There is a Bursar who is the Chief Financial Officer of the University and is responsible to the Vice-Chancellor for the day-to-day financial affairs of the university. The Council of the University orders the financiers of the institution, so the Bursar is really an officer of the Council attending Council meetings as well as meetings of Committees of Council. The chores of university finance and accounting in all its ramifications rest squarely on the shoulders of the Bursar. In particular, he sees to the proper disbursement of funds, financial accounting and treasury services, purchasing and contracts, pensions, gratuity and loans, planning and budgeting activities. The university annual budget estimates is prepared between the Bursar for the financial implications and the Director of Academic Planning for facts and figures of students and staff. He ensures that the professional staff working with him operate financial regulations. A revised manual of Financial Rules Regulations was published by the university council in July 2000. The Bursar himself is a principal officer of the university sharing membership with the Vice-Chancellor and his deputies, the Registrar, the University Librarian. He operates a five year tenure, renewable for another five years.