Highlights of the 1975/76 annual report for the University Libraries at the State University of New York at Albany include: (1) acquisitions dropped markedly; (2) follow-up on the report of the library review team, including the beginning of a long term project of developing a statement of mission and objectives for each unit by library staff and implementation of various recommendations; (3) a budget crisis caused the loss of three professional and one clerical position; (4) a budget freeze resulted in vacancies in 25 library positions; and (5) a Library Council was created. This report presents objectives and expenditures for administrative services, personnel, bibliographic development, bibliographic operations, reference services, and the Division of Special Services. Statistics for library operations and a list of faculty activities are appended. (Author/AP)