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.