Panjab University’s board of finance (BoF) on Thursday approved a revenue expenditure of ₹599.74 crore for the 2021-22 financial year. Also, the revised budget for 2020-21 was approved at ₹556.07 crore.
The expenditure on salaries of teaching and non-teaching staff was pegged at ₹350.76 crore for 2020-21, and has been increased to ₹366.37 crore for the next financial year.
For retirement benefits, it has been increased to ₹27.81 crore from ₹22.48 crore. The cost for conduct of examinations is estimated at ₹34.33 crore
After the approval of the annual budget by the BoF, it is placed before varsity’s syndicate and senate, for final approval.
{{/usCountry}}After the approval of the annual budget by the BoF, it is placed before varsity’s syndicate and senate, for final approval.
{{/usCountry}}Also, the total income of the university, including the annual maintenance grants and the supplementary grant under the post matric scholarship (PMS) scheme, has been estimated at ₹599.74 crores for 2021-22.
Revenue estimates
Due to the pandemic, the varsity’s income from examination fees dipped to ₹135 crore in 2020-21, which was estimated at ₹157.5 crore. An income of ₹150.5 crore has been estimated for 2021-22.
The total internal income of the varsity has been estimated at ₹291.97 crore in 2021-22, and ₹62 crore and ₹14.75 crore from partially self-financed departments and traditional teaching departments, respectively.
Grant from UGC slated at ₹262 crore
The grants from the University Grants Commission (UGC) is slated at ₹262.34 crore and ₹34 crore from the Punjab government for 2021-22.
The pending grant under the Post-Matric Scholarship (PMS) scheme was also discussed during the meeting. PU is yet to receive around ₹21 crore from the Punjab Government under PMS.