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Caption: Board of Trustees Minutes - 1918
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262 BOARD OF TRUSTEES [March 13, APPROPRIATION BILLS (22) The following statement: After going over the accounts of the Auditor and State Treasurer in connection with the Mill T a x Fund, I find that the income from the Mill T a x Fund during the past biennium from the tax years corresponding to the fiscal biennium is distinctly below what the University had anticipated. The -University asked the last Legislature to appropriate five million dollars for the support of the University. This was done on condition that it should be paid out of the proceeds of the Mill T a x Fund. According to the latest statement of the Auditor that the University will get from the Mill T a x for this year only $2,341,000, in round numbers, the total revenue from the Mill T a x for the biennium would be $4,704,242. Adding to that the balance from the preceding biennium, the total income from the Mill T a x for the University would be $4,796,154, or more than $200,000 short of the amount contemplated. The assessment for next year as equalized by the State Board at its last meeting is $2,502,086,976. Our income for the year, therefore, if it did not cost anything to collect and if there were no shrinkage, would be $2,502,087. Allowing four percent shrinkage and loss on collection, which is the average for the last ten years, our anticipated revenue will be $2,402,679, or for the biennium, if the second year produces the same amount as the first, $4,804,158. I suggest that we ask for this amount in our first bill to be introduced into the Legislature—which we may call the Mill T a x Fund Bill. As this is $200,000 less than was appropriated the last time, and we must make a corresponding adjustment in the classification, I recommend t h a t the sum of $700,000 be asked for instead of $900,000 under the heading of "Purchase of land, erection of buildings, etc."; that otherwise the Mill T a x Fund Bill be the same as that for the last biennium. Further, that in the second Bill we ask for $2,000,000 on a projected program of $10,000,000, and that I be authorized to say that, if the University gets the $2,000,000, the first $500*000 will be spent on acquiring a site and beginning the erection of a suitable medical plant; that the second $500,000 will be used to begin the .erection of an agricultural plant; that the third $500,000 will be used for beginning the erection of our new engineering plant, and the fourth $500,000 will be used on the erection of a new Library building; and that, if less than this amount is given, we shall use it along essentially the same lines, distributing what we may obtain as the interests of the University require. This recommendation was approved and the President was authorized to introduce the corresponding bills. FUNDS f*Q« S T U D E N T AND A F F I L I A T E D ORGANIZATIONS (23) A letter from the Comptroller requesting permission to receive, disburse, and account, as trust funds, for the accounts of student and other organizations affiliated with the University:
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