SSUET approves Rs 443.151 million budget

A Rs 443.151 million budget of Sir Syed University of Engineering and Technology (SSUET) for fiscal 2007-08, showing a surplus of Rs 0.165 million was passed at a meeting of SSUET's board of governors which met here under the chairmanship of Vice Chancellor (VC) Engr Zakir Ali Khan.
The budget is higher by over Rs 20 million as against the last year's budget with a major chunk of around Rs 75 million allocated for development projects including Rs 20 million earmarked for construction of new civil engineering faculty block costing Rs 40 million.
Addressing a press conference on Tuesday, VC Engr Zakir Ali Khan highlighted the salient features of the budget 2007-08 and said that provision for scholarships has been increased from Rs 21 million in the current financial year to Rs 25 million in the next budget. He pointed out that during 2006-07, some 1,235 students were awarded scholarships as against 1,088 last year and this number will go up during 2007-08.
He informed that Rs 12.50 million have been provided in the budget for financial help out of profit on endowment fund while during the current year 150 employees and 325 students were provided financial assistance out of endowment fund amounting to Rs 12.257 million. Aside from this, Zakir Khan said, Rs 14 million have been reserved for development fund out of profit on endowment fund.
Giving details of development plans, he said Rs 10 million have been set aside for development of an IT park at newly acquired 200 acres of land in the Education City.
He said that while work on infrastructure development has been taken in hand, physical construction work would start after City Government's master plan department prepares the master plan for Education City.
He told newsmen that Rs 3 million have been allocated for purchase of new books for University's library, Rs 29.80 million earmarked for purchase of additional lab equipment for all the faculties, Rs 0.500 million provided for installation of Biometric machines and designing of new payroll system.
The VC stated that University's investments increased from Rs 4.720 million in 1994 to Rs 733.350 million in 2007 while profits on investments went up from Rs 0.010 million in 1994 to Rs 60 million in 2007.
Replying a question, he informed that major revenue generation comes from tuition and other fee, which will stand at Rs 373.301 million in 2007-2008 as against Rs 369.380 million during the outgoing financial year.
To another question, he said, that the board of governor while appreciating the University's ever-growing performance decided to allow 15 percent raise in the salaries of its employees in grade 7-10 and 20 percent to those in grades 1-6.
He told a questioner that in view of expansion in the university and its faculties, the establishment cost too would go up from Rs 151.830 million in 2006-2007 to Rs 207.955 million in 2007-08.
Zakir Ali Khan said other expenditures would include Rs 5.040 million for visiting faculty, Rs 18.700 million for utilities, Rs 25 million for scholarships, Rs 60 million for administrative expenses etc.
He said many foreign universities including five from UK and two from USA have sought collaboration with SSUET and recently Memorandum of Understanding (MoU) was signed with a British University while two MoUs already signed with US universities. He told a questioner that eight students have got themselves registered with SSUET for PhD.