This presentation to the Federation of Ontario Public Libraries (FOPL) describes the results of the economic impact study done for Toronto Public Library by the Martin Prosperity Institute.
So Much More: The Economic Impact of the Toronto Public Library
on the City of Toronto
Katherine PalmerDr. Kevin StolarickKimberly Silk, MLS
So Much More: The Economic Impact of the Toronto Public Library
on the City of Toronto
January 15, 2014
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So Much More
Funding for the study was provided through the Toronto Public
Library Foundation and funds from the TD Bank Financial Group and
the estate of Norman G. Hinton.The study was begun in late May and
presented to the Board in December 2013.
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Public Sector Context
Greater accountabilityDemonstrating valueFiscal constraint
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City and Board Context
Core service and service efficiency reviewsPublic consultations
on City budget
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Context: Toronto Public Library Study
Responds to the motions by the Library Board and City
Council:
Toronto Public Library Board:That the City Librarian undertake a
study on the economic impacts and benefits of Toronto Public
Library and the role of public libraries in economic
developmentToronto City Council:That the Chief Librarian prepare a
cost-benefit analysis of the Open Hours Policy and the economic
impact of Library services and provide a report to the City Manager
for review and report prior to the 2014 budget process.
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Toronto Public Library creates over $1 billion in total economic
impact
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Total direct benefits reach $502 per member
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The average open hour at a branch generates $2,515 in direct
benefits
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Toronto Public Library delivers $5.63 of economic impact for
every $1 spent
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Return on Investment
ROI is 463%
The return from the City of Torontos investment in the Toronto
Public Library is 463%, which is the midpoint of a range very
conservatively estimated to be 244% and is comfortably shown to
reach 681%.
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Neighbourhood Branches Provide Communities Intangible
Benefits
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Cities that promote diversity and tolerance also tend to become
places that are open to new ideas and different perspectives,
promoting creativity. This in turn builds cities that are
attractive to individuals and businesses involved in the creation
of new ideas, products and services.The Importance of Diversity to
the Economic and Social Prosperity of Toronto, MPI, 2010
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Intangible benefits deliver value
Opportunities for residents to improve their literacy skills,
enhance their educational and employment opportunities, and improve
quality of life for themselves and their families through library
collections, services and programs deliver a lifetime of value to
residents and increase the economic competitiveness and prosperity
of Toronto.
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Methodology
MPI followed a thorough, comprehensive approach to calculating
the economic impact of TPL services.
The Martin Prosperity Institute conducted the study for the
Toronto Public Library using accepted valuation methodologies
commonly used in the library and public sector and standard library
statistics collected for international and Canadian benchmarks. The
study examined the economic impact of the Toronto Public Library
from a number of lenses, building on methodologies of other studies
and introducing new measures to value library space.
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Acknowledgements
AuthorsKevin StolarickKim Silk
EditorDiane Nelles
Project TeamMichelle HopgoodZara MathesonGarrett Morgan
TPL SupportKatherine PalmerElizabeth Glass
Martin Prosperity InstituteRotman School of ManagementUniversity
of Toronto105 St. George Street, Suite 9000Toronto, Ontario M5S
3E6
Richard Florida, DirectorJamison Steeve, Executive Director
Editorial contributions as well as Exhibits 2 and 3 provided by
the Toronto Public Library.
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Q & A
(and, Thank You!)
Katherine Palmer, Director of Planning, Policy & E-Service
[email protected]
Kevin Stolarick, Research [email protected] |
@stolarick
Kimberly Silk, Data [email protected]
| @kimberlysilk
Martin Prosperity Institute, University of Toronto
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