By Abdul Qadir Qureshi
(Pakistan News & Features Services)
The Rs 897.07 million budget for fiscal year 2013-14 of the
Sir Syed University of Engineering & Technology (SSUET), Karachi, was
passed on June 21.
The University’s Board of Governors which met under the
chairmanship of Vice-Chancellor Prof Dr Jawaid H. Rizvi, granted approval
to the budget which shows a deficit of Rs 35.56 million.
The budget showed an income of Rs 861.50 million while the
expenditure has been set at Rs 897.07 million thus making the budget in
deficit by Rs 35.56 million.
Of the total budgetary estimates Rs 13.2 million have been
earmarked for research projects while Rs 40 million have been set aside for
provision of scholarships, Rs 26.9 million for purchase of additional lab
equipments, Rs 20.5 million for construction of new academic block, Rs 7.8
million for providing financial help out of profit of endowment fund to
students and employees. The University’s Endowment Fund has been set at Rs 320
million.
The budgetary estimates shows Rs 5 million having been
allocated for providing financial incentive for faculty ccarrying out work on
research projects , Rs 0.8 million for Ph.D graduate programme, Rs 5 million
for hiring foreign specialists faculty, Rs 8.5 million for development of new
campus on 200 acres of land as well as IT Park.
During 2013-14, the University will spend Rs three million on
purchase of new books, research journals and equipments for the library.
A provision of Rs 23.3 million has been made for development
works out of profit from endowment fund. The budget shows an accumulated
development fund of Rs 111.4 million.
Out of total income of Rs 861.50 million estimated for the
fiscal 2013-14, the university will receive Rs 752.15 million from tuition and
allied fees, Rs 77.35 million from other income, Rs 31 million as profit on
endowment fnd and Rs one million from donations.
On the expenditure side, the highest chunk of the budget of
Rs 545.48 million will be consumed on establishment cost.
The budget estimates of Rs 897.07 million for 2013-14 are
higher as compared to revised estimates of Rs 791.41 million of 2012-13.
Similarly expenditure is also estimated to go up to Rs 897.07
as compared to Rs 791.41 million during outgoing financial year.
Meanwhile the Board of Governors paid homage to late
Chancellor Engr Z A Nizami, who passed away on April 7, and unanimously passed
a resolution eulogizing his services and achievements besides lauding his
dedication and commitment to the cause of education.
The Board granted approval to the recommendation of the
University’s Academic Council for introduction of new disciplines, and
modifications in different courses studies. It also approved the audit report
for the period upto June 2012 and also approved the appointment of
existing external auditor for the period July 2012 to June 2013.
