ADVOKS GLOBAL · KENYA
The Charter for the Catholic University of Eastern Africa
30. Annual Budget
Edition: 2023-12-29 · In force
30. Annual Budget
(1)Before the commencement of a financial year, the Council shall cause the Management Board to prepare estimates of the revenue and expenditure of the University for that year.(2)The annual budget shall make provision for all the estimated expenditure of the University for the financial year concerned, and, in particular, shall provide for the—(a)payment of the salaries, allowances and other charges in respect of the staff of the University;(b)payment of the pensions, gratuities and other charges in respect of retirement benefits which are payable out of the funds of the University;(c)proper maintenance of the buildings and grounds of the University;(d)proper maintenance, repair and replacement of the equipment and other movable property of the University;(e)funding of the cost of teaching, research and community service activities of and in the University; and(f)creation of such reserve funds to meet future or contingent liabilities in respect of retiring benefits, insurance or replacement of buildings or equipment, or in respect of such other matters as the Council may think fit.(3)The annual budget shall be approved by the Council before the commencement of the financial year to which it relates.(4)No expenditure shall be incurred for the purpose of the University except in accordance with the annual budget approved under subsection (3) or in pursuance of an authorization of the Council.