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[[underlined]] FY 1981 [[/underlined]]: House action on the FY 1981 appropriations request resulted in reductions of approximately $2,000,000, including the  $500,000 for South Quadrangle Development planning.  Senate action imposed additional reductions of $4,617,000.  Although limiting new operating funds primarily to equipping the Museum Support Center, Senate action restored the $500,000 for South Quadrangle Development.  All Senate cuts in excess of House action are being appealed to the Conference Committee.  Lower interest rates and inflationary cost increases have contributed to an FY 1981 projection of $10,828,000 in net income from Unrestricted General Trust Funds, a decline of over $700,000 from FY 1980.  Cost increases and program growth have been kept to a minimum with an allotment of $100,000 for a cooperative education program and other affirmative action efforts representing the only new program initiative.  Revenue from bureau activities is projected to increase by $800,000 in FY 1981 due primarily to the NASM Theatre ticket price increase and an expansion of the Cooper-Hewitt membership program.  Income to Restricted Trust Funds will increase slightly over the current year due to increased endowment income payout under total return and increased revenues From the Freer and Archives of American Art revenue-generating activities.  Support from Federal Agency Grants and Contracts is anticipated to total over $16,000,000, primarily for research at the Smithsonian Astrophysical Observatory and the Chesapeake Bay Center.  The following motions were approved:

VOTED that the Board of Regents approves the revised budget of appropriated funds for fiscal year 1981 and authorizes the Secretary to expend fiscal year 1981 appropriations in accordance therewith and as approved by the President on [[blank line]] , P.L. [[blank line]].

VOTED that the Board of Regents approves the budget of the non-appropriated funds for fiscal year 1981 as presented, and authorizes expenditures by the Secretary in accordance therewith; any material changes in program plans incorporated in the budget, together with any changes of more than 10% or $250,000 in any general unrestricted fund line item or in the total administrative expenditures shall be made only with approval of the Board of Regents or its Executive Committee.

[[underlined]] FY 1982: [[/underlined]] A request of $188,365,000 in federal appropriations was reviewed and approved for submission to OMB.  Major program increases include: $24,635,000 for South Quadrangle development and $10,000,000 for a major collections acquisition program.  Preliminary 1982 non-appropriated trust fund estimates, to be submitted together with the federal request, reflect an increase of  $1,671,000 in net operating income compared to FY 1981, primarily related to increased federal grants and contracts and a Magazine membership fee increase.  The following motion was approved:

VOTED that the Board of Regents approves the Smithsonian Institution budget for FY 1982 for presentation to the Office of Management and Budget in September 1980.