University of Virginia Library

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A special meeting of the Rector and Visitors was held on this date at 7:30
o'clock P. M., at the home of the Rector.

There were present the Rector, Fred W. Scott, and Visitors, Garnett, Munford,
McIntire, Stuart, Rinehart, Walker, L. C. Williams, R. Gray Williams and S. B. Hall, and
Acting President Newcomb.

The purpose of the meeting was for consideration of the University's budget for
1933-34 in view of the additional cut of 10% in the State Appropriation recently announced
by the Governor. After consideration of its effect upon the budget of the University, the
following motion was adopted:

WHEREAS the Governor of Virginia has found it necessary, in order to balance
the State budget, to order another 10% cut in State appropriations to all institutions
and agencies of State Government; and,

WHEREAS the income from the private endowment of the University has suffered
further reduction since the last budget meeting of the Board,

THEREFORE, the Rector and Visitors of the University of Virginia, with deep
regret, find it necessary, in order to maintain a balanced University budget, to pass
the following resolution

RESOLVED, by the Rector and Visitors of the University of Virginia, that
the compensation paid to all employees of the University, who are being paid at the
rate of $1,000 per annum or in excess thereof, shall be reduced by 5% of the amount
of such compensation in effect on January 1, 1932. This reduction shall apply to all
payments made after January 1, 1933.

The meeting then adjourned.