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[[underlined]] FINANCIAL REPORT [[/underlined]]

The attached schedules A through H outline current projections for FY 1980 operating results, as against the original FY 1980 budget, as well as comparative figures for FY 1979 and budget estimates for FY 1981. A multi-year balance sheet is set forth on Schedule I.

[[underlined]] FY 1979 - Actual (Schedule B) [[/underlined]]

As reported previously, total net operating funds provided to the Institution (after expenses of auxiliary and bureau activities) totaled $127,388,000. A more detailed analysis of FY activity is available in the Financial Report in [[underlined]] Smithsonian Year [[/underlined]], which includes the audited financial statements as certified by Coopers & Lybrand and reviewed by the Audit and Review Committee.

[[underlined]] FY 1980 - Projection (Schedule D)

--Federal Appropriations: [[/underlined]] The Institution recently received word from the Office of Management and Budget of various budget reductions and deferrals to be applied as part of the Government-wide plan to reduce the Federal budget deficit.  The pay supplemental amount which the Institution may request from Congress has been reduced by $119,000 from $4,774,000 to $4,655,000.  Although a final decision is still pending, present indications are that OMB also may deny our program supplemental request of $1,448,000 to cover the anticipated utilities deficit ($1,100,000) and STRI treaty-related requirements ($348,000).  The staff is continuing discussions with OMB regarding both the pay and program supplementals.  Since these actions are not yet final, the FY 1980 projections (Schedules A and D) have not been amended from the original amount requested from OMB.

--[[underlined]] Nonappropriated Trust Funds: [[/underlined]]  Based on operating results for the first five months of this year, projections for the full FY 1980 (Schedule D) have