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-3- In his Secretary's Report, Mr. Adams raised for discussion a number of items he will raise again at the meeting of the Board, including the conditions prevailing in Panama, the possibility of selling real estate in support of American art studies amidst fiscal belt-tightening, the status of [[underlined]] Air & Space [[/underlined]] magazine, plans for "Dinamation" (a rented show, for which the Museum of Natural History and the Zoo will need to charge admission), the Freer Visiting Committee's resolution calling for a commitment toward the complete reinstallation of exhibitions, and the recommendations of the House Government Operations Committee's Subcommittee on Government Activities and Transportation. Turning to the Financial Report, Miss Leven explained how the Institution was able to reach the goal of $13.3 million (or 5% of total trust fund operations) in its working capital by the end of fiscal year 1989. Nonetheless, certain Trust revenue estimates made in 1988 for fiscal year 1990 appear to be unrealistic when viewed against actual 1989 performance. It was noted that, while the 1990 budget may still lack an adequate degree of firmness, the Secretary is asking his managers to review current budgets, trust fund and Federal alike, for opportunities to reduce spending by 3% and 7%. It was the Executive Committee's view that the Secretary is prudent in asking his staff to operate with a balanced budget. Mr. Jameson added that, in light of the Gramm-Rudman-Hollings cuts, water and sewer payments, and the absorption of pay increases, it will not be possible to afford summer evening visiting hours with this year's Federal appropriations and the Development Office will be soliciting support for this popular program from corporate sponsors. The Executive Committee considered favorably the preliminary proposal for enhanced development activities with funding from endowment funds or those funds previously earmarked for additions to endowments. The Committee encouraged the Secretary to talk with selected members of the Board and others who might lend special expertise to the proposed [[underlined]] ad hoc [[/underlined]] Committee on Planning and Development, with the expectation that he will bring to the Regents' meeting a proposed slate of nominees for appointment by the Chancellor. The Committee held an executive session with the Secretary on matters of organization and suggested that a similar session should be held at the meeting of the Board. The meeting of the Executive Committee was adjourned at approximately 1:30 p.m.