The Undergraduate Council will have 75 percent more money next year-with the term bill increasing from $20 to $35-and now they have to figure out how to spend it.

Last night, the council's Ad-Hoc Committee on the Budget, consisting of the council's standing committee heads and other members, convened to discuss where to put the more than $220,000 it will take in next year-up from around $120,000 in previous years.

In addition, last night, Council President Paul A. Gusmorino `02 discussed plans to further increase council finances by shifting its money into a new type of bank account.

As it stands, the council's University-controlled account bears no revenue from interest, but Gusmorino met this week with administrators to discuss switching over to a type of account that does-and he said that outlook is good.

"I expect the change by next fall," Gusmorino said.

For the University to allow one of its organizations to hold an interest-bearing account, administrators mandate a minimum investment of $50,000.

Gusmorino speculated that the difficulty of holding that amount for an extended period of time might be the reason that council has not looked into setting up such an account in the past.

While the council takes in more than $50,000 at the beginning of the year, its funds are quickly spent on student-group grants and other annual allocations.