The cost for library resources increases every year. Librarians commonly refer to these annual increases as inflation, but the actual increases are not always connected (or even necessarily correlated) to economic inflation metrics.
UM Libraries strives to retain access to all currently subscribed resources--while also maintaining the amount of money allocated towards monograph purchases--by negotiating with vendors and identifying opportunities to maintain access while reducing expenditures (e.g., agreeing to multi-year deals for bundles of databases or journals from the same company).
Unfortunately, those efforts are not always enough to counteract the ever-increasing costs. However, thanks to the generosity of the Provost (both current and predecessors) who have often covered the deficit between our allocated budget and expenditures, we have often been able to maintain our collections most years with little, or no, noticeable disruption.
But we have now reached a point where the current library resource collection is not sustainable with our current budget, even with supplementary funds provided by the Provost's office. Hence, the need for us to modify how we provide resource access to our community; this includes cancelling resources.