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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 or its Executive Committee. 

Approval of the Regents was sought for submission of the fiscal year 1991 budget to the Office of Management and 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%.

The fiscal year 1991 Federal budget request totals nearly $400 million for all operating and capital needs.  The basic strategy inherent in this budget is an emphasis on "infrastructure," focusing on catch-up needs to support baseline programs.  The Institution is also requesting funding for two high priority program initiatives, Global Change Research and Cultural Pluralism.  The budget reflects a more aggressive approach in the total sums requested than in the recent past.  Significant increases in the Salaries and Expenses budget are being sought for automation needs, for major scientific instrumentation, for the Museum of the American Indian, for cultural pluralism, for Global Change Research initiatives, for exhibit hall renovation at the National Museum of Natural History, and for a variety of Columbus Quincentenary projects.  In the Construction account, funds are sought for the renovation of the General Post Office Building, detailed planning for the National Museum of the American Indian and the National Air and Space Museum Extension, and for planning the National Museum of Natural History East Court.  In the Repair and Renovation of Buildings account, the Institution is budgeting $35.0 million; it is estimated that the backlog of repair projects will take seven to ten years to eliminate at this level of funding.  The budget for Construction and Improvements at the National Zoological Park would provide for the continued implementation of the master plan, progress in the Front Royal Development Plan, and various repair and restoration projects.

Fiscal year 1991 net income from General Unrestricted Trust Funds is budgeted to total $36.4 million, an increase of $1.1 million over the original budget figure for fiscal year 1990.  Major increases are expected from the National Associates Program, concessions, the Smithsonian Institution Press, and media activities.  Offsetting these increases are more realistic projections of income for the [[underlined]] Air and Space [[/underlined]] magazine, Museum Shops, and Mail Order.  The budgeted net revenues provide for a program contingency, the annual $3.0 million transfer to the Endowment, an increase to the General Unrestricted Trust Fund, and modest increases for new program initiatives.  Projections for
 

Transcription Notes:
very small changes. All else looks good to Mark for Completion