Viewing page 20 of 146

This transcription has been completed. Contact us with corrections.

18

[[underline]] Financial Report [[/underline]]

Mr. Wheeler summarized the following financial report:
[[underline]] Status of Federal Appropriations [[/underline]]
In mid-March Congressional hearings were held on our FY 1975 appropriation request of $76,059,000 for operating purposes (S&E), including $4,500,000 for the Special Foreign Currency Program, plus $21,325,000 for construction funds. Details of these requests were given at the last Regents' meeting. In addition, House hearings were held on our supplemental appropriation request for an additional $3,203,000 for the current fiscal year to cover costs of Congressionally legislated federal salary increases not included in our regular appropriation request. While reception of our requests by both House and Senate Committees appeared favorable, no action has yet been reported on our FY 1975 appropriations. The House has, however, approved $3,150,000, or 98% of our supplemental requests. Similar action by the Senate seems likely and the final amount may possibly be increased to provide for an additional $300,000 of costs caused by the reinstatement of the previously withheld pay increase of October 1, 1972. It was the sense of the meeting that the record should show that the Secretary be authorized to request funds for back pay and it was noted that the Secretary has the authority to request this.
 
Thus, as shown in Exhibit A, approval of the FY 1975 federal appropriation for operating purposes at the requested levels, plus estimated research grants and contracts of $10,200,000 and net receipts from all private fund sources totaling $8,615,000 would mean that total operating support for the Institution for the fiscal year beginning next July 1 would be close to $95 million, an increase of nearly $12 million over the present year. Of this, the federal appropriation would provide 80%, grants and contracts 11%, and private sources 9%.