Punjabi University may pass proposed Rs 133-crore budget for 2015-2016
Continuing the saga of financial lapses, the Punjabi University may pass the expected Rs 133 crore deficit budget for the financial year 2015-2016.punjab Updated: Mar 11, 2015 20:47 IST
Continuing the saga of financial lapses, the Punjabi University may pass the expected Rs 133 crore deficit budget for the financial year 2015-2016.
The budget document saw an increase of 24% in expenditure against a hike of just 6% in university's income. University's finance committee is going to approve the budget on Thursday, while the syndicate will pass it on March 18.
Against an income of Rs 317 from different sources, the university expenditure is pegged at Rs 450 crore in coming financial year.
As per figures reported in the budget document, the financial year 2014-2015 remained partially stable. The university not only managed to increase its income but also controlled its expenditure during the year, which helped it to keep its deficit to Rs 27 crore against an expected Rs 153 crore.
The university had proposed a budget with income of Rs 298 crore and expenditure pegging at Rs 451 crore last year, but managed to generate income worth Rs 337 crore, against an expenditure of Rs 364 crore.
Moreover, the university had also witnessed an increase in the examination fee collecting around Rs 66 crore than the expected Rs 47 crore.
Even though the university has been going through monetary turmoil, its expenditure has recorded a continuous increase, with the proposed expenditure for 2015-2016 witnessing a hike of Rs 86 crore.
Besides paying dearness allowance installments, a major part of the coming year's budget would go into paying salaries.
Punjab govt grants may lessen by Rs 10 crore
The university may get lesser grant from the state government which is already drawing criticism for not providing any major funds to higher education institutions.
Last year, the university received Rs 75 crore from the government, including Rs 60 crore as annual funds, and Rs 15 crore for constituent colleges.
However, the university is expecting to get Rs 60 crore from the state government as per the budget proposed for 2015-2016. But the government may slash its annual grant to Rs 49.58 crore this year.
Meanwhile, the Centre may provide the university with funds worth Rs 1.09 crore for conducting competitive examinations for the students belonging to minority sections.
Registrar of Punjabi University Devinder Singh said, "The finance commission is yet to give the final approval to the budget provisions before the syndicate passes it formally. The exact figures will be released once the syndicate passes the budget."