Academic research libraries across the nation are experiencing tremendous budget challenges including the need to make substantial reduction to their materials budgets. This includes New Mexico State University Library. We find ourselves in the "perfect storm", unable to continue to support rising costs for research and curricular materials due to a combination of factors:
All of these have contributed to our need to reduce spending in all areas of our library budgets.
We understand how central the collection is to research and teaching. We are doing everything we can to limit the impact on budget cuts. However, because the collections budget is 44% of the Library's overall budget, we cannot avoid collections reductions in the face of significant cuts.
We need to complete the process of identifying library materials budget reductions by May 1, 2010 in order for licensing agreements, contracts and subscriptions to be cancelled for FY 2011. Professor Susan Beck, Collection Development Coordinator, and Tracey Thompson, College Assistant Professor and Acquisitions Librarian, will be working with all of the Library's Subject Specialists to develop a library materials cancellation list in consultation with others on campus. The most current information on the 2011 Library Materials Budget Reduction Project is this guide.
Our projected reduction target is 27% of our current library materials budget or $575,000. These reductions will need to be taken from recurring cost obligations which represent 83% of our library materials budget expenditures. The library administration is closely working with the university administration on ways to reduce this figure. However, until the legislative session is completed, the Governor’s line item veto time clock has run out, and the university assesses how it will address budget reductions within the campus, we will not have a firm amount for reductions in the library materials budget.
As information becomes available we will be sharing it with you. We have recently added a list of Frequently Asked Questions that discusses our approach to this budget reduction process. Soon we will be providing cost usage data for our current serials subscriptions. Watch this space for updates.
The charts and graphs below, prepared by Barbara Hart, provide details on the challenges facing the Library's material budget.
(Create date: 2/8/2010)