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The Regents approved the following motion:

VOTED that the Board of Regents approves the Five-Year Perspective dated January 22, 1979, covering the fiscal years 1980 - 1984, anticipating that annual revisions will similarly be presented for their approval.

Next year's planning and budget cycle also will begin in late January. Instructions are being prepared for distribution to the Institution's organizations and acitivites. Directors will be asked to revise their five-year plans and prepare materials to initiate the annual zero-base budget process. This information will be reviewed by the Secretary's senior staff during the months of February, March, and April. The review will be followed by preparation of an updated consolidated budget for fiscal year 1980, the consolidated budget for fiscal year 1981, and an extended perspective for the period of fiscal years 1981 to 1985, for submission to the Under Secretary, the Secretary, and the Regents next August and September.

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During the summer months, the inventory of [[underlined]]Smithsonian Institution Programs and Activities[[/underlined]] will begin to be updated. This document, recently compiled as a result of the independent study recommendations accepted in September 1977 by the Audit and Review Committee of the Board of Regents, was distributed in November 1978 to the Regents as well as to various members of the House and Senate committees involved with Smithsonian operations.