University of British Columbia: “UBC Library Meets ‘Unsustainable’ Financial Situation as Digital Demand Grows”

From The Ubyssey:

UBC Library faces a financially “unsustainable situation,” according to Dr. Susan Parker, university librarian.

Parker said to the Senate on October 21 that the library is developing a long-term plan to address a precarious financial future due to purchasing issues and demand for electronic materials.

The vast majority of library materials are sold only in American dollars, which has resulted in financial loss for the library. In the 2019/2020 fiscal year, 85 per cent of UBC Library’s collections budget was converted to and spent in American dollars. Since the Canadian dollar is weaker, the library lost 17 per cent of its USD buying power.

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