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

This report summarizes for the Regents the Institution's finances for fiscal year 1985 and details current projects for fiscal years 1986 and 1987. The Regents are asked to approve an increase in National Air and Space Museum theater prices to $2.00 for adults and $1.00 for children, with comparable adjustments for special showings.

[[underlined]] Fiscal Year 1985 - Actual (Schedule A) [[/underlined]]

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. Of this unexpected surplus, the Smithsonian Press and the Museum Shops provided $1.1 million, which enabled the Institution to fund the items approved by the Board at its September meeting (i.e. the Hirshhorn Acquisitions Fund, secured funding for the purchase of the Deletaille Collection, development costs of the new personnel-payroll system, and a reserve for the self-insured Smithsonian Trust Fund Health Plan) without the necessity of drawing down accumulated fund balances.