MULTAN: 5th Finance and Planning Committee (FandPC) met for the fiscal year 2024-25 at Emerson University, Multan under the chairmanship of VC, Dr Ramzan on Saturday.
The meeting, held to review and approve the financial plans and agendas for the upcoming fiscal year 2024-25
Nadeem Mushtaq, Treasurer EUM presented the agendas while. Registrar Dr. Muhammad Farooq, Dr. Hayat Awan, Syndicate Member; and Dr. Abdul Mueed, Additional Treasurer; Shafqat and others were ptesent.
Sara Hayat, Additional Secretary HED; Sara Luni, Deputy Secretary Finance Department, Lahore; and Samina Durrani, Director Finance and Planning HEC attended it online.
During the fiscal year 2023-24, the total estimated outlay was Rs 855.070 million against estimated resources of Rs 912.991 million.
However, through strict financial discipline and austerity measures, the revised estimates of expenditure were reduced to Rs 454.754 million, and resources were increased to Rs 962.122 million, resulting in savings of Rs 507.368 million.
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w, for the fiscal year 2024-25, the total outlay is estimated at Rs 1190.081 mln against total resources of Rs 1493.722 mln. This balanced budget includes Rs 281.891 mln for budgetary support for the next financial year, a Rs 5 mln contribution to the pension fund, and a Rs 10 mln contribution to the University Endowment Fund.
These funds are aimed at ensuring the university’s sustainability and addressing emerging needs.
Key budget approvals for new programs were also granted. The new programs include Multimedia and Gaming, Computer Engineering, E-Commerce, Entrepreneurship, Math with Information Technology, Math with Artificial Intelligence, Math with Data Sciences, Data Analytics, Forensic Science, Film, TV and Visual Arts, Criminology, Social Work, and Textile and Fashion Designing. Additionally, the budget for the creation and abolition of posts for FY 2024-25 was approved.
The committee also approved the investment policy and the placement of funds in commercial banks. The Finance Department, Governm
ent of Punjab, has completely approved the investment policy to ensure adequate profit and security of investments. Approval of the Endowment Fund Rules of Emerson University, Multan, and the granting of the Special Allowance-2021 to the employees of Emerson University were also key highlights of the meeting.
All members appreciated and congratulated the Vice Chancellor and the Treasurer for presenting a well-balanced budget for FY 2024-25.
On this occasion, the VC briefed the members on the university’s progress and highlighted several initiatives undertaken to make Emerson University a fast-growing institution in South Punjab.
These include the induction of 56 new highly qualified faculty members with foreign exposure, the introduction of market-oriented programs, 71 short courses, learn-to-earn programs, the implementation of a campus management system, faculty biometric facial attendance systems, air-conditioned classrooms, teacher and student training programs, sports activities, and cultural festival
s.
Dr. Ramzan also acknowledged the role of donors for varsity’s progress.