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and $910,00 for the two periods. Results of action by the House Appropriations Committee on the FY 1977 appropriation are anticipated within the near future, with Senate action to come later. We are now beginning preparations for the FY 1978 appropriation request, for which OMB has given us an initial overall target of $101,100,000, roughly the same amount as requested for FY 1977.

[[underlined]] Private Unrestricted Funds [[/underlined]]

[[underlined]] Projected Results for FY 1976 [[/underlined]]

The current projection for the unrestricted private funds for FY 1976 shows net income of $3,712,00 before transfers to bureaus of interest payments on their restricted fund balances and a share of the income from revenue-producing activities and also before transfers to construction projects and endowment funds (See Exhibit B). This $3,712,000 estimate compares to an original budget of $3,010,00, and a comparable FY 1975 figure of $2,225,000. The distributions to bureaus are projected at $491,000, a further gain over the similar distributions of previous years, leaving a surplus of $3,221,000 before transfers to endowment funds and plant projects (discussed below),

As shown in the bottom of Exhibit B, the [[underline]] Smithsonian [[/underline]] Magazine, whose membership has now increased to more than 1,300,000, accounts for the largest share of the expected improvement. Projected Magazine income, furthermore, is after provision