Srinagar, June 12: Vice-Chancellor, University of Kashmir, Prof Nilofer Khan on Monday chaired the 7th meeting of the Budget Assessment and Approval Committee (BAAC) and said the University is shortly switching over to a complete e-billing module under a modified version of its online Budget and Finance Management System (BFMS).
The e-billing module enables processing of bills in an e-mode and their routing through the University’s Administrative Management System (AMS), for online approvals and payments. It also includes online stock entry/management including the issue/return information, retention of document history and HTML view of the bills.
The new system, the VC said, will further strengthen the University’s fiscal management and lead to full transparency and accountability therein.
The University has already successfully adopted the online BFMS for all budget operations, including allocations under the Revenue, Local Fund and Self-Finance heads. The BMFS also generates auto-filled WDCs of bill details, besides displaying the amount utilised/unspent under a particular head.
The VC also stressed on timely submission of bills, timely release of payments and strict adherence to codal procedures governing procurements in line with the duly-allocated budget under various heads.
The BAAC headed by the VC includes external members and has evolved as a robust platform to evaluate proposals from various units of the University—duly endorsed by departmental committees—during presentations made by the respective HODs before the Committee. It is followed by a mid-term expenditure review of the utilisation of funds to assess performance measurement of individuals and spending units, and, alongside, identify the gaps, if any, for further improvement.
The 7th BAAC members include Prof Mushtaq Ahmad Siddiqui, former VC, Islamic University; Prof Mohammad Ishaq Wani, former Director General, Accounts and Treasures, J&K Government; Mr Altaf Hussain Mirza, ex-Director General Accounts and Treasures, J&K Government; Dean, Academic Affairs KU, Prof F A Masoodi; Dean Research KU, Prof Irshad A Nawchoo; Registrar KU, Dr Nisar A Mir; Prof Mushtaq A Darzi, Department of Management Studies, KU; Director Finance, KU, Mr Bashir Ahmad Haji and Joint Registrar (Budget and Creation), KU, Dr Ashfaq A Zarri.
The Registrar Dr Nisar A Mir also highlighted the University’s budget approval and monitoring mechanisms, whilst the BAAC members also offered their valuable suggestions.
Earlier, Dr Ashfaq A Zarri gave a detailed power-point presentation to highlight the budget status of the University, action taken on 6th BAAC recommendations, and key features of the modified e-billing module under BFMS.
The 7th BAAC will continue for next three days.