costs, this means that our purchasing power declines every year.
During the past few years the Library has been able to take advantage of more favorable pricing for some serials content through the Colorado Alliance of Research Libraries. Additionally we utilize grant funds when available.
Now, however, we have maximized our ability to cover ongoing serials inflation with our existing budget. Therefore, we will have to cut some serials during the 2017/18 fiscal year.
Among the Association of Research Libraries (ARL) member libraries in the period 1986-2003, the price per journal subscription rose by 215%, while the Consumer Price Index rose by only 68% during the same period.
Image Credit: “Budget Challenges,” UC Santa Barbara Library (http://www.library.ucsb.edu/collection-development/budget-challenges, accessed 4/18/2017).
The Library will need to cancel at least $34,000 in existing subscriptions to cover its loss of buying power.
Below is a downloadable spreadsheet listing possible serials titles to cancel.