Multan-The treasurer of Bahauddin Zakariya University (BZU) Dr Umar Farooq disclosed that the improvement in financial management brought the varsity’s deficit down by Rs666 million.

Briefing the media on BZU’s budget 2016-17 here at Vice Chacnellor’s Committee Room, he added that the budgetary deficit of BZU stood at Rs901 million last year but improvement in system and procedures caused a sudden drop of Rs666 million as a result of which the current deficit stood at Rs235 million. He hoped that the deficit would fully be abolished in coming years.

He said that a number of new initiatives have been taken to increase revenue as five new seats in each department have been created while investment in banks is also being made on much better rate and terms than the past. He said that the automation of entire finance system is underway and the varsity intends to install such a software that gives monthly projection on expected income.

Giving the details of varsity’s income and expenditures, he said that the BZU decreased the fee of distance learning programme by two to five per cent and now it was equal to the evening programmes. “Similarly, the hostel fee for the evening programme students has also been brought down by Rs12,000 per year.

Earlier, the evening students had to pay Rs39,235 but now they will pay Rs27,235 like morning programme students,” he added. He declared that no new fee was imposed or increase in any fee was made.

Referring to the endowment fund, he said that the syndicate and finance and planning committee of the varsity has approved the fund and it is being launched with a seed money of Rs200 million. He said that the profit from the investment in banks, earning from evening programmes and profit of endowment fund of affiliate colleges would be added to the endowment fund and it would be a permanent asset of the BZU. He said that the varsity would also contact international donors like USAID, British Council and JICA as well as local donors like Multan Chamber, philanthropists and BZU Alumni to support the fund. He said that the fund would support needy students, the children of such university employees who either died during service or faced any mishap.

He added that the fund would also be used for the research and lab up-gradation. He disclosed that the UBL had offered 50 scholarships for the BZU students.

He disclosed that varsity expected a total income of Rs7,258 million in the new financial year. Giving details, he said that the BZU had Rs1023 million which included Rs545 million earned through the evening programmes. He added that the Higher Education Commission would issue Rs1,355 million for recurring expenditures and Rs771 million for ongoing development projects. Similarly, the Punjab Government would release Rs864 million for development while the varsity was likely to earn Rs1,499 million through its indigenous sources like fee. He said that the varsity expected to generate Rs351 million from evening programmes and it expected Rs20 million profit from investment while the expected profit of daily product stood at Rs125 million.

Director Public Relations Dr Abdul Qudoos Sohaib said on this occasion that the cut on fee and hostel dues would facilitate the students and their families at large.

Prof Dr Muhammad Ashraf Khan, Dr Muqarrab Akbar, Sohaib Rashid Khan, Khurram Afzal and Zahid Mehmood were also present on this occasion.