For this year 2016-17, the Panjab University expenditure has been cut down by Rs. 15 crore in the revised non-plan budget by The Board of Finance (BoF).
This decision is likely to affect only those employees who are on the payroll of PU, while no discussions were held regarding the projected recruitments by the authorities.
It has been estimated that according to the revised budget, total expenditure of Rs 502.11 crore and income of Rs 249.51 crore is predicted. Syndicate and Senate will soon be considering the revised budget.
According to the non-plan budget, it was earlier predicted that the expenditure will be of Rs 517.33 crore and income of Rs 210.61 crore. This data also comprised of projected recruitments on the campus.
On the same, Dr Jitendra Kumar Tripathi, UGC Joint Secretary Finance said that despite demands by PU about increase in revenue for three years, UGC has only took the decision regarding increase in 5 percent fee till now.
According to the financial report released, it was found that the income of PU is 12.5% and its expenditure is of 12%. Seeing this, PU official has demanded from UGC to release the matching grant on par with the PU generating its income.
The amount of subsidy for youth and heritage festivals has also been increased by the Panjab University’s Board of Finance. There is an increase of 1 lakh in the inter-zonal youth festival budget. Earlier it was set at Rs 7 lakh, now according to the revised budget, it has been set at Rs 8 lakh.
Similarly, the budget for the zonal youth festival has also been raised from Rs 1.5 lakh to Rs 1.8 lakh.
The budget for zonal heritage festival was earlier set at Rs 50,000 and has been increased by Rs. 30,000. In Case of inter-zonal heritage festival, a rise of half a lakh is visible i.e from Rs 3 lakh to Rs 3.5 lakh.