LAHORE - The Syndicate of the University of Engineering and Technology approved Rs3724 million budget for the year 2014-15 with a deficit of Rs129.5m.
The syndicate approved the recurring budget estimates for the year 2014-15 of the order of Rs2435.177m and development budget Rs1296.237m both for income and expenditures.
The meeting was chaired by the Vice-Chancellor Lt Gen (r) Akram Khan also approved 10 percent increase in salaries and pensions despite financial constraints.
Keeping in view the energy crisis a sum of Rs145m has been provided in the budget estimate 2014-15 for solar energy equipment. An amount of Rs109.108m has been approved for Students Scholarship from various sources Rs70m for Rachna College of Engineering and Technology Gujranwala and 500m for Narowal Campus.
To generate income the University Syndicate has approved new projects ie Distance Learning Program and Incubation Activities for which Rs6m and Rs18m respectively have been allocated.
The syndicate also approved Rs60m for Electricity Charges, Rs70m for Sui Gas Charges, Rs 1004m for Research, Rs20m for National Library, Rs30.5m for Transport, Rs10.7m for examinations, Rs60.7m for General Administration, Rs90.7m for Students Services and Rs130.43m for Kala Shah Kaku Campus.
Justice (r) Karamat Nazir Bhandari, MPA Bao Akhtar Ali, Prof Abdul Sattar Shakir, Prof Nadeem Ferooz, Prof Khalid Mahmoodul Hassan, Dr Abdul Majeed Awan, Engineer Naheed Ganzanfar, Dr Khurram Siraj, Muhammad Saleem, Registrar Muhammad Asif and Deputy Secretary Finance Muhammad Iqbal attended the meeting.