Here is the 2022/2023 library materials budget.
This budget reflects support from the University to protect the collection budget from exposure to the USD exchange rate. Approximately 85% of expenditures are in USD--without this support, subscription cancellations and/or reductions to book lines of about $1.6M would be required to balance the budget.
This budget has been set with the assumption of the US/Canadian exchange rate at 1.26. In order to provide predictability in this regard, USD has been forward purchased at this agreed upon rate for our forecasted need.
Please note the following additional points:
- Serial allocations have been set based on increases of 3% over the previous year’s expenditures, and with support for the USD/CAD exchange rate of 1.26. In addition, adjustments have been made for new, cancelled or ceased subscriptions, as well as for known increases for high cost resources that vary from the 3% average serials cost increase.
- Book allocations reflect an increase of 1%. In the 2021/22 budget book allocations received a 3% increase and given that allocations have been more than sufficient to support monograph purchases, a 1% increase was applied this year. Some funds also have adjustments where the department agreed to reduce the book allocation to fund new subscriptions, or where serials were cancelled or ceased and the funds were returned to book allocations.
- Many serial allocations may appear very similar to the 2021/22 allocation because the 3% serials increase and the adjustment for the lower USD/CAD FX rate this year come very close to canceling each other out (1.26 vs 1.285 in FY 2021/22). For the same reason many book allocations, which were given a 1% increase, may appear to have decreased.
- In the 2021/22 budget we allocated money to an Open Access Initiatives fund with savings realized from reductions to large journal packages. Thus far we have paid for two Subscribe-to-Open (S2O) journals and two transitional ebook packages -- MIT Press Direct to Open and University of Michigan Press Transition to Open using these funds. Guidelines for selection have been drafted and we will fund more Open Access initiatives when appropriate resources or programs come to our attention.
- In the 2021/22 budget the General Ebook Packages fund, supported 4 ebook packages: Taylor & Frances Evidence Based Acquisition model (EBA), Oxford University Press EBA, Cambridge University Press EBA and the Springer/Palgrave front-list purchase. Money to support a 5th package – Elsevier EBA (imprints from2017 forward) -- is now included in this fund.
General Electronic Serials Packages:
- This fund pays for:
- the journal packages (Big Deals) from the five largest multi-disciplinary journal publishers: Elsevier, Wiley, Taylor & Francis, Springer, SAGE.
- a few smaller publisher journal packages such as Oxford, Cambridge, Emerald and Annual Reviews.
- some aggregator journal packages such as JSTOR and Project Muse.
Books includes print books, ebooks and ebook packages.
Serials & Databases includes journals, annuals, monographic series, electronic indexes, full-text journal databases, leased ebook packages, statistical and financial databases, etc.