We want to streamline the varsity’s finances: Prof Ahmad

We want to streamline the varsity’s finances: Prof Ahmad

SRINAGAR: Kashmir University claims the recent fee hike is aimed at pre-empting financial adversity due to rising expenditures. Chairman of the Committee that recommended the fee hike, Professor Khursheed Ahmad, told Kashmir Reader that the decision was made to prevent the university from falling into ‘financial strain’ as the budget would escalate in the coming years.
“The budget is escalating day-by-day. Right now the budget is Rs 160 crore and in the next five years, I believe, it will be double that. I had found during the formation of the report that the finances were in poor shape. There was no way out but to hike the fee in order to improve finances. The hike was done for the welfare and development of the varsity,” he said.
Prof Ahmad claimed that an ‘unforeseen eventuality’ may occur that would require finances. “For example, the corpus fund will help the university to meet a contingency of any nature. These funds will be useful to the university in case a building is damaged. Similarly, the examination maintenance fund will be utilised to provide centralised heating system to the university and colleges,” he added.
Khursheed said the hike was only a part of the reforms the University has gone through. He said his recommendations will help the university in mobilisation of revenue, effective utilisation of revenue and effective administration of finances.
He said financial streamlining was required for the university to function smoothly. “The university had no systematic way of keeping financial records. A fund meant for one thing was spent on something else. The new system will make financial transactions transparent,” he claimed.

Leave a Reply

Your email address will not be published.