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Final action on our appropriation bill may be expected in mid-June. Preparation of the FY 1979 Budget has been initiated in line with the new Zero-Base Budgeting format, and it will be presented to the Board at their September meeting.

[[underline]] Trust Funds [[/underline]]

Attached Exhibits B and C show projections for unrestricted, special purpose, and restricted trust funds for the current year FY 1977, as well as a tentative budget for 1978. The latter stems from the request of the Senate Appropriations Subcommittee and the GAO Report recommendation that trust fund budgets be made available to Congress at the same time they consider federal appropriation requests for that year. This FY 1978 budget will be discussed separately later.

[[underline]] Unrestricted Funds - FY 1977 [[/underline]] -- For the first six months ending March 31, 1977, results ("Gain before Transfers to Plant and Endowment Funds") are more than $1,100,000 above the original budget approved in October 1976. A major share of this improvement occurred in the Magazine. Membership subscriptions have reached the 1,500,000 level and advertising revenues are currently above previous estimates. The other Associate programs are doing well, as are restaurant and parking concessions. Income from the Shops has recovered due to tight control of expenditures; the latest physical inventory was favorable, indicating that most of the large deficit