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Most academic libraries are facing increasing funding challenges that necessitate improved budget communication and advocacy, in addition to the more traditional planning and monitoring of funds. Moreover, electronic resources continue to evolve rapidly, spawning new material types and modes of acquisition. This paper defines four key facets of a materials budget that has been optimized for the electronic resources environment and describes a process that can be used to redesign any academic library budget structure for the digital age. Specific examples of important practical advantages, that have accrued over the six years since the fully-faceted materials budget structure was implemented, are included.