Nov 09, 2019

Rs. 7083 million un-utilised by 15 universities Featured

Considerable amounts of funds allocated to universities by the government is held in current accounts unnecessarily. There are 794 funds worth Rs.5,666 million maintained by 15 state universities, the COPE Committee had revealed.

As of 31-12-2017, there are investments made in fixed deposits worth Rs.1416 million without being used their relevant activities. These are against the missions of universities. The funds are meant for the use of students and the lecturers. Keeping money in accounts will not help to increase the number of student intake,” said MP Handunnetti.

The report stated that instead of holding these funds in bank accounts, if these funds are being utilised for university activities, the amount funded by the Treasury Department could be reduced, in turn reducing the per capita debt burden.

Reduction from 45% to 38.7% within 5 years

Meanwhile, those who applied to universities and the selected applicants over the five year period from 2013/14 to 2017/18, the number has reduced from 45% to 38.7%.

In considering Universities and Higher Education Institutions and the violation of the treasury agreements for 519 agreements, the total amount payable to the government is Rs. 836,133,700.