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A draft Prospectus is prepared and submitted to the Regents for initial consideration in September of each year. Following the Regents' approval of the trust budget in September, and the review in October or November by the Office of Management and Budget of the Institution's federal budget request, the Prospectus is adjusted and prepared for approval by the Regents at their January meeting. If approved, it is distributed to the Institution's various Congressional committees at about the same time as the request for Congressional appropriations.

The Prospectus represents a summary of the areas that will be given priority and emphasis over the next five years. It should be read in conjunction with another publication, the [[underline]] Smithsonian Institution's Programs and Activities [[/underline]], which provides background information on the programs of each of the Institution's operating activities. The content presented here is arranged by the major organization grouping of the Institution and corresponds to the assembly of the FY 1981 budget which will be presented to the Congress; i.e., Science, History and Art, Public Service, and Museum Programs, with separate sections treating Special Programs, Membership and Auxiliary Activities, administrative and facilities development plans. Several items discussed in the text, along with the financial figures for FY 1981, complement the Institution's budget submission to Congress, and also appear in that document.

[[underline]] The Prospectus for FY 1981-85 [[/underline]] reflects needs and opportunities that the Smithsonian has described before. Two new proposals have been incorporated since the first issue, the Major Exhibitions Program, and the Smithsonian Natural Awareness Program, both of which appear in the Special Programs chapter. The Prospectus emphasizes selected aspects of the Institution's work while assuring that others will continue at approximately the present level of activity. Areas of emphasis and priority include collections management, basic research, administration and technical support, and the maintenance and development of current and new facilities for ongoing programs and those of the future.

A refinement of costs associated with equipping and operating the Museum Support Center, which is planned to open in early FY 1983, has occurred over the course of the year and these have been phased into the resource projections for FY 1981-85 for the museums and organizations involved. A special table, Table 12, consolidating the equipping and operating projections through FY 1985 is included. FY 1981 equipment requirements, along with future year needs through FY 1985, are consolidated in the Special Programs chapter. Operating cost requirements, as known at this time, are contained within the program descriptions of the involved units, i.e., the Conservation Analytical Laboratory, Office of Horticulture, Libraries, Protection Services, and Plant Services.