Caledon, ON – Caledon Public Library (CPL) has released a comprehensive report on the economic benefit to the community of its services, collections and spaces. The report finds that, last year, CPL delivered a total economic value of $19,496,295 million or $3.31 for every municipal dollar invested in the Library.
CPL evaluated key domains including education, economic development, social inclusion and well being, and culture, calculating a social return on investment (SROI) of 330.52%. This equates to $254 per resident or $822 per household in 2023, effectively leveraging the municipal investment of $77 per resident.
“Many think of libraries as free services, but that is not the case,” said Colleen Lipp, CEO and Chief Librarian of Caledon Public Library. “CPL is supported by municipal tax dollars collected from residents and businesses in Caledon. These calculations demonstrate that a dollar invested in the Caledon Public Library is a dollar well spent.”
CPL measured its value using the Valuing Ontario Libraries Toolkit (VOLT) developed by the Ontario Library Service and the NORDIK Institute. VOLT helps libraries apply a dollar value to the services they offer for free in order to calculate the benefit provided.
“Libraries are vital community hubs. We are eager to share this report because it highlights the enormous value Caledon Public Library provides to residents in Caledon,” said Tony Maxwell, Chair of the Caledon Public Library Board. “The VOLT assessment helps us tailor library services to the needs of the community so we can deliver the greatest economic value possible.”
The complete Valuing Caledon Public Library Report is available for public access through CPL’s website (pages 46-50 in the pdf) and library branches.
