ADVOKS GLOBAL · KENYA
The Charter for Daystar University
30. University Annual Budget
Edition: 2023-12-22 · In force
30. University Annual Budget
(1)Four months before the commencement of a fiscal year, the Council shall cause to be prepared an annual budget of estimates of revenue and expenditure of the University for that year.(2)The budget shall make provision for all the estimated expenditure of the University for the fiscal year concerned, and in particular shall provide for:(a)the payment of the salaries; allowances and other charges in respect of the staff of the University;(b)the payment of the pensions, gratuities and other charges in respect of retirement benefits which are payable out of the funds of the University;(c)the funding of the cost of institutional scholarships, teaching and research activities;(d)the development of various assets of the University;(e)the proper maintenance of the buildings and grounds of the University;(f)the proper maintenance repair and replacement of the equipment and other movable property of the University;(g)the creation of such reserve funds to meet future or contingent liabilities in respect of retirement benefits, insurance or replacement of buildings or equipment, or in respect of such other matters as the Council may deem fit.(3)The annual budget shall be approved by the Council at least one month before the commencement of the fiscal year to which it relates.(4)No expenditure shall be incurred for the purposes of the University, except in accordance with subsection (3) above, or in pursuance of an authorization of the Council.