Madras University posts ₹132.33-crore deficit budget for current financial year
University is making efforts to revise fees and receipts besides increasing students’ strength in 2024-25 to bridge the deficit, says syndicate member
For the second year in a row, the University of Madras presented a deficit budget. While the deficit in revised budget estimate (RE) for 2023-24 of its non-plan account was ₹101 crore, the budget estimate (BE) for 2024-25 has pegged it at ₹132.33 crore. Officials said the deficit was “in accumulation of previous years.”
The University is making efforts to revise the fees and receipts besides increasing students’ strength in 2024-25 to bridge the deficit, said R.R. Krishnamurthy, a syndicate member who presented the budget on Wednesday, at the Senate meeting.
Usually, the Senate meets before the end of the financial year and presents the budget for the next fiscal. This year, however, the meeting was not held with the convenor committee citing the model code of conduct, ahead of general election. The teachers’ associations of the University had demanded a special physical mode of Senate meeting after the MCC was lifted. The University had conducted the Senate meeting by circulating the agenda in March-end.
https://www.thehindu.com/news/national/tamil-nadu/madras-varsity-not-to-hold-senate-meeting-today/article68006598.ece
The University’s pension fund account is also insufficient to make the payouts to retired staff. “In spite of the contribution, a sum of ₹53 crore is appropriated in revised estimates for 2023-24 and ₹52 crore as in the budget estimate for 2024-25 from non-plan account to meet the shortfall in the pension account,” Mr. Krishnamurthi said.
The University had sent a detailed proposal to the State government seeking ₹88.39 crore as special grant to settle the accumulated terminal benefits following the implementation of the 7th Pay Commission to all pensioners, he added.
In February this year, the Income Tax department issued a notice to the University and froze its accounts stating that the institution had to pay ₹424 crore as arrears for assessment years 2017-18 to 2020-21. It took the University several weeks to get its accounts released.
https://www.thehindu.com/news/national/tamil-nadu/income-tax-department-serves-notice-to-university-of-madras-seeking-over-424-crore-in-arrears/article67829530.ece
The University’s distance education programme had helped to reduce the deficit. The IDE had contributed ₹55 crore in RE for 2023-24 and ₹63 crore in BE for 2024-25. The contribution prevented the IDE from reaching its target of ₹500 crore, the official said.
Senate members representing the University urged the officials to approach the government for a grant of ₹200 crore to meet the non-plan account deficit, and payment of pension and Seventh Pay Commission arrears.
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