The following Motions were approved by the Board of Governors at the May 20, 2003 meeting.

MOTION

THAT the Board of Governors approve the Operating Budget based on Total Revenues and Expenditures of $358,647,768 for the year ending March 31,2004 [based on the budget material submitted as part of the agenda material].

*Motions are from Open Session meetings only, and are normally posted the day after the meeting.