Much of the caution can be put down to concerns about the general economic outlook but IT directors should not take a fatalistic view of their budgetary lot.
Some of those participating in the survey are quoted as saying that "use of IT has now reached saturation" or "IT is geared to support and maintain rather than develop".
A more proactive approach may pay dividends. IT directors must ask themselves how effectively they are countering the perception of IT as merely a cost centre. A prerequisite is a clear vision of yourself as a business strategist who sees other executives as colleagues rather than just "internal customers".
Take a look at management guru David Taylor's list of IT directors' challenges on page 18 and ask how you would address them. A change of approach might be in order - or at least a re-commitment to your existing values.