Budget Process

Budget Process plays a very vital role in maintaining Financial discipline of any

Education Institution. Following procedure followed in deciding Annual budget for

Department and sections.

 Principal office sends a letter to Department and section Heads to prepare an

exhaustive requirement for the ensuing financial Year to initiate the budget

process. Usually this process takes ten working Days.

 HOD / Coordinator sends a circular / mail to faculty/Lab coordinators for their

budget requirement for the financial year and to prepare list of equipment /

facilities along with estimated expenditure that may incur.

 Preliminary budget will be prepared after discussing with faculty

 Revised budget is prepared after the discussion with Principal, Dean-

operations and Vice-principal.

 HOD presents the department budget requirement in the meeting with Chief

Executive Officer(CEO) and Chief of Finance (CoF)(Usually Chairman and Vice-

Chairman )

 The approved budget for the financial year is issued from Principals-Office

Instructing Department Heads and section Heads to prioritize their purchase

based on immediate need.

 Purchase process begins following Standard Operating Procedure

 End of the Financial Year Utilization of budget reports are prepared and shall

be presented whenever it is required by the authorities and management.

The Building and infrastructure Budget is usually decided by the management and

administration in consultation with Engineers and Architects based on short term

and long term requirements. Generally, it spreads across 1-3 financial years.

The salary for faculty and staff will be budgeted based on previous year salary, HR

requirement, Increments along with 10% appreciation.

Budget for Travel, others and miscellaneous are estimated based on previous financial years
expenditure from audited report and future plans of the college.