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[[underline]]FINANCIAL REPORT[[/underline]]

The Secretary called on the Treasurer, Mr. Wheeler, to present a summary of this financial Report.

[[underline]]Status of Federal Appropriations[[/underline]]

[[underline]]For Operations[[/underline]]:  With the approval of the Office of Management and Budget we have now requested from Congress a supplemental appropriation for the current year, [[underline]]FY 1977[[/underline]], totaling $3,403,000 to fund this year's costs of new Federal pay raises that occurred primarily in October, 1976.  Assuming that the funds are appropriated, the FY 1977 operating fund level would be $90,890,000, including both the Science Information Exchange and Foreign Currency program.

For [[underline]]FY 1978[[/underline]] operations, as shown on Exhibit A, the President approved, and we have requested from Congress, appropriations totaling $95,510,000.  The total includes $89,033,000 for regular operations (Salaries and Expenses), $1,977,000 for the Science Information Exchange, and $4,500,000 in Foreign Currency funds (this includes an amount of $1 million as the final payment for the Philae project).  The S&E amount allows about $4,600,000 (including about $1,000,000 reapplied from previous Bicentennial funds and other base resources) to be used for new high priority program and support needs. Of this amount, some $1,000,000 will fund higher costs associated with legislated pay raises and health benefits,