Amendment status not verified — confirm the current text below against the official source.
Financial Estimates.- (1) The Executive Committee shall prepare, with the assistance of the Finance Officer before 15th January, the financial estimates for the ensuing financial year and get them scrutinized by the Finance Committee and the Board of Governors and place the same before the Academic Senate. The Academic Senate shall consider the financial estimates and forward the same, with such modifications as it deems fit, to the Board of Governors for its approval by the end of March every year. (2) The Board of Governors may, in cases where expenditure in excess of the amount provided in the budget is to be incurred or in cases of urgency, for reasons to be recorded in writing, incur the expenditure subject to such restrictions and conditions as may be specified in the Regulations. Where no provision has been made in the Budget in respect of such excess expenditure, a report shall be made to the Finance Committee for its consideration and advice at its next meeting. (3) The Budget Estimates of the University shall be prepared keeping in view the anticipated grants from the State Government and all other sources including the mobilization of its resources. However, supplementary Budget Estimates may be placed before the Board in October every year in anticipation of any additional grants: Provided that, no expenditure on this part shall be incurred unless such additional grants are received. (4) The University shall not, without the prior approval of the State Government, divert for other purposes earmarked funds or revise the scales of pay of its staff or implement any scheme which involves any matching contribution from the State Government or a scheme which imposes a recurring liability on the State Government after the assistance from the sponsoring Authorities ceases: Provided that, no prior approval is necessary where a scheme or a programme which imposes a recurring liability on the University, but is funded by the UGC, or the Central Government or met out of the interest derivable from a corpus or contribution or donation or endowment instituted by private sector or individual or industry or institutions and such a recurring liability does not cast any burden on the State Government and the entire expenditure in that respect is met out of the University funds.