Viewing page 5 of 98

This transcription has been completed. Contact us with corrections.

-iv-

by $1 million, of which $500,000 is to be designated to the establishment of the James E. Webb Fellowship Fund, and to increase the transfer for Quadrangle construction by $500,000, reducing the future-year commitment by that amount.  Restricted Purpose income is now projected to exceed budgeted levels by almost $2.6 million due primarily to contributions for the production of major exhibitions.

[[underlined]]FY 1984.[[/underlined]]  House and Senate action on the FY 1984 budget request recommended overall reductions of $1.7 millions and $3.2 million respectively.  An increase of $2.2 million above the Institution's request was recommended by the House for the Salaries and Expenses appropriation and included among other items substantial increases for security guards and equipment and replacement of scientific equipment at the Astrophysical Observatory.  Senate action, while providing some additional funding for security personnel and the purchase of scientific equipment, eliminated all other House increases and imposed various other deductions totaling $2.7 million.  The full amount of the Institution's construction request was approved by both Houses; however, an amount added by the House for studies relating to the establishment of a museum at St. Louis, Illinois, was eliminated by the Senate.  With regard to the special Foreign Currency Program, funding for the grants program ($4 million) and the Moenjodaro preservation project ($1 million) were approved as requested.  Of the $4 million requested for the forward-funded reserve of Indian rupees, the Senate provided $2 million, while the House provided none.  An appeal of the proposed reductions has been submitted to the Conference Committee.  Final Congressional action is not expected before late September or early October.

Net income from Unrestricted General Trust Funds is expected to total $15,090,000 in FY 1984, a slight decline from the FY 1983 level, but well ahead of the FY 1984 estimate made a year ago.  Based on this favorable projection, the transfer for Quadrangle construction has been increased to $2.7 million, completing the transfers pledged by the Institution one year ahead of schedule; the transfer for fellowships and fluid research awards has been increased by $150,000; and the transfer to unrestricted endowment has been maintained at the FY 1983 level of $2.5 million.  In addition, the reserve of $700,000 set up to ensure funding through FY 1987 of the Regents' Collections Acquisition Program has been redirected to collections acquisition for the new Sackler Gallery of the Quadrangle.  As in prior years, administration costs and program growth have been held to a minimum.  A slight decrease in revenues is projected for Special Purpose and Restricted Trust Funds, while a more significant decline is expected in Federal Grants and Contracts, reflecting the phase-out of the Satellite Tracking Program at the Astrophysical Observatory.  The following motions were approved:

VOTED that the Board of Regents approves the revised budget of appropriated funds for FY 1984 and authorizes the Secretary to expend FY 1984 Federal appropriations in accordance therewith and as approved by the President.