Panjab University’s board of finance approves budget of ₹600 crore for 2021-22 financial year

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.

Panjab University’s board of finance approves budget of ₹600 crore for 2021-22 financial year

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.

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.