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Reported by Noman Ahmed.
"SSUET’s Rs897 million deficit budget passed"
KARACHI, June 22 _ A Rs 897.07 million budget for fiscal 2013-14 of Sir Syed University of Engineering and Technology was passed today.
The University’s Board of Governors which met here under the chairmanship of Vice-Chancellor Prof Dr. Jawaid H. Rizvi, gave approval to the budget which shows a deficit of Rs 35.56 million.
The budget shows 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 carrying out work on research projects , Rs 0.8 million for Ph.D graduate program, 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 3 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 fund 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 recounting the services and achievements of Mr. Nizami and his dedication and commitment to the cause of education.
The Board also gave approval to the recommendation of the University’s Academic Council for introduction of new disciplines.
Among others, the meeting was attended by noted nuclear scientist, Dr Abdul Qadeer Khan, Prof Dr M.D. Shami, Cmdr (R) Saleem Siddiqi, Engr. Yusuf Siddiqi, Justice Fazl-e-Ghani Khan besides Registrar Shah Mahmood H. Syed and Director Finance, who presented the budget.
The University’s Board of Governors which met here under the chairmanship of Vice-Chancellor Prof Dr. Jawaid H. Rizvi, gave approval to the budget which shows a deficit of Rs 35.56 million.
The budget shows 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 carrying out work on research projects , Rs 0.8 million for Ph.D graduate program, 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 3 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 fund 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 recounting the services and achievements of Mr. Nizami and his dedication and commitment to the cause of education.
The Board also gave approval to the recommendation of the University’s Academic Council for introduction of new disciplines.
Among others, the meeting was attended by noted nuclear scientist, Dr Abdul Qadeer Khan, Prof Dr M.D. Shami, Cmdr (R) Saleem Siddiqi, Engr. Yusuf Siddiqi, Justice Fazl-e-Ghani Khan besides Registrar Shah Mahmood H. Syed and Director Finance, who presented the budget.
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