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VOTED that, subject to final consideration by the Executive Committee, the Board of Regents approves the [[underlined]]Five-Year Prospectus, Fiscal Years 1989-1993,[[/underlined]] anticipating the annual revisions will similarly be presented for its approval.

The [[underlined]]Prospectus[[/underlined]] will incorporate Regents' approval in September of the nonappropriated fiscal year 1988 trust budget, the results of Congressional actions on fiscal year 1988 appropriations, and the Office of Management and Budget's (OMB) decisions on the fiscal year 1989 Federal budget request. Projections of Federal support and trust funds through fiscal year 1993 will reflect the best estimates to date of future year performance of the Institution's revenue-producing activities, expectations regarding growth in gifts, grants, contracts, and requirements for Federal program operations. The following table compares fiscal years 1989 and 1993 operating projections by major Federal and trust operating accounts since preparation of the September draft [[underlined]]Prospectus[[/underlined]] and receipt of the fiscal year 1989 OMB Federal allowance.

[[table]]
| Draft Five-Year Prospectus (September 1987) | Five-Year Prospectus (February 1988)
| In Millions
| Fiscal Year | Fiscal Year
| 1989 | 1993 | 1989 | 1993
Federal Salaries and Expenses | $220 | $302 | $217 | $300[[superscript]]1[[/superscript]]

Trust Funds
Gross Expenditures
Unrestricted | 192 | 239 | 192 | 239
Restricted | 14 | 13 | 14 | 13

Government Grants and Contracts | 23 | 17 | 23 | 17
TOTAL | $449 | $571 | $446 | $569
[[/table]]

[[superscript 1]] The impact of FY 1993 levels of funding of projected Federal salary scales and necessary pay have not been fully determined, and further adjustments will be incorporated.

[[underlined]]POLICY ON RESTORATION AND RENOVATION, CONSTRUCTION PRIORITIES[[/underlined]]

The currently identified backlog of work required to bring the physical plant up to an acceptable level of repair and code compliance and to assure long-term building preservation is updated each year as a result of an annual inspection of facilities and forms the primary basis for development of the Restoration and Renovation of Buildings Program. A strategy is developed, based on reasonable expectation of resources, to provide a balance between the repair needs of existing facilities and the alterations required to assure effective program operation. Within the overall framework of this strategy, priorities for individual projects are set, with emphasis given to (1) projects that are required to meet life