Charles B. Lowry has published "ARL Library Budgets after the Great Recession, 2011-13" in the latest issue of Research Library Issues: A Report from ARL, CNI, and SPARC.
Here's an excerpt:
In short, for five years ARL institutions have been in a pattern that departs from the historic expectation of increased funding intended to at least ameliorate the inflation rate for library acquisitions and the cost of operations and personnel. Like acquisitions, administrative budgets have demonstrably suffered more since 2008 than at any time in recent decades. In sum, the downturn of 2008 was followed by a progressive de-funding of library budgets that reflected what was happening in higher education institutions generally. Recent years are best characterized as highly volatile. The trends do not encourage optimism that budgets have turned the corner, and this will have consequences for the teaching and research within higher education and in the market place of scholarly communications internationally.