8 - Fiscal Management and Budgeting

Budget

Plan and document showing available funds and projected expenditures

Budget Document

Shows allocations, balances, and carried-over encumbrances

Fiscal Year

12-month accounting/budget cycle

Inflation (Budget Problem)

Rising prices reduce purchasing power

Tight Budgets

Limited funds restricting acquisitions

Line-Item Budget

Lists expenditures by category with assigned amounts

Lump-Sum Budget

Single total allocation for entire organization

Program Budget

Allocates based on actual program costs

Formula Budget

Allocates funds using set criteria or formulas

Direct Purchase

Buying directly from publisher or vendor

Approval Plan

Automatic acquisition based on set criteria

Blanket Order

Bulk or ongoing purchase arrangement

Subscriptions (Budget Scenario)

Ongoing payments for serials/digital content

Standing Orders

Automatic purchase of recurring publications

Gifts and Exchange

Materials acquired without direct purchase

Preservation

Budget for binding, repair, and maintenance

Leasing and Access

Paying for temporary use of resources

Replacements

Funds for lost or damaged materials

Multiple Copies

Budget for additional copies of high-demand items

Basic Needs Priority

Focus on mission-critical and core users

Type of Material Priority

Allocation by format (books, serials, digital, etc.)

Special Needs Priority

Funding for research, new programs, replacements

Budgetary Settings

Budget conditions (steady, increasing, decreasing)

Steady-State Budget

Budget remains stable over time

Decreasing Budget

Reduced funding over time

Increasing Budget

Expanded funding over time

Special Funds

Extra or designated funding sources

Publishing Delays

Materials not released on expected schedule

Supply Disruptions

Shipping or strikes delay materials

Price Increases

Costs exceed projections

Uneven Price Impact

Some areas affected more than others

Reduced Selector Output

Fewer materials chosen due to workload/staff issues

Special Donation Impact

Extra materials increase workload and shift allocation

Increased Replacement Demand

More funds needed for lost/damaged items

Financial Crisis Impact

Budget may increase or decrease unexpectedly