A visit to the Innisfil ideaLAB & Library opens more than doors to the imagination. With resources for learning, entertainment, and community engagement, your Library is the ultimate hub for information and discovery. More than that, our Library plays a crucial role in fostering both economic and social growth in Innisfil.
We are pleased to share a return on investment study that measures the economic value that the Library brings to our community. This study showcases the Library’s value as a community asset and underscores our commitment to providing exceptional cost-effective services and resources to our residents.
The study was completed using a cost benefit analysis, an approach that is used to determine “value-for-money” and “return on investment” in many public sectors. Total economic impact is the sum of:
- direct spending (that is the Library budget for facilities, staffing, and resources);
- a calculation of a direct benefit, that equates a service with a market value; and
- indirect benefits calculated using an economic multiplier. For example, a single dollar paid to a staff member is then redistributed in the local economy.
Together these three elements provide an estimate on the total impact on the economy. For 2022, the direct spending of the Library was $3.8 million, and the direct benefits (a market value of collections, programs, reference, research and technology access, for example) was $9.2 million, and finally the indirect benefits, value created from library spending was over of $7 million for a total economic impact in excess of $20 million.