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A letter is being prepared to the Conference Committee which will address the impact of all items of increase or decrease at variance between the House and the Senate.

[[underlined]] --Nonappropriated Trust Funds [[/underlined]]: There has been no change to the fiscal year 1990 Trust fund budget as approved by the Regents last September. However, a review of fiscal year 1990 has revealed the following. The Secretary's Program Contingency, which was established at $900,000, will be reduced by $480,000, reflecting out-year effects of fiscal years 1988 and 1989 funding decisions. This amount includes $207,000 for the recently established Office of the Assistant Secretary for Institutional Initiatives. The addition of $164,000 in reprogrammings will provide a total budget of $371,000 for that office.

At this point current projections for auxiliary activities are not complete. However, diminished revenues for some activities in fiscal year 1989 suggest lowering projections for fiscal year 1990. The result may be further reducing or eliminating contingencies and/or the projected addition to fund balance.

The following motion is suggested:

VOTED that the Board of Regents approves the budget of appropriated funds for fiscal year 1990 and proposed revisions to the budget of the nonappropriated funds for fiscal year 1990 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 to its Executive Committee.

Fiscal Year 1991 - Budget (Schedule E)

Approval of the Regents is requested for submission of the fiscal year 1991 Federal budget to the Office of Management and Budget. Approval is also requested for the fiscal year 1991 Trust Fund budget. The overall budget includes gross operating income of $568.7 million compared to $506.0 million budgeted for fiscal year 1990, an increase of 12%. The breakdown between Federal and Trust operating budgets is $283.8 million and $284.9 million respectively. Net operating income, after deduction of auxiliary and bureau activity expenses, is expected to be $381.2 million, an increase of $61.7 million or 19%.

[[underlined]] --Federal Appropriations [[/underlined]]: The budget, once approved by the Regents, will become the Smithsonian budget request to the Office of Management and Budget. The fiscal year 1991 budget totals $399.4 million for all operating