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desirable that we utilize annual surpluses in our current unrestricted funds operating account to rebuild working capital over the next several years.

After presentation of the private funds budget, motions were offered and it was 

VOTED that the Board of Regents approves the budget of the private funds for the fiscal year 1973.

Resolution on Income and Expenditures

VOTED that the Board of Regents appropriates for the service of the Institution, to be expended by the Secretary, with the advice of the Executive Committee (Permanent Committee), with full discretion on the part of the Secretary as to items, the income of the Institution for the fiscal year ending June 30, 1973.

Mr. Ripley reported that it will be a number of weeks before the appropriations committees' mark-up of the Federal appropriations will be announced. He referred to the highlight statement concerning these funds as follows.