Deficit Budget Presented in UoP Finance, planning committee meeting

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The annual recurring budget of rupees three billion two hundred and twenty million was presented in the annual meeting of the University of Peshawar finance and planning committee for the fiscal year 2014-15. The total outlay of the budget would be covered through two segments which includes grant from government of Rs. One billion twenty two hundred million estimated at 6% increase from the last year while the University would generate a sum of rupees One billion twenty million from own resources. The total deficit for the coming fiscal year was estimated as one billion six hundred and thirty million. 

The annual finance and planning committee meeting was chaired by Vice Chancellor UoP Prof. Dr. Muhammad Rasul Jan. Representative members of the senate and syndicate as well the government departments were also present on the occasion. 

The provincial government would be requested for providing a sum of 2 billion as one time grant for streamlining of the pension fund, said Dr. Yorid Ahsan Zia the Treasurer of the University while presenting the budget. This is because the pension fund of the employees of the Islamia College Peshawar is paid from the kitty of the University of Peshawar and if not addressed timely may take the University to further financial crisis, he added. 

The funds for the development projects are estimated as one billion tree hundred twenty million among which one hundred forty million would be provided by the provincial government and the rest from higher education commission, said Dr. Yorid. 

The Finance and Planning Committee also gave approval of creation of three posts in the Centralized Resource Laboratory, and twenty one other posts of BPS-16 and below. 

Addressing the meeting the Vice Chancellor said that seeing the forecasted deficit the maintenance of the financial discipline would ensured at all costs. 

He added the heads of the departments would be imparted with financial management trainings and budget allocation to them would be purely on performance basis.

Source: The Frontier Post.