MINUTES OF THE MEETING OF THE FINANCE COMMITTEE OF THE STATE BOARD OF AGRICUL1URE June 16, 1955 - ! I ! j • j The meeting of the Finance Committee was held at Kellogg Center starting at 5*00 p.m. followed by dinner. The following members were present: Messrs. Akers, Brody, Mueller, Smith; Miss Jones; President Hannah, Treasurer May and Secretary McDonei Absent: Mr. Rouse The Board sitting as a Finance Committee took the following actions: 1. Moved by Mr. Mueller, seconded by Mr# Brody, and voted that 0." J. Munson be paid amounts Approval j Finance | items--/ paid by him to firms other than his own in connection with the changes in plans for the Animal! recoirimenda Industries Building, as follows: j tions of I Scudder, I Stevens & j Clark Snyder and McLean Snyder and McLean P. N. Giliatt Total 117,932 2,69« 932 ¢21,562 ; • 2. Moved by Mr. Mueller, seconded by Miss Jones, and voted to accept the recommendation of Scudder, Stevens, and Clark covering investments for the Pension and Retirement Fund with a limit of $50,000 to be Invested in any one issue (detailed recommendations are filed in the Board records). 3. Moved ty Mr. Akers, seconded by Dr. Smith, and voted to approve recommendation of Scudder, Stevens and Clark for investment of Akers Fund (details on file in Board records). j | i;. Moved by Dr. Smith, seconded by Mr. Akers, and voted to authorize increase in holdings in common stocks in Consolidated Investment Fund to 50 per cent of total value spreading monthly purchases over a ten month period and subject to monthly review. | 5. Moved ^oy Mr. Akers, seconded by Mr. Mueller, and voted to establish an investment policy for Jenison Funds, as follows: 50¾ common stocks 15% mortgages 25$ dormitory bonds 10,¾ U. S. Government bonds Subject to monthly review. 6. Moved by Mr. Akers, seconded by Mr. Mueller, and voted to transfer the following Athletic funds to a Golf Course Construction Fund: a. From Athie tic Radio and TV Receipts Reserve b. From AthJetic Program Revenue Total $125,000 50,000 . ¢175,000 7. a. The recommendation of Scudder, Stevens, and Clark and Earl Cress to purchase for the Pension and Retirement fund account: 100 shares Panhandle Eastern Pipeline 100 shares Royal Dutch Petroleum 100 shares Union Carbide 350 shares United Aircraft b. Forest Akers Fund: Sell 120 shares S# S. Kresge 100 Shares R. J. Reynolds Tobacco B Purchase 50 shares United Aircraft kO shares General Motors 50 shares Standard Oil, New Jersey 100 shares Parke-Davis 100 shares Socony Mobiioii c. Consolidated Investment Fund Purchase 16 shares A. T. & T. 50 shares Consolidated Edison 25 shares Consumers Power 10 shares Standard Oil, i\tew Jersey 100 shares United Aircraft jFinance Committee Meeting Minutes [7. Recommendations of Scudder, Stevens, and Clark and Earl Cress, etcs June 17, 1955 d. Jenison Fund: ! Purchase 100 shares Consolidated Edison 100 shares Standard Oil, New Jersey Sell i5v shares Fiintokote 100 shares F. W. Wooiworth Purchase 70 shares United Aircraft M, Approval purchase library equipment. I 8. Moved by Mr. Mueller, seconded by Mr. Akers, and voted to approve the purchase of necessary library equipment and furnishings, as follows: Steel Book Stacks, erected and installed ~ Art Metal Construction Company, Jamestown, New York #103,259 Technical Library Equipment — Remington-Rand, Inc. Chicago 91,597 Library Seating Equipment — Remington-Rand, Inc. Chicago 1*7,317 Miscellaneous Office Furniture (these items to be acquired in the usual way through the Purchasing Agent, estimated at To be paid for from 195U-55 budget item of $100,000 1955-56 budget item of #100,000 Balance to be borrowed from Housing Fund Account. . Total _ iU, 065. ________ $2b3,23«" Approval year-end budget trans fers. 9. Moved by Mr. Brody, seconded by Miss Jones, and voted to approve a_ist of year-end budget transfers, as follows: Remove item for moving Sugar Beet Greenhouses due to fact legislature did not provide funds for beginning construction of School of .Education Building $ 60,000 b. Additional items (1) Fluorescent lights room I, Bidg. A-l - (Lautner) (2) Plastic draperies to b^ack out 110, ill, 311, 100, Berkey Hall (3) Ventilate attic Business Administration Building (ii) Convert 2 halls on second floorBusiness Administration Bldg. into 2 offices l,i|00 (5) Connect Natural Science Building and Giltner Hall to power plant compressed 720 710 6Q0 air line (6) Alterations to Quonsets 5k9 56, 68, 72, 73 (Air Science) (7) Convert basement wells Hall for Education (8) Alterations to Rooms 105 Olds Hall and U08 Electrical Engineering ($) Provide battery room for Physics Department (10) Install clock control on ventilating fans in 16 buildings (11) Convert attic off rooms 312 and 3-2B Giltner Hall into offices (12) Repair, and point exterior of Home Economics Building c. Site work about new library, walks, parking areas, etc. (In addition to funds available) Sixe work $36,100 approved. land acqui sition up to $100,000 app, d. Land acquisition — up to By agreement authorized: 950 1,825 U.500 5,225 6,500 5,635 13,000 10,600 $ 51,665 38,100 100,000 10* r^rovax payments to Ann Arbor Trust Company; a. Purchase of two properties now surrounded by proposed college golf course (Hart) h. Purchase of Proposed site for sewage disposal and water softener sludge beds* c. Purchase of Hicks farm for Poultry Plant use* d» Purchase of Kleis and Box farms. Moved by Mr. Mueller, seconded by Mr. Akers and voted to approve the following payments to the Ann Arbor Trust Company: (For Brody Group of Dormitories) 3/8th% of $6,725,000 par value of bonds, being that part of the total loan which provides new funds l/'6ih% of $6,675,000 per value of bonds, being that part of the total loan which provides funds for refunding the November 1, 1952 bond issue $ 25,218.75 8,31*3*75. l/8th% of #6,725,000 par value of bonds, being that part of the bond Issue to be distributed for the new project Total 8,2*06.25 5. iU,968.75 Finance Committee Meeting Minutes^ continued 10. (continued) Total payments to Ann Arbor Trust Company (forwarded) $10-,968.75 June 11, 1955 Reimbursable Expense The Security Bank Note Company Printing of bonds $3,229.59 Miller, Canfield, Paddock and Stone Supporting Legal Opinion 1+,250.00 Total W9,m.3h Adjourned. "CVv /C/\ /\ /\ /<~/w«nnT Present: Mr. Brody, Chairman; Messrs. Akers. Muelder, Rouse, Smith; Miss Jonesj President Hannah, Treasurer May and Secretary McDonel MINUTES OF THE MEETING of the STATE BOARD OF AGRICULTURE June 17, 1955 ' Absent: Dr. Taylor The meeting was called to order at 9:30 a.m. The minutes of the previous meeting were approved. SPECIAL MISCELLANEOUS 1. Approval of the Report of the Finance Committee on the preceding pages. On motion of Mr. Mueller, seconded by Mr. Akers, it was voted to approve the recommendations of the Finance Committee. 2. Mr. May presented the tentative budget for 1955-56. On motion of Mr. Brody, seconded by Mr. Mueller, it was voted to approve the budget for fiscal year 1955-56 as follows: Student Fees State Appropriation General Operations Social Security Land-Grant Interest Federal - Morrill-Nelson Departmental Sales and Service Vocational Education Salaries Labor Supplies Equipment Social Security INCOME. 1951+-55 $ 3,277,500 13,729,700 lk, ooo 133,560 1010,000 125,000 $17,779,760 EXPENDITURES 195h-SS $11,075, ¥)2 l,9ii5,565 3,929,953 828,81*0 £L7,779,760" 1955-56 s 3,754,100 15,190,000 328,266 74,000 133,560 440,000 125,000 $20,044,926 Change § 476,600 1,460,300 328,266 $2,265,166 1955-56 $12,.-213, 22$ 2,156,605 4,462,317 884,1-90 328,266 $20,044,926 Cnange 11,137, 846 . 211,040 532,364 55,650 328,266 $2,265,166 3. Presentation of proposed new pay scales for classified employees and others paid on labor payrolls are submitted as follows: a. b. Increase from 4 cents per hour for employees earning #1.12 per hour or less to 12 cents per hour for a few employees in the higher skilled classifications. In the classified service, clerical personnel receiving $310 per month or less will receive an increase of $10 per month. Increases for employees receiving over $310 per month will range from $±5 to $25 per month. continued - -