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The Committee agreed to meet jointly with the Personnel Committee in mid- to late-October 1983, possible at the Museum Support Center. The staff will circulate a list of suggested topics in the interim. 
The meeting of the Audit and Review Committee adjourned at approximately 9:25 a.m.

[[underlined]] Financial Report [[/underlined]]

Mr. Hohenlohe highlighted the following report which was distributed in advance of the meeting. 

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Schedules A through E summarize the status of all Institutional funds for FY 1983 (original budget and latest projection) and present FY 1984 and FY 1985 budgets for Regents' approval. Further detail is provided for auxiliary activities (Schedule F), unrestricted special purpose trust funds (Schedule G), and restricted purpose trust funds (Schedule H). Trust fund comparative balance sheets are provided on Schedule I.
 
[[underlined]] FY 1983 Projection (Schedule C) [[/underlined]]

--[[underlined]] Federal Appropriation: [[/underlined]] A supplemental appropriation of $2,890,000 has been received for increased pay costs, representing a $500,000 increase above the OMB allowance. Although the Senate denied a House add-on of $300,000 for 48 additional guard positions, the Conference Report language states that additional funds will be provided in FY 1984 and encourages the Institution to begin hiring the additional guards within this year's available funds. As part of its action on the Institution's FY 1984 budget request, the Senate has recommended rescission of $8 million of the $36.5 million appropriated in FY 1983 for Quadrangle construction. This rescission, occasioned by the unexpectedly low contract award for construction, is being appealed to the Conference Committee, expected to meet in September.