Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 254]

EXTRACTED TEXT FROM PAGE:

1941]

UNIVERSITY OF ILLINOIS

251

BIENNIAL BUDGET FOR 1 9 4 1 - 1 9 4 3 (12) T h e Governor has recommended to the General Assembly of Illinois a total budget of $17,467,189, or a decrease of $987,987 in the budget as recommended by the Board of Trustees to the Department of Finance. T h e difference is all in the operating budget, the Governor having recommended no decrease in the budget for permanent improvements recommended by the University and totaling $885,000. The President of the University has been authorized by the Board to secure the introduction of an appropriation bill in the General Assembly in accordance with the budget as approved by the Board on October 21, 1940, and submitted to the Department of Finance, and as reaffirmed by the Board on April 1, but before doing this I am bringing the matter again before the Board for its information and any further instructions it may have to give.

After full discussion, and on motion of Mr. Karraker, the biennial budget was referred to the President of the University for review to see what reductions can be made, and to report to the Board.

RETIREMENT SYSTEM A t this point, M r . K a r r a k e r reported as follows: T h e Finance Committee has reviewed the proposed bill for the University retirement system as prepared by the faculty committee of the University and sent to the Board of Trustees on April 3. Changes suggested by the actuary and by Judge Johnson, a digest of which is being handed to the members today, were also reviewed by the Finance Committee. T h e Finance Committee recommends that the retirement bill as presented be approved and that the President of the University be authorized to arrange for its introduction in the present session of the General Assembly and to make such minor changes as may be found essential to secure its passage. O n m o t i o n of M r . K a r r a k e r , t h i s r e c o m m e n d a t i o n w a s a d o p t e d . INVESTMENT OF E N D O W M E N T FUNDS

Mr. Karraker also reported, for the Finance Committee:

W e have not been able to purchase all the bonds approved by the Board on recommendation of the Finance Committee on February 21, and additional funds have been received, making it necessary to add to the list of authorized securities. T h e Finance Committee, on advice of our investment counsel, has authorized the following investment as an emergency matter: $15,000 Safe H a r b o r W a t e r Power 4^4% bonds, due 1979, at the current market, which is about 109. T h e Committee also recommends approval of the following item, for use as funds are available, to a maximum of $50,000: U. S. Treasury Savings bonds, 2l/2'%, Series G. (These bonds will not be available until May 1).

On motion of Mr. Karraker, these investments were approved and authorized as recommended.

PROGRAM OF ATHLETIC ASSOCIATION

Mr. Adams, for the Committee on Buildings and Grounds, presented a recommendation that the Board of Directors of the Athletic Association be advised that the University can not make general assignments of space for their program in advance, but will act on specific requests as they may be presented, and will consult the Athletic Association before assigning any of the requested areas. On motion of Mr. Adams, this recommendation was adopted.