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As a result of the third quarter review, the addition to fund balance is projected to drop by $193,000 to $907,000. This is $593,000 below the original budget. The change is the result of a combination of factors. Major changes in net income included a $250,000 increase in short term investment income, an increase of $175,000 for the Smithsonian Institution Press, and a decrease of $250,000 for Mail Order. Offsetting the net increase was $408,000 transferred to the Secretary's Program Contingency. The Office of the Assistant Secretary for Institutional Initiatives was established on July 2nd. All funding for the remainder of the year will be covered by reprogramming previously budgeted funds.

Major allocations from the Secretary's Program Contingency since the May meeting were $160,000 for legal fees arising from an international research endeavor and $90,000 to complete funding for a research lab for the Director of the National Air and Space Museum. The current balance in the Secretary's Program Contingency is $244,000. Anticipated fourth quarter allocations from the Contingency are expected to bring the balance down to zero.

The following motion is suggested:

"VOTED that the Board of Regents approves the proposed revisions to the budget of the nonappropriated funds for fiscal year 1989 and authorizes expenditures by the Secretary in accordance therewith; any material changes in program plans incorporated in the revised budget, 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

Fiscal Year 1990 - Budget (Schedule D)"

[[underlined]]--Federal Appropriations[[/underlined]]: Schedule D reflects the budget as submitted to Congress. Since that time the Smithsonian has received the mark-up from both the House and Senate Appropriations Committees. Both bills have passed their respective chambers and the Conferernce Committee is expected to take up the bill after Labor Day. The following chart summarizes Congressional action to date.