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Annual budget: Punjabi University’s finance panel to meet on March 23
FUND CRUNCH Annual income had declined from ₹409.08 crore in 2017-18 to ₹344 crore in this fiscal; but expenditure has increased from ₹649 cr in 2018-19 to ₹717 cr this session
The Punjabi University, Patiala, is going to hold a meeting of the finance committee on March 23 to finalise budgetary proposals for the upcoming financial year.
Following the committee’s assent, the budget will then be presented before the varsity syndicate, which will give its final approval. Earlier, the meeting was scheduled for March 9 but was postponed for unwarranted reasons.
The budget for next year is crucial as it has become a Herculean task for the varsity to meet even its committed expenditure including payment of salaries to its employees and pensions every month.
Moreover, the university’s overdraft has already touched ₹140 crore mark in the ongoing financial year, which was ₹91.15 crore in the 2018-19 fiscal.
Registrar Prof Manjit Singh Nijjar said that the budgetary proposal will be discussed in detail before finalising it and tabling the same before the syndicate body.
“The finance department has already prepared budgetary proposals. Schedule of the syndicate body will be finalised soon,” Nijjar said.
Meanwhile, the state government’s annual budgetary proposal came as a disappointment for the cash-strapped university as contrary to their expectations, no special grants were announced.
The varsity had demanded a financial bailout package of around ₹300 crore from the state and had even submitted a proposal regarding the same, in writing, to the higher education department of Punjab.
Unstable finances
In its budgetary allocation for 2019-2020, the university had proposed a budget of ₹717 crore against an income of ₹344 crore. The deficit for 2019-20 is ₹372.64 crore.
The varsity’s overall income had declined from ₹445.35 crore in 2016-17, to ₹409.08 crore in 2017-18, and further to ₹344 crore in the ongoing financial year.
On the other hand, the expenditure has witnessed an increase with ₹419 crore in 2017-2018, ₹649 crore in 2018-19, and ₹717 crore in the current session.
