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- 73 - VOTED that the Board of Regents approves the Smithsonian Institution budget of appropriated funds for fiscal year 1993 for presentation to the Office of Management and Budget and authorizes expenditures by the Secretary in accordance therewith; any material changes in program plans incorporated in this budget shall be made only with approval of the Board of Regents or its Executive Committee. The entire Financial Report follows, as presented to the Regents in advance of their meeting. * * * * * This report summarizes for the Regents the current fiscal year 1991 budgeted projections and asks for their approval of the proposed action to balance the budget. The status of action to date on the fiscal year 1992 Federal budget is presented. Also presented to the Regents for their approval is the fiscal year 1992 Trust fund budget and the Federal budget request to the Office of Management and Budget for fiscal year 1993. The proposed establishment of two new endowment funds is presented for the Regents' approval. Fiscal Year 1991 (Schedules B&C) Schedule B continues to reflect the Institution's Trust fund and Federal budgets without change from the May report. Schedule C remains unchanged with respect to Federal funds; however, Trust fund projections have been updated. Based on actual results as of the third quarter of fiscal year 1991, an additional shortfall in revenues of $2.0 million has been identified, bringing total revenue reductions to the original budget to approximately $10 million. Current reductions include a drop of $677,000 for Museum Shops, $630,000 for the Smithsonian Institution Press, and $500,000 in overhead recovery. Current actions to balance the budget include a further reduction of $350,000 to the Scholarly Studies Program, a further reduction of $465,000 to the Special Exhibition Fund, a further reduction of $75,000 to the Research Opportunities Program, and a $50,000 reduction to the Regents' Publication Fund. In addition, liquidation of certain reserves and contingencies provided $655,000 in one-time savings. The balance was provided through reestimation of utilities and other costs, salary lapse, and selected miscellaneous cuts. These actions continue to provide for a small contingency reserve of $65,000 for the remainder of the fiscal year. It should also be noted that these cuts may be restored before year-end to the extent that each Assistant Secretary can identify alternative savings or reductions. Also, in the event year-end Trust fund dollars are available, restoration of the $350,000 reduction to Scholarly Studies will be the top priority.