The Board of Governors of Sir Syed University of Engineering and Technology (SSUET) approved the institution’s surplus budget of Rs 712.30 million for the 2011-12 fiscal year, during a meeting chaired by SSUET Vice Chancellor Prof Dr Sayed Nazir Ahmed. An official of the SSUET said on Monday that the budget shows the university’s income at Rs 714.84 million with Rs 627 million as current expenditures and Rs 84.90 million set aside for development; thereby, making the budget surplus by Rs 2.54 million. The highest amount of Rs 37.50 million has been allocated for purchasing additional laboratory equipment for all faculties including the newly-established Telecom Faculty.
Besides, Rs 16 million have been earmarked for financial help to be provided out of profit on Endowment Fund, while Rs 12.30 million would be spent on construction of the new academic block; Rs 8.80 million on the development of new campus and Information Technology Park. The budget shows allocations Rs 1.5 million for research projects; Rs 3.5 million for faculty research; Rs 1.5 million for PhD graduate programmes. During the new fiscal year, the SSUET will spend Rs 3 million on the purchase of new books, research journals and library equipment. The university allocated the same amount for scholarships as has been kept since the year 2008.
During 2010-11, the university had provided financial assistance to 28 employees and 473 students and the same is expected in 2011-12. According to the budget documents, around 9,819 students have been awarded engineering degree from 1998 to 2011 while three faculty members cleared their PhD and are pursuing research work. With an allocation of Rs 13.70 million for developmental funds, the accumulated funds now stand at Rs 74.40 million.
The Endowment Fund, which was established with an amount of Rs 250.180 million in 2006, has now risen to Rs 300.180 million. As per the budget documents, the value of the 200 acres land purchased for SSUET’s new campus in Education City for Rs 50 million now stands at Rs 1.024 billion. The total assets that were Rs 1.229 billion in June 2008, now stand at Rs 3.131 billion.
