This fall, my library's collection development librarian will retire, and I see this as an opportunity for us to rethink how we handle collection development. We currently manage our materials and budget in a fairly traditional way -- a formula-based book allocation process, separate budgets for books and periodicals, with most electronic resources falling into the periodicals budget. The collection development librarian sends Choice cards to departmental faculty, who make most of the books selections. We are a small academic library, with professionals including myself (I am the director).
I'd love to hear how other libraries are handling collection development in this new environment, how budgeting models have changed, what tools are proving useful. Also, have you taken into account the print on demand services such as Lulu? One of my librarians (also a poet) has recently published a book of his poetry through Lulu. Are we missing potentially good works if we restrict ourselves to the traditional publishers?