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[[underlined]] Five-Year Prospectus, FY 1982-86 (See Appendix) [[/underlined]]

Mr. Jameson outlined the following report, summarizing changes in the new Prospectus and highlighting particularly significant developments in the programs of the Institution. He noted that most of the projected growth in the Federal appropriations stems from inflation-related budget items (such as necessary pay for current staff, utilities, supplies, materials and contractual services). Similarly, despite increases shown in the gross non-appropriated trust funds, on a net basis those revenues are projected to be relatively stable between 1980 and 1986. Mr. Jameson added that at the Secretary's suggestion, endorsed by the Executive Committee, the staff will add three or more years to the five years, to provide the Institution with the ability to take a longer-range look at facilities and some other particularly long-term programs.

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Sent to the Regents in advance and prepared for approval by the Board at the January 26 meeting, the [[underlined]] Prospectus [[/underlined]] incorporates the results of Congressional action on the FY 1981 salaries and expenses (S&E) and construction appropriation request and Office of Management and Budget decisions regarding the Institution's FY 1982 budget request. It also summarizes changes since September in the planned application of trust funds to the Museum Support Center as approved by the Executive Committee of the Board of Regents in November. The following table portrays the summary effects of these actions with regard to FY 1982 and FY 1986 since the submission of the draft [[underlined]] Prospectus [[/underlined]] to the Regents in September 1980.