The Budget

The Trustees, at their October meeting, approved a revised budget of $62,419,000 for the 1976-77 fiscal year, up $3.2 million over expenditures for last year.

As President Kemeny reported in his annual state-of-the-College address to the general faculty, a "zero-deficit," or a zerobalance between revenues and expenses, is anticipated for the year. Included in the income is the use of slightly over the $9 million in quasi-endowment funds used in 1975-76.

The record of the past two years, the President told the 300 members of the faculties of the undergraduate college and three associated schools, "permits me to be more optimistic about the economic situation than I've been in three years."

He attributed the zero-deficit budget to two major factors, one internal, the other external. Within the College, he cited "tight budget control throughout all departments" and continued success in conserving energy. The external factor was that the price of fuel had not continued to escalate as some had anticipated following the quadrupling of oil prices three years ago.

Financial affairs continue, nevertheless, to be a major concern of the Trustees, the President stressed. The Board, he reported, is considering building a longrange financial plan with a view toward the possible authorization of a major development campaign.

Part of continuing economic planning, Kemeny said, is a study aimed at projecting both expenses and endowment income over five years and "intended to define the needs of the College for raising new funds, particularly new endowment necessary to sustain the quality of education at Dartmouth without further drain of quasiendowment funds."