The Libraries’ collections budget allocation from the University has been static since 2003. However, the inflation rate for journals and other subscriptions has ranged from 4% to 15% and even higher. The average annual rate of inflation on our subscriptions for the past decade has been about 8%. Because 80% of the collections budget goes to serials and other ongoing costs, this means that our purchasing power declines every year. Since 2011 the Libraries Technology Fee has provided additional funds for library collections. In addition, during the past few years the Libraries have been able to advantage of more favorable pricing for some serials content through the University of Maryland’s move to the Big Ten/CIC.
We have once again maximized our ability to cover ongoing serials inflation with our existing budget. Therefore, we are canceling the Taylor and Francis package effective FY18 fiscal year. Access to current subscriptions for Taylor and Francis journals will remain uninterrupted through the end of calendar 2017.
Among 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 4/18/2016).
Find out more current information about journal inflation and pricing in “Whole Lotta Shakin’ Goin’ On: Periodicals Price Survey 2015” by Stephen Bosch and Kittie Henderson (Library Journal 23 April 2015): http://lj.libraryjournal.com/2015/04/publishing/whole-lotta-shakin-goin-on-periodicals-price-survey-2015/.