Chapter 8 - Collection budgets

Abstract

Collection quality is directly impacted by fiscal matters. Understanding how a library budgets its funds, and where those funds come from, helps collection managers make appropriate decisions. Budget requests and allocations to specific collections should be data-driven decisions, using the metrics and statistics previously discussed, such as circulation, interlibrary loans, and previous years’ spending trends. Global incidents like the COVID-19 pandemic can significantly alter how funds are earmarked, as collection needs change with patron behavior and use. There are various ways to allocate funds to library collections, but the most important aspect is that there is transparency in how public funds are spent. Collection managers need to be given the tools to make quality collection decisions, including information about the library’s overall financial health and where their collections, programs, and other services fall within the library’s priorities and mission adherence.