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[[underline]]FINANCIAL REPORT[[/underline]]

[[underline]]FEDERAL FUNDS[[/underline]]

[[underline]]For Operations:[[/underline]] --Our federal appropriation for operating purposes in the current FY 1975 has been approved at $67,789,000, a Congressional reduction of $2,000,000 from the amount recommended by OMB, but $9,246,000 more than FY 74 (not including $325,000 provided for retroactive pay for FY 73).  Although nearly $3,000,000 of this increase must be used to meet uncontrollable expenses such as annualizing the funding of the prior year pay raises and meeting higher charges for GSA building space, the additional funds will help substantially in preparing the National Air and Space Museum opening exhibitions, in producing the Smithsonian's Bicentennial commemorative activities, and in correcting deficiencies in supporting services such as libraries, protection, conservation and custodial operations.  Progress towards these ends will be slowed, however, unless additional funds are provided to cover the new pay raises expected in the current year.

In addition to this regular Smithsonian operating appropriation, $1,755,000 was provided for the operations of the Science Information Exchange, up from $1,695,000 in FY 74.  This will assist the Exchange to serve more responsively a wider segment of the research community.

The Congress reduced the appropriation for the Special Foreign Currency Program to $2,000,000 from its FY 74 level of $4,500,000.  This will provide the $1,000,000 payment (second of four such payments) to UNESCO for the Philae Project but will curtail the regular grants programs.  A carry-forward balance of about $1,400,000 from FY 74 will help to provide for FY 75 projects but a serious impact may be felt in FY 76.

For [[underline]]FY 76,[[/underline]] the Institution has submitted to OMB an operating budget at various levels at and above the total target for all appropriation accounts