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What’s It Worth to You? A Return on Investment Study of Selected Colorado Public Libraries Presented by Nicolle Steffen, Director Zeth Lietzau, Associate Director Library Research Service What’s It Worth to You? A Return on Investment Study of Selected Colorado Public Libraries or Public Libraries – A Wise Investment Public Libraries – A Wise Investment Presentation Overview • • • • • Timeline Participating Libraries ROI Methodology Major findings Tools and Resources Public Libraries – A Wise Investment Timeline: Study Set-up • Late 2005 - idea is born • Spring 2006 – proposal submitted • June 2006 – research begins • August 2006 – advisory committee meets Public Libraries – A Wise Investment Timeline: Data Collection • Fall 2006 – library survey • Spring 2007 – key informant interviews – patron survey (~5,000) • Summer 2007 – data entry and analysis Public Libraries – A Wise Investment Timeline: Reports & Tools • September 2007 – Public Libraries – A Wise Investment (individual library reports) • October 2007 – Library & Patron ROI Calculators • Future Resources – Closer Look Report – Summary brochure – Demographic analysis Participating Libraries Library LSA Population CORTEZ PUBLIC LIBRARY 8,550 DENVER PUBLIC LIBRARY 571,848 DOUGLAS COUNTY LIBRARIES 251,418 EAGLE VALLEY LIBRARY DISTRICT 40,107 FORT MORGAN PUBLIC LIBRARY 10,968 MESA COUNTY PUBLIC LIBRARY DISTRICT 130,662 MONTROSE LIBRARY DISTRICT 37,147 RANGEVIEW LIBRARY DISTRICT 302,907 Public Libraries – A Wise Investment Participating Libraries Participating Libraries Library % of NonResident Borrowers CORTEZ PUBLIC LIBRARY 55% DENVER PUBLIC LIBRARY 15% DOUGLAS COUNTY LIBRARIES 9% EAGLE VALLEY LIBRARY DISTRICT 8% FORT MORGAN PUBLIC LIBRARY MESA COUNTY PUBLIC LIBRARY DISTRICT 42% 2% MONTROSE LIBRARY DISTRICT 19% RANGEVIEW LIBRARY 10% Public Libraries – A Wise Investment ROI - Methodology Contingent Valuation + + + + Cost to Use Alternatives Lost Use Direct Local Expenditures Lost Compensation for Library Staff + Halo Spending Divided by Local Investment Public Libraries – A Wise Investment Return on Investment Factors Montrose Library District Cost to Use Alternatives $5,408,539 Lost Use $498,200 Direct Local Expenditures $122,321 Lost Compensation for Library Staff $687,735 Halo Spending $615,116 Total Return on Investment Total Local Investment Return per Dollar Invested $7,331,911 $1,375,441 $5.33 Public Libraries – A Wise Investment ROI - Eight Colorado Libraries Eagle Valley Library District $4.28 Mesa County Public Library District $4.57 Rangeview Library District $4.81 Denver Public Library $4.96 Douglas County Libraries $5.02 Montrose Library District $5.33 Fort Morgan Public Library $8.80 Cortez Public Library $31.07 $100 Invested Yields $500 Return $ $ 1 5 Public Libraries – A Wise Investment Out of State ROI Findings Summary State FL PA SC NY OH PA Scope State State State County 9 libraries Individual Library ROI $6.54 $5.50 $4.48 $3.93 $3.81 $3.00 Mean Median $4.54 $4.21 Returns on Investment by Library Percentage of Respondents Who Indicated They Visited the Library 25 Times or More in the Past 12 Months DENVER PL 66% DOUGLAS CLD 65% 62% Library EAGLE VALLEY LD MESA COUNTY PLD 61% RANGEVIEW LD 60% MONTROSE LD 54% CORTEZ PL 54% FORT MORGAN PL 44% 0% 10% 20% 30% 40% 50% Percentage of Respondents 60% 70% Returns on Investment by Library Percentage of Respondents Who Indicated They Would Have Spent $20 or More For An Information Alternative EAGLE VALLEY LD 70% CORTEZ PL 66% Libraries DOUGLAS CLD 63% FORT MORGAN PL 54% RANGEVIEW LD 52% DENVER PL 52% MONTROSE LD 50% MESA COUNTY PLD 50% 0% 10% 20% 30% 40% 50% Percentage of Respondents 60% 70% 80% Returns on Investment by Library Percentage of Respondents Who Indicated They Used a Library Computer in the Past 12 Months Library DENVER PL 83% EAGLE VALLEY LD 77% DOUGLAS CLD 77% MESA COUNTY PLD 76% 71% MONTROSE LD RANGEVIEW LD 69% CORTEZ PL 67% FORT MORGAN PL 64% 0% 10% 20% 30% 40% 50% 60% Percentage of Respondents 70% 80% 90% Returns on Investment by Library Percentage of Respondents Indicating They Connected to a Colorado Library in the Past 12 Months DOUGLAS CLD 74% DENVER PL 56% RANGEVIEW LD 50% Library MESA COUNTY PLD 49% EAGLE VALLEY LD 44% MONTROSE LD 36% CORTEZ PL 33% FORT MORGAN PL 32% 0% 10% 20% 30% 40% 50% Percentage of Respondents 60% 70% 80% Public Libraries – A Wise Investment