Syndicate approves over Rs.4 billion surplus budget for FY 2019-20
The Syndicate of the Sargodha University has approved over Rs.4 billion surplus budget for the fiscal year 2019-20 at a time when public sector universities are grappling with financial crunch.
The budget was approved during the third syndicate meeting of the year held on 1st August, with the Vice Chancellor Dr Ishtiaq Ahmad in the chair. The Vice Chancellor briefed the syndicate members about the budget while the house expressed satisfaction over the financial health of the university.
Out of total budget outlay, Rs.339 million would be spent on developmental projects whereas Rs.3.7 billion has been allocated for recurring budget. The budget also includes an amount of Rs.10 million for installing solar power generating system in the Central Library.
The body has increased budget allocation for research by 51% percent. In the last budget, an amount of Rs.33 million was allocated for research which has now been increased to Rs.50 million. The vision is to provide financial assistance and research projects and grants to the senior faculty from the university’s own resources.
Other salient features of the budget included allocation of Rs.15 million for construction of purpose-built multi-story hall which would be used as combined examination centre. The budget also includes an amount of Rs.30 million for the ongoing internship program, which was especially designed for the fresh graduates of the university to give them hands-on experience.
Moreover, the body accorded Rs.8.5 million budget for merit-based scholarships usually awarded to the position-holders. Besides, a handsome amount has also been allocated for need-based scholarships, awarded to more than 8,000 students last year.
The surplus amount of Rs.80 million was a result of recoveries made during the financial year 2018-19. In the past year or so, the university has recovered more than Rs. 113 million additional recoveries from the owners of five ex-PPP sub-campuses.
Furthermore, the university has also received as first installment, a cheque of Rs. 94.1 million from the National Accountability Bureau. The bureau recovered this amount from the administration of ex-private sub-campuses after plea-bargain in private sub-campuses scam.
The university will also get an amount of Rs.17 million in a case of manipulation of interest rate over three consecutive investments with a private bank. The President of Pakistan has approved the recovery in the favour of Sargodha University by upholding the Banking Ombudsman’s decision against the bank.
Other recoveries in process include the remaining bargain amount from NAB and an amount of Rs.19 million from ex-sub-campus Gujranwala, to be paid in two equal installments during the current fiscal year.