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[[underlined]] Fiscal Year 1985 [[/underlined]]

The annual audit of the Institution's financials had been completed by Coopers & Lybrand for fiscal year 1985. Operating funds received by the Institution in fiscal year 1985 from all sources (net of expenses related to auxiliary and bureau activities) totaled $218,454,000, or about $1.6 million higher than projected at the September Regents' meeting.

[[underlined]] Fiscal Year 1986 [[/underlined]] 

On December 19th, the President signed into law (P.L.  99-190) the Continuing Resolution that will provide funding for the remaining portion of fiscal year 1986. The funding levels for the Smithsonian were determined by the conferees by reconciling the House and Senate recommendations on the Institution's fiscal year 1986 request and imposing a 0.6 percent across-the-board reduction to each line item in the Interior bill.

These appropriated amounts, as shown below, do not reflect the effects of the Balanced Budget and Emergency Deficit Control Act of 1985 (P.L. 99-177, the Gramm-Rudman-Hollings legislation).

($1,000's)

[[three columns]]

[[underlined]] Appropriation [[/underlined]] | [[underlined]] Request [[/underlined]] | Final [[underlined]] Conference Level [[/underlined]]

Salaries and Expenses | $185,590 | $176,995 
Construction:
National Zoological Park | 4,851 | 5,518
Restoration and Renovation of Buildings | 14,875 | 11,009
Quadrangle | 4,000 | 3,976
Special Foreign Currency Program | [[underlined]] 2,500 [[/underlined]] | [[underlined]] 2,485 [[/underlined]]
  | $211,816  | $199,983

In the 1986 budget the Congress cut approximately $1.0 million from the Smithsonian's request for initial Quadrangle operation, $2.5 million requested for excavation in the courtyard of the Freer, and over $1.0 million for research facilities.

With respect to Trust Funds, operating experience for the first two months of the fiscal year is not sufficient to be indicative of annual performance. Budget estimates have been adjusted, however, to reflect the provision of unrestricted trust funds ($2,018,000), as previously approved by the Board, for the acquisition of the Henri Vever Collection.  The additional $1,482,000, to complete the initial $3,500,000 payment, is being provided from Regents' Acquisition Fund monies assigned to the Freer and Sackler galleries.

Budget estimates have also been adjusted to reflect the launching of [[underlined]] Air & Space [[/underlined]] magazine, as discussed by the Board at the September meeting. Publication of the magazine is proceeding, with the approval of the Chairman of the Executive Committee.  It is estimated that the 
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