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[6]

Part of Minutes of the University of Kentucky Board of Trustees

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- 6 - Mr. Carter also reviewed the major sources of income and expenditures by categories, indicating the state's appropriation to the budget is $205.1 million (42 percent); University Hospital funds contribute 16.3 percent ($79.8 million), student fees 9.5 percent, and auxiliary enterprise operations another 5.1 percent. The balance of the budget comes from federal appropriations, endowment income, investments, gifts and grants, sales and services, fund balances, restricted funds, and affiliated corporations. Mr. McCowan voiced his satisfaction with the budget and expressed appreciation and thanks to President Singletary and his staff. He said that even though the budget does not do all the things he would like, it is a great step forward and represents the fruits of hard work by a number of dedicated people in the University throughout the years. Mr. Clay then moved that the 1986-87 Operating Budget, as presented, be approved and that the Chairman of the Board be authorized to negotiate and execute contracts with the administrative officers providing for the terms and conditions of their employment and benefits. Mr. Clay's motion was seconded by Mr. Cain and unanimously carried. (See PR 3C at the end of the Minutes.) S. Executive Session Called The Board members, President Singletary, and Mr. Darsie went into Executive Session to discuss impending litigation. Following the Executive Session, the Board reconvened at 3:20 p.m. T. Interim Financial Report (FCR 1) Mr. Clay, Chairman of the Finance Committee, reported that the Committee had met on the morning of June 25 and reviewed a large number of agenda items to be presented for action, the first of which was the interim financial report. He said the Committee found the University to be "on target," and then moved that the Board accept the financial report for the ten months ended April 30, 1986. The motion was seconded by Mr. Griffin, and it was so ordered. (See FCR 1 at the end of the Minutes.) U. Acceptance of Audit for the University of Kentucky Federal Credit Union (FCU a) Mr. Clay then moved that the Board accept the audited financial statement of the University of Kentucky Federal Credit Union for the twelve-month period ended December 31, 1985. The motion was seconded by Mr. Lassetter, and it was so ordered. (See FCR 2 at the end of the Minutes.) V. Disposal of Personal Property (FCR 3) Mr. Clay next moved, and Mrs. Hayes seconded, that the Board approve the disposal of personal property as presented in FCR 3. The motion carried without dissent. (See FCR 3 at the end of the Minutes.)