Budget Actions Taken in 2005-2006
to redress projected shortfall for 2006-2007
In Fall 2005, the Library projected a budget deficit for 2006-2007 of ~$940,000. This was based on estimated inflation rates of
- 0% for monographs
- 3% for continuations (e.g., monographic series)
- 8% for serials.
The Library covered this deficit using AUL reserves arising from several one-time funding actions that made this possible (discontinuing prepayments to vendors, cancellation credits from Elsevier due to CDL contract, etc.) The AUL reserve was spent to bare minimum, and this strategy will not be possible in the future.
For 2006-07, the Library was also able to use one-time funds to help offset an extraordinary deficit arising from poor exchange rates with foreign currencies. In August 2005, $100,000 was appropriated among selectors whose purchasing power was diminished due to a fall in the value of the dollar.
