Varsity?s surplus budget passed
A RS 5.63 crore surplus budget for 2006-07 was passed today by the executive council of the Barkatullah University. A special meeting of the EC was organised to pass the budget. This was the first time that a surplus budget was presented in the BU, spurred by the expectation of doubling of the block grant by the State Government.
The BU presently receives a block grant of about Rs 3.90 crore and is expecting that it would be nearly doubled to Rs 7.0 crore for 2006-07. The expected earning of the university for 2006-07 has been put at Rs 35,33,08,000 while the projected expenditure for the year would be Rs 29,79,52,000, leaving a surplus of Rs 5,53,56,000.
The university would be spending about Rs four crore during the next financial year for development of infrastructure and new construction work while about Rs one crore has been provisioned for the construction of hostels for SC/ST students. The State Government has already sanctioned this expenditure. A provision of Rs 15 lakh has been made for the modernisation of the printing press of the university.
Provision of Rs 24 lakhs for the computerisation of all departments of the university and Rs 15 lakh for the networking of the entire system has been made.
This time around, no provision has been made for housing and car loans for the employees as the interest rates for the loans in open market is lower than the staff loan. However an increase of 25 per cent has been made for the medical advance and assistance fund for the teachers and non-teaching staff. The self-financing departments have been directed not to exceed their earnings.
The EC approved the proposal of holding the meeting of the finance committee of the university twice a year so that some emergency provisions could be made in budget, if necessary. A Rs 4,95,58,426 surplus revised budget for the year 2005-06 was also passed by the EC. The revised earning for the last fiscal was put at Rs 27,02,95,426 while the expenditure is put at Rs 22,07,37,000.