Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 176]

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174

BOARD OF TRUSTEES

[February 27

versify of Illinois Fund one-twelfth of the amount appropriated to the University of Illinois FROM THE UNIVERSITY OF ILLINOIS FUND for that year, LESS ANY AMOUNTS RECEIVED FROM TAXES LEVIED ON TAXABLE PROPERTY IN ACCORDANCE WITH " A N ACT TO PROVIDE BY STATE TAX FOR A FUND FOR THE SUPPORT AND MAINTENANCE OF THE UNIVERSITY OF ILLINOIS" APPROVED JUNE 10, 1911 AS AMENDED. There

shall be transferred monthly to the blind relief fund (and the University of Illinois fund, respectively) one-twelfth of the amount obtained by applying the rate fixed by law to the valuation of property in the State as assessed for purposes of taxation. The balance of any moneys after transfers have been made to the funds above stated, shall be transferred to the general revenue fund. Since this bill was on third reading in the Senate this week and ready for passage, immediate action was necessary if any changes were to be made. After conferring with the University Counsel and the Comptroller we decided to ask the sponsors of the bill to amend it as indicated above.

This report was received for record.

B U I L D I N G PROGRAM FOR 1 9 3 7 - 1 9 3 9

(12) A recommendation that in the building program for 1937-1939 as approved by the Board of Trustees on January 29 (Minutes, page 150), the provisions for agricultural laboratories be treated as one item—"Agricultural Laboratory Buildings, first unit, $425,000."

On motion of Dr. Meyer, this recommendation was adopted.

ESTIMATE O F REVOLVING F U N D RECEIPTS

(13) Under the provisions of the State Finance Act as amended in 1933 the University must deposit in the State Treasury "The gross amount of money received by the University from whatever source other than from endowment or trust funds and from Federal aid." Such deposits are placed to the credit of the University of Illinois Revolving Fund and the estimated receipts and balances of this fund must be included in the biennial General Assembly appropriations to the University. A part of the leceipts handled in this way represent income from student fees and departmental activities, which income is applicable to our educational budget. Another substantial portion represents income of residence halls, student hospital, and other activities and operations, the income of which goes back into their maintenance. Also, when the University sells electric current or heat to organizations whose buildings are connected to our Power Plant, does printing for activities financed by Federal funds, or renders service to University organizations which is paid for by them, the receipts must go into the State Treasury and consequently must be included in the biennial appropriation. The Comptroller reports that the amount of such receipts which represent no actual net income is increasing materially with the result that the estimate of $3450,000 for this fund included in the biennial budget may be too low by $100,000 to $150,000. This increase does not represent added income which could be applied toward the budget of expenditures which the Board has approved. It simply represents additional receipts offset by additional disbursements. As the figures for this fund are estimates only and as there is always a substantial sum of transactions incomplete at the end of the biennium, the Comptroller believes that the appropriation requested from this fund may be sufficient to cover its operations for the coming biennium. However, it is possible that if the volume of turn-over in the fund continues to increase it might be necessary to request the next General Assembly in the last quarter of the biennium to pass an emergency bill increasing the appropriation from this fund to cover its increased operations.

This report was received for record.

FEDERAL B U I L D I N G FOR H O U S I N G SOYBEAN LABORATORY REGIONAL

(14) In the event funds are appropriated to the University for the construction of agricultural laboratory buildings and for the remodeling of the Old Agricul-