Define budget. Explain the budgetary procedure of a university library citing the sources of income and heads of expenditure.
Introduction:
A budget is a financial statement of the estimated revenues and expenditures of an institution for a definite period of time. It is not only a financial estimate of income and expenditures for a stated period but also it represents a logical, comprehensive and forward looking financial program for the coordination of the activities of the various financial divisions of the library or organization.
Definition of budget:
1. Budget is a written statement of income and expenditure during the year.
2. A library budget is an estimate of expected income and expenditure of the library for the coming year.
3. According to Webster’s Seventh New Collegiate Dictionary- Budget is “a statement of the financial position of a sovereign load for a definite period of time based on estimates of expenditures during the period and proposals for financing them.”
Procedure for the preparation of library budget:
There are three ways in which the library can prepare library budgetary estimates:
1. By Comparison: In preparing of budget, the librarian should take into consideration last year’s expenditures, the appropriation for the current year, and the estimated expenditures for the next year.
2. In accordance with work program: The librarian, in order to propose a budget based on the libraries need in terms of service to be offered and work to be accomplished, the objectives of an individual library should take into consideration. Budgeting estimates based upon the work program should cover fixed charges or service station charges, and unit-cost estimates.
3. By using arbitrary standards: The progress of profession is usually marked by the accumulation of an increasing number of generally accepted practices. As these practices are commonly approved, they are recognized as norms of standards.
The budgetary procedure may be divided into following phases:
· Review the current budget
· Preparation
· Submission and approval
· Implementation
1. Review: The librarian should review the current budget and find out an outline of procedure to be followed in preparing the new budget. Appropriate staff members should be advised to review their needs and plans for the current year. The librarian then considerate and review these requests, taking the time beforehand to discuss them with the staff who are involved.
2. Preparation: During the early period of budget preparation the librarian should consult as widely as possible to determine major needs in acquisitions, new services, staffing, desirable hours of opening, needed furniture and equipment, salary etc. This detailed budget should be accompanied by a brief statement summarizing the principal items of current and estimated income and expenditure.
3. Final preparation/submission: After completing his consultation about the tentative budget, the librarian should make such revisions as appear necessary. The final budget can then be prepared for submission and approval.
4. Approval and Implementation: Considering the proposed budget, the authority may approve it. After approve the budget by the library authority then the budget can be implemented.
Sources of income of a library for preparing a new budget for University Library:
A. Govt. Funds: Generally govt. does not directly finance the library. Firstly the fund comes to its parent organization. Then it may be used for library.
B. Fund from allocated by library authority.
C. Sales for library materials.
a. Photocopies,
b. Microfilm copies,
c. Old furniture’s,
d. Old books, magazines, etc.
D. Membership fees.
E. Fine for late returns books.
F. Endowment.
G. Donation.
H. Fund from well-wisher of the libraries.
I. Gifts from national or international organizations.
Heads of Expenditure for preparing a new budget for University Library:
1. Salaries of staff,
2. Purchase of books and subscription of journals,
3. Newspapers and periodicals cost,
4. Expenditure of library fitting and furniture,
5. Expenditure for technological adaptation:
· Internet Bill
· Fax Bill
· Telephone Bill
· Computer
6. Maintenance cost:
· Book binding and repairing,
· Maintenance of book mobile,
· Other requisite.
7. Miscellaneous:
· Training, travel,
· Printing, stationary and electricity bill.
Serial No. | Head of Account | Actual for 2017-2018 | Budget for(আমরা প্রত্যাশা করেছিলাম) 2018-2019 | Revised Budget(পেয়েছি যেটা) 2018-2019 | Budget for 2019-2020 |
(a) Revenue account (লাইব্রেরীর নিজস্ব ইনকাম) | |||||
1. | University grant(ইউনিভার্সিটি দিয়ে থাকে) | 6500000 | 75,00000 | 95,00000 | 11,000 000 |
2. | Subscription fess(গ্রন্থাগারে ভর্তির জন্য যে টাকা নেওয়া হয়) | 35, 000 | 36,000 | 37,000 | 39,000 |
3. | Fines etc.(বই ধার নিয়ে নির্ধারিত সময়ে ফেরত না দিলে অথবা অন্যান্য জরিমান) | 10,000 | 12,000 | 13,000 | 13,000 |
Total Revenue receipt | 65,000 | 75,48,000 | 95,50,000 | 1,10,52,000 | |
(b) Capital Account(ইউজিসি যেটা দিয়েছে অথবা এটা বাইরে থেকে যে ইনকাম লাইব্রেরীতে আসে) | |||||
1. | UGC Grant | 1,00 00000 | 1,20, 00000 | 1,25, 00000 | 2,10, 00000 |
2. | Universities 50% Contribution to UGC Grant (ইউনিভার্সিটি অন্যান্য জায়গা থেকে ইনকাম করে যেটা কমিশন আকারে লাইব্রেরীকে দেয়) | 50, 0000 | 60, 00000 | 65, 00000 | 1,05 00000 |
Total Capital Receipts | 1, 50, 00000 | 1, 80, 00000 | 1, 90, 00000 | 3,15, 00000 | |
Total Income ( রিভিনিও ও ক্যাপিটাল যোগ করে) | 2, 15, 45, 000 | 2, 55, 48, 000 | 2, 85, 50, 000 | 4, 25, 52, 000 | |
Let Us Sum Up:
Library budget may be divided into two parts- Income and expenditure.
Budget statement or record is a definite financial record which speaks of the back history, present position and future development of the library. It is also a statement for comparing the position and the trend of development between the past, present and future. Budgetary statement generally depends on the sources of income and expenditure of the library.
Reference :
Mahbubul Islam
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