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Show 151 FINANCE COMMITTEE The Finance Committee met preceding this . FINANCE meeting and was attended by Regents O'Connor, COMMITTEE REPORT Woolley and Eccles and President Olpin; Chairman Cosgriff and Regent Bamberger were excused and Regent Toronto was also absent, The Committee ' after study of the following report from Vice- President Morgan, recommended its approval: February 8, 1954 MEMORANDUM TO: President Olpin and Members of Finance Committee, Board of Regents FROM: Elmo R, Morgan, Vice President At the last meeting of the Finance Committee on January 11, 1954 it was reported that based on the best available estimates our financial forecast indicated an over-budgeting of some $110, 000 for the fiscal year ending June 30, 1954. This condition resulted from two factors; 1) payment of federal social security taxes retroactively to January 1, 1951 and 2) decrease in enrollment, It is proposed that adjustments be made to balance the budget as follows: a. b0 Decrease departmental budgets (already $ accomplished) 60,000 Transfer from Uniform School Fund (to be acted upon by Finance Committee 29, 825 February 8) c. Recover from Finance Commission money appropriated by Legislature but retained (to be taken up by Mr" O'Connor) 30, 000 $ 119, 825 |
