Institutional accountability essential to ensure utilisation public of funds to strengthen academic, research priorities: VC KU

Posted by admin_kas on 2025-07-07 21:14:55 |

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Says University committed to strengthening fiscal accountability through digital governance tools

KS News Desk 

Srinagar, July 07: The University of Kashmir (KU) Monday convened 9th meeting of its Budget Assessment and Approval Committee (BAAC) for the financial year 2025–26.

The meeting was chaired by Vice-Chancellor KU, Prof. Nilofer Khan, at the main campus to review and approve the annual financial allocations.

The meeting marked the beginning of a three-day extensive exercise from July 7 to 9, 2025, aimed at assessing revenue budgets and local fund requirements for various Departments, Centres, Directorates, Satellite Campuses and various administrative units of the University.

The committee will review proposals in light of justification of expenditures, with a focus on transparency, compliance, and outcome-based fund allocation.

The BAAC includes distinguished members such as Ishaq Ahmad Wani Former Director General Budget J&K, Prof. Mushtaq Ahmad Siddiqui former Vice-Chancellor IUST, Prof. Shariefuddin Pirzada Dean Academic Affairs KU, Prof. Mohammad Sultan Bhat Dean Research KU, Prof. Naseer Iqbal Registrar KU, Prof. Raeis Ahmad Qadri Department of Biotechnology KU, Dr. Ashfaq Ahmad Zarri Joint Registrar KU and Zafirah Bashir Chief Accounts Officer.

In her opening remarks, VC KU, Prof. Nilofer Khan said the financial discipline, strategic allocation, and institutional accountability are essential to ensuring that public funds are optimally utilised to strengthen our academic and research priorities.

"University is committed to strengthening fiscal accountability through digital governance tools like BFMS, which enable real-time monitoring and greater institutional transparency," she said.

Dr. Ashfaq Ahmad Zarri, Joint Registrar KU (Budget & Creation), gave a detailed presentation highlighting the University’s ongoing transition to the online Budget & Finance Management System (BFMS).

He noted that the BFMS has greatly improved budget allocation tracking, real-time monitoring of expenditures, and codal compliance.

The agenda of the meeting also included an assessment of whether expenditures made in the last financial year were in line with approved allocations.

Going forward, all budgetary releases and expenditure processing shall be undertaken through BFMS.

This introductory meeting will be followed by detailed three-day budget presentations by Heads of Departments, Directors, Centres, and Heads/Incharge of various administrative units, whose proposals will be scrutinised by the expert committee members.

The presentation schedule has already been issued by the Budget and Creation unit of the varsity's administration.

The constitution of BAAC has been duly approved by the University Council, the apex statutory body, and its composition brings together administrative officers and former government officials, ensuring impartiality and robust financial governance.

This approach continues to strengthen KU’s commitment to efficient resource management and institutional transparency.