Secrets for managing materials budget allocations: A brief guide for collection managers

Much of the collection development literature focuses on selection and management of collection content, but little focuses on the art of managing individual funds within the context of an institution's library materials budget. Taking into account the differences in the monographic book trade worldwide and the challenges of managing serials and standing order budgets, the authors unveil the relationship between encumbrances and expenditures. Looking at some specific collection areas, the authors reveal the secrets of order timing and management that allow collection managers to meet expenditure targets without overspending their allocations. Managing the on-going commitments of subscriptions and the sporadic expenditures for standing orders differs from one-time monograph purchases. The authors address the various strategies for managing all order categories. This article addresses both concepts and processes for managing individual collection funds whether they are monograph, serial, or series.