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The Financial Report follows:

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

The attached schedules (A through E) summarize all appropriated and non-appropriated trust funds for the Institution for fiscal years 1980 (original budget and revised projections), 1981 and 1982.  Further detail is provided for auxiliary activities (Schedule F), special purpose trust funds (Schedule G) and restricted trust funds (Schedule H).  Trust Fund comparative balance sheets are contained in Schedule I.

Approval of the Regents is requested for the FY 1981 and FY 1982 budgets, as well as for funding of the Lindberg Chair of Aerospace History endowment and the sale of certain property at the Chesapeake Bay Center.

[[underlined]] FY 1980 - Projection (Schedule C) [[/underlined]] 

--[[underlined]] Federal Appropriations [[/underlined]]:  As anticipated in the MAy report, OMB denied the Institution's program supplemental request of $1,448,000 to cover a then projected utilities deficit of $1.1 million (subsequently revised to approximately $500,000), and STRI treaty-related requirements ($348,000).  Recent Congressional action on our pay supplemental request has resulted in a supplemental appropriation of $4,000,000, approximately 84 percent of the requested $4,774,000.  In addition, funds previously appropriated to the Institution have been reduced by $17,000 as part of a government-wide recision of monies available for the purchase of office furniture.  The shortfall created by these actions will be covered by savings realized from the continuation of the hiring limitation imposed by OMB and reductions in non-salary expenses.