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-vi- VOTED that the Board of Regents approves the budget of appropriated funds for fiscal year 1989 as finally enacted by the Congress and the proposed revisions to the budget of the nonappropriated funds for fiscal year 1989 as presented, and authorizes expenditures by the Secretary in accordance therewith; any material changes in program plans incorporated in these budgets, or any changes of more than $250,000 in any general unrestricted trust fund program or administrative expenditure, shall be made only with approval of the Board of Regents or its Executive Committee. Approval of the Regents was requested for submission of the fiscal year 1990 Federal budget to the Office of Management and Budget. Approval was also requested for the fiscal year 1990 Trust fund budget. The overall budget includes gross operating income of $510.3 million compared to $452.9 million budgeted for fiscal year 1989, an increase of 13%. The breakdown between Federal and Trust operating budgets is $232.1 million and $278.2 million respectively. Net operating income, after deduction of auxiliary and bureau activity expenses, is expected to be $323.8 million, an increase of $33.1 million or 11%. The fiscal year 1990 Federal budget request totals $289.2 million for all operating and capital needs, $34.9 million more than the Office of Management and Budget planning target. Institutional priorities, as expressed in the Secretary's "Areas of Emphasis," and a focus on the Institution's infrastructure to ensure adequate support for recent growth are key elements reflected in the budget figures. In the Salaries and Expenses budget $232.1 million is being requested, $8.5 million over the Office of Management and Budget's planning target and $15.9 million over the fiscal year 1989 request. The Construction budget for the National Zoological Park is $8.1 million, or $2.6 million over the planning target from the Office of Management and Budget. The Construction budget for the Smithsonian is $14.0 million, $12.0 million over target, and the Repair and Restoration budget for the Smithsonian is $35.0 million, $11.8 million over target. Fiscal year 1990 net income from Unrestricted General Trust Funds is budgeted to total $35.3 million, an increase of $4.6 million over the budgeted figure for fiscal year 1989. Potential changes to the unrelated business income tax structure are being discussed and debated by Congress. The impact on the Institution could be significant. However, at this point it is in unclear what changes will be made. The budget does not include any reserves for taxes. Any such increase would have to be covered from the General Unrestricted Fund balance. Restricted income is projected to increase by $5.3 million over fiscal year 1990 as a result of expanded development activities, and government grant and contract income is projected to increase by $6.5 million. The following motion was approved:
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