Inflation rates for serials and databases are again forecast to average about 8% for FY2018. This percentage estimate is based on inflation forecasts from the Libraries major vendors. However, the NMSU Library's Instruction & General base budget has continued to be, for the most part, flat for the past twenty years and has not kept up with the rate of inflation. This loss of buying power continues to necessitate serials and database cancellations as an annual exercise. The Library continues to seek and obtain alternative revenue streams to augment its loss of buying power but those too have declined.
Alternative revenue used to support the Library's material budget:
Biennial GO Bond funding for New Mexico libraries
2.5% of IDC (research overhead)
Student fee monies
Another challenge the Library is facing in FY18 is the state’s delay in approving the budget for higher education. This delay has caused some concerns among the library’s vendors and affects the library’s ability to negotiate pricing. These issues have once again joined together to force the Library to cut our serials and databases.
Thanks to some proactive planning and the cessation of several titles, this year the Library only needs to cancel approximately $130,124 in subscriptions to cover its loss of budget and buying power.
Below is a spreadsheet that contains the serial titles to be canceled. This list was built based on three year usage and cost-per-use data. It was narrowed with the help of input from departmental and library faculty during the Spring 2017 semester. The final decision were made by a committee made up of the Coordinator of Collection Development, the Acquisitions Librarian, the Department Head of Reference and Research Services, and the Department Head of Technical Services.
Cancellations will take effect as of the FY18 renewal dates.