Using an Economic Development Approach to Improve Budget Forecasting Techniques, Collection Allocation Methods, and Library Budgeting Decisions

This article focuses on library funding patterns, forecasting and collection budget allocation methods. The inadequacy of previous forecasting models and allocation formula used at Laurentian are detailed. The importance of using different techniques for forecasting and allocating in times of decreasing or static collection budgets are emphasized. The implications and impact of outside government or agency funding on library budget allocations and planning decisions are examined. The author concludes that:( 1) Ascertaining trends or cycles in government or agency funding can lead to an improved method of forecasting future library collection budgets; (2) Collection development methods and allocation formula that work well in times of increasing budgets have to be re-examined when budgets are cut, or remain the same; (3) Taking an economic development approach will incorporate a wider variety of factors into the decision process used to allocate collection funds.