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VOTED that the Executive Committee, acting on behalf of the Board of Regents, approves amending the fiscal year 1987 Trust Fund budget to permit the establishment of reserves for Quadrangle construction, National Air and Space Museum terrace restaurant initial costs, and additional work on the Personnel/Payroll system.

Coopers and Lybrand completed the audit of the Institution's fiscal year 1987 financial activity on December 24. The Institution received an unqualified opinion. Cooper & Lybrand will make a formal presentation of their Audit Report to the Regents' Audit and Review Committee on March 16, 1988. The Cooper & Lybrand report will be included in [[underlined]] Smithsonian Year 1987 [[/underlined]] along with a more complete summary of fiscal year 1987 financial activities within the Treasurer's Report.

[[underlined]] Fiscal Year 1988 - Budget (Schedule C) [[/underlined]]

[[underlined]] Federal Appropriation: [[/underlined]] The Federal budget figures have been changed to reflect final conference committee action as reflected in the Omnibus Continuing Resolution signed into law by President Reagan on December 22, 1987. House action on the Smithsonian request was reported in September. Subsequent Senate action is summarized in the table below. Final Federal appropriations total $230,151,000 or some $1,415,000 over the amount requested and $19.6 million over the fiscal year 1987 level of funding. Detail by appropriation account is presented in the following chart:

[[5 column table]]
($1,000)
[[headings are underlined]]


[[program]] | FY 1988 Request to Congress | FY 1988 House Action | FY 1988 Senate Action | FY 1988 Appropriations

Salaries and Expenses | $204,862 | $203,635 | $200,946 | $201,432
Construction:
-Whipple Observatory Base Camp | 4,470 | 1,315 | 1,000 | 1,315
-Other | -0- | -0-| 1,585 | -0-
National Zoological Park | 5,150 | 7,650 | 8,150 | 19,254
Special Foreign Currency Program | [[underlined]]-0- | -0- | -0- | -0-[[/underlined]]

Total | $228,736 | $231,854 | $229,350 | $230,151
[[/table]]

The Continuing Resolution includes $201,432,000 in Salaries and Expenses, $3,430,000 less than requested. Add-on funding above the Smithsonian request included $250,000 to help restore the base funding for computer acquisition at the Smithsonian Astrophysical Observatory. Language in the Continuing Resolution also directed the Institution to provide an additional $250,000 from within other available appropriated funds to the Smithsonian Astrophysical Observatory to increase the base for computer acquisitions by a total of $500,000. This amount is expected