In reply to Deana's question:  libraries have been most creative about
pretending serials are something else and funding out of another budget
line.  The problem is, by whatever name, serials ARE serials.  In seeking
longer-term relief, some libraries have:

University of Tennessee -- started building a large library endowment
in active collaboration with a development officer.  I don't think they
are the only ones, by any means, but it looks like a very good program.

University of Saskatchewan -- they also have started some sort of endow-
ment but I think it may be to deal with serials and increases.

University of Toronto -- as reported at the ACRL Discussion Group on
Journal Costs in Academic Libraries, they link the serials budget to
fluctuations in foreign exchange and have university commitment to fund
those kind of increases.

Ohio State University -- is beginning some kind of indexing model for
serials.

Certainly, all kinds of fund-raising efforts are underway.  At the American
Mathematical Society meeting last month, one institution reported about
math faculty volunteering payroll deductions to fund purchase of materials
for the library!