VC Chairs the 5th Finance and Planning Committee Meeting for FY 24

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VC Chairs the 5th Finance and Planning Committee Meeting for FY 24–25 at EUM

MULTAN: Vice Chancellor Dr. Muhammad Ramzan chaired the 5th Finance and Planning Committee (F&PC) meeting for the fiscal year 2024–25 at Emerson University, Multan. The meeting, held to review and approve the financial plans and agendas for the upcoming fiscal year 2024–25, saw the participation of key university officials and stakeholders.

Mr. Nadeem Mushtaq, Treasurer of Emerson University, presented the agendas as the secretary of the meeting. Attending physically were Dr. Muhammad Farooq, Registrar of Emerson University; Prof. Dr. Hayat Awan, Syndicate Member; and Dr. Abdul Mueed, Additional Treasurer; Mr. Shafqat Abass Sb, Personal Secretary to VC; and Dr. Sohail Raza Chohan, Director IT, who was also present as a facialiator
of Emerson University. Online participants included Miss Sara Hayat, Additional Secretary HED; Sara Luni, Deputy Secretary Finance Department, Lahore; and Miss Samina Durrani, Director Finance & Planning HEC.

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.
Now, for the fiscal year 2024–25, the total outlay is estimated at Rs. 1190.081 million against total resources of Rs. 1493.722 million. This balanced budget includes Rs. 281.891 million for budgetary support for the next financial year, a Rs. 5 million contribution to the pension fund, and a Rs. 10 million 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 & Gaming, Computer Engineering, E-Commerce, Entrepreneurship, Math with Information Technology, Math with Artificial Intelligence, Math with Data Sciences, Data Analytics, Forensic Science, Film, TV & Visual Arts, Criminology, Social Work, and Textile & 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, Government 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 Vice Chancellor briefed the members on the university’s progress. He 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 festivals.

Dr. Ramzan also acknowledged the role of donors and alumni in the construction of the university’s main gate, water canal system, computer lab, TV studio, endowment fund, hostel repairs, and filtration plants. he maintained that he was focusing on sports too for the utility of student energy and let them know what the sportsman spirit is. He emphasized the university’s commitment to a clean and green environment by initiating tree and plant growth projects.