Repository: UIHistories Project: Board of Trustees Minutes - 1920 [PAGE 720]

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716

BOARD OF TRUSTEES

[March 9,

On motion of Mr. Blair, the following resolution was adopted:

BE IT RESOLVED: That in view of the necessity of postponing again the erection of a Field Horticultural Laboratory for the College of Agriculture, the Board of Trustees will submit a bill for an emergency appropriation of an amount sufficient to erect a suitable building at the earliest possible date after the opening of the next General Assembly, January 1, 1921, and that if this appropriation is received, the Board will begin erection, as soon as the weather permits and materials can be gotten together. The Supervising Architect and Consulting Architect are instructed to have plans for this building ready and approved by this Board not later than January 1, 1921, in the hope that the above named money will be available for use in the following spring. T H E BUDGET FOR 1920-21 (2) The Budget for 1920-21. Leaving out of consideration all funds given us for special purposes such as the federal appropriations for the Agricultural Experiment Station, the income of the University for the next fiscal year, according to the Comptroller's estimate, is larger than the actual present year's budget as of February 1, by only about $30,000. The estimated income is as follows: One-half the interest on the Endowment fund, the Morrill-Nelson and Smith-Hughes funds $ 97,450.00 Mill tax (not including the $100,000 already appropriated for the Horticultural Field Laboratory) 2,400,000.00 Students'fees (estimated) 350,000.00 From miscellaneous sources 60,000.00 Total estimated General Income Deduct present budget as at Feb. 1 $2,907,450.00 2,882,847.00

Balance $ 24,603.00 The Reserve Fund for the current year, which was $133,577.00 on July 1, will be exhausted by June 30. From this, therefore, there will be no balance to carry over. There will be a smaller balance from the lapses of salaries appropriated for positions which have not been filled than has been the case for several years. It may not exceed $30,000. Therefore, if no other money at all were available, it would not be possible for us to spend next year a dollar more than our present budget is calling for, and we would have a reserve of not more than $40,000 or $50,000. Fortunately we have a few resources, and by careful adjustment of our expenditures, we shall be able to add something to our salary budget, although at the expense of necessary equipment. We shall have about $120,000 from probable excess of student's fees over estimate for the year, from the mill tax, the balance on hand from the settlement of theS.M.A., miscellaneous sources, and probable balance of this year's appropriation for salaries, etc., unexpended. Of this sum we should certainly keep some portion as reserve. The remainder obviously would be too small to afford much relief. Therefore it is necessary to resort to other means. Last July the Board appropriated $100,000 for a Horticultural Field Laboratory. Professor Blair and Dean Davenport recommend that this sum be covered back into the treasury and used for operation and maintenance next year. I will so recommend. I propose further that we take $10,000 of the $50,000 annually appropriated for general library additions, to be devoted to salary increases in the Library and Library School.