Sir Syed University passes Rs 1025 million budget

June 16, 2015 Off By Web Desk

KARACHI: The Sir Syed University of Engineering and Technology (SSUET) has passed its Rs 1025 million budget for the financial year 2015-16 showing a deficit of Rs 2 million. The budget was passed at a meeting of SSUET’s Board of Governors held under the chairmanship of Vice-Chancellor Prof. Dr. Jawaid H. Rizvi and attended, among others, by Dr. Abdul Qadeer Khan, Lt. Gen. (Rtd) Moinuddin Hyder, Prof. M.D. Shami, Sardar Yasin Malik, Cmmdr. (Rtd) Saleem Siddiqi, Dr. Sajjad Anwar, Ms. Aziz Fatima, Additional Secretary Education.

The budget shows the current expenditure at Rs 884 million with development incurring an expenditure of Rs 141 million. This year the university will be spending Rs 37.3 million on further upgradation of its laboratories while a record allocation of Rs 40 million has been made for award scholarships to deserving talented students.

According to the salient features of the budget 2015-16, the university will spend Rs 13.9 million on research projects, Rs 1.9 million on establishment of research innovative and commercialization centre, Rs 6 million on provision of financial incentive to Faculty for carrying out research projects, Rs 0.8 million for Ph.D graduate programme, Rs 5 million on hiring foreign specialists faculty, Rs 14.9 million for Faculty development and development of new campus, Rs 27.4 million on construction of new academic block, Rs 5 million on purchase of new books, research journals and equipment for the library, Rs 8 million for provision of financial help out of profit of Endowment Fund, which today stands at Rs 340 million, to students and employees.

It may be mentioned here that 2015-16 budget is higher by Rs 73 million as against the revised estimates of Rs 952 million of fiscal 2014-15.

The university mainly derives its income from Tuition and Allied fees which has been set at Rs 882 million besides Rs 101 million other income, Rs 33 million from profit on endowment fund and Rs 7 million donations. The current expenditure encompasses establishment cost of Rs 566 million, scholarships Rs 40 million.