A major conclusion reached by 18 university, academic and administrative officers, library directors, economists and management specialists, who met in October 1981 to explore issues related to the financial management of academic research libraries, is that current approaches to cost reduction are only short-term solutions. These approaches are identified as better library planning, management and control; reduction of acquisition budgets; consolidation of branch libraries; cooperative ventures; increased use of technology; and remote storage. Group discussions reported address the changing role of research libraries; the lack of information about library and university operations and expenditures; the proliferation of published information; and the need for large amounts of capital investment in library technology. Attention is focused on six areas including library service and operating models; organizational patterns with emphasis on library decentralization; acquisition and preservation policies; storage and retrieval strategies incorporating new technology; the research library's role in scholarly communication; and the place of the research library in the economy and programs of the university as a whole. Suggestions are also made for a coordinated approach to the financial problems of research libraries on a national level. Appendices comprise a list of participants, an agenda, and a discussion guide for the meeting. (ESR)