Looking back on the year’s statistics is always fun. This year is especially enjoyable because our statistics show we are creeping back toward our 2019 numbers. I’m hopeful this means good things for 2022!
One of the buzz phrases in the business world is “Return on Investment” which is the benefit (usually monetary) you get from investing in a business, service, etc. Looking at our 2021 statistics, I decided to calculate Pryor’s return on investment (ROI) for the Library. Our total budget this fiscal year is $519,535.
In 2021, we had 8,400 active patron accounts (662 were new accounts). Those accounts checked out about 31,500 physical items and 25,000 digital items. Using an average price of $16.80 per item, our community saved $952,000 by using the Library’s collection instead of buying the same materials.
Pryor Library staff answered about 27,700 questions in 2021. I’m going to assume we averaged about 3 minutes of staff time per question or 1,385 hours in total. Using our budgeted salaries divided by the number of employees included in that budget item, we average about $11.17 per hour of paid staff time (that doesn’t include any benefits). By asking Library staff instead of finding and paying for another service for those answers the community saved about $15,500 in 2021.
With only those two services (material checkout and research help), the ROI is almost $2 for every dollar spent by the City to support your Pryor Library. These back of the napkin calculations don’t account for our internet and wifi services, our online resources beyond Overdrive, or our events and programming. Nor do they take into account savings from our four sister libraries in Mayes County. It’s safe to say that Libraries are a good deal.
Thank you for investing in your Mayes County Libraries.