Karachi: The Board of Governors of Sir Syed University of Engineering and Technology passed the Rs 2.10 surplus budget for the fiscal year 2014-15.
The budget shows the income at Rs 980.91 million and expenditure at Rs 978.81 million. While an allocation of Rs 160.89 million has been made for development, the current expenditure will stand at Rs 817.92 million.
Of the total development budget, the university will spend Rs 50.6 million on the construction of new Academic Block while Rs 14.9 million earmarked for research projects and a provision of Rs 6 million made for financial incentive to faculty carrying out research project work and Rs 0.8 million for PhD graduate programme.
Another allocation of Rs 38 million was made for introduction of new technologies including Electrical Engineering as approved by the Board besides development of new campus and IT Park. The university will spend Rs 3.5 million on purchase of new books, research journals and equipments for the library. The SSUET has focused on its existing Labs and made an allocation of Rs 29.3 million for purchase of additional lab equipments.
In keeping with its tradition that no student would be allowed to give up its academic pursuit merely because of financial constrains, the university has earmarked Rs 40 million for scholarships to be given to deserving and talented students.
A provision of Rs 8.5 million has been made for financial help out of profit of Endowment Fund to students and employees. The university’s Endowment Fund stands as today at Rs 330 million while the budget shows accumulated development fund at Rs 148 million.
Chaired by Vice-Chancellor Dr. Jawaid Hasan Rizvi, the BOG meeting was attended by Dr. Abdul Qadeer Khan, Prof. Dr. Ata-ur-Rehman, Lt. Gen (Rtd) Moinuddin, Haider, Dr. S.M. Makhdoomi, Dean, Mr. Yusuf Siddiqi, Commodore (Rtd) Saleem A. Siddiqi, Registrar Syed Abrar Ali and Director Finance Munawar Hasan.