ADVOKS GLOBAL · KENYA
The Charter for Lukenya University
31. Annual Estimates
Edition: 2022-12-31 · In force
31. Annual Estimates
(1)The Vice-Chancellor shall, two months before the commencement of a financial year, submit an annual budget of estimates of revenue and expenditure of the University to the Council for approval.(2)The annual estimates shall make provisions for all estimated expenditure of the University for the financial year concerned, and in particular shall provide—(a)for the payment of the salaries, allowances and other charges in respect of the staff of the University;(b)for 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)for the proper maintenance of the buildings and grounds of the University;(d)for the proper maintenance, repair and replacement of equipment and other movable property of the University;(e)for the funding of the cost of teaching, research and outreach activities of the University;(f)for development purposes; and(g)for the creation of such funds to meet future or contingent liabilities in respect of retiring benefits insurance or replacement of building or equipment and in respect of such other matters as the Council may think fit.(3)The Vice-Chancellor shall submit Quarterly Financial Reports to the Council within the financial year.(4)The University Council shall submit the Quarterly Financial Reports accompanied with reports of recommended actions to the Board of Trustees.(5)No expenditure shall be incurred for the purposes of the University except in accordance with an annual budget approved by the Council in consultation with the Board of Trustees.