Penang records RM65.27mil surplus, reflecting prudent fiscal management
GEORGE TOWN: Penang recorded a financial surplus of RM65.27 million as of March 31 this year, marking a positive turnaround in its fiscal position and reflecting prudent financial management efforts by the state administration.
Chief Minister Chow Kon Yeow (DAP – Padang Kota) told the state legislative assembly sitting that the state's revenue stood at RM268.46 million, while total expenditure amounted to RM203.19 million.
"The surplus reflects improved revenue collection and expenditure control, achieved in part through strategic planning and the implementation of new fiscal initiatives," he said during the question and answer session.
He was asked about the state's coffers to date by Goh Choon Aik (PKR – Bukit Tambun).
Elaborating, Chow said the state government ended the financial year 2024 with a current deficit of RM174.09 million, which is lower compared to the 2023 deficit of RM358.80 million.
He said the deficit was due to the revenue collected totalling RM810.46 million, compared to operating expenditures of RM719.55 million and a transfer to the Development Fund of RM265.00 million.
"The state government also received an advance of RM100 million from the Federal Government to help manage cash flow, which contributed to the increase in the Consolidated Trust Account," he added.
As of April 30, the state government's Consolidated Fund amounted to RM1.53 billion, comprising the Consolidated Revenue Account of RM199.22 million and the Consolidated Trust Account of RM1.33 billion.
The state government's financial statements for the year 2024 (unaudited) showed the Consolidated Fund stood at RM1.38 billion compared to RM1.46 billion in 2023, consisting of the Consolidated Revenue Account amounting to RM155.94 million and the Consolidated Trust Account amounting to RM1.22 billion.
The Consolidated Revenue Account decreased by RM174.09 million compared to 2023, while the Consolidated Trust Account increased by RM92.79 million compared to 2023.
Chow said the state government had taken the initiative to identify new revenue sources for this year.
He said one was on reviewing rates, revenue collection procedures, and identifying issues related to arrears and revenue reduction for the state.
The other was on direction and enhancement of revenue for administration and agencies under the state government, Chow said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
6 hours ago
- Malay Mail
Penang looks to Alps for lessons on eco-friendly tourism, state leaders on Swiss visit till June 16
GEORGE TOWN, June 10 — The Penang government will be exploring the best practices in mountain tourism and sustainable transport systems based on the car-free village or Bettmeralp in Switzerland. Penang Chief Minister Chow Kon Yeow is leading an official delegation to Switzerland and Austria from today until June 16. He said the visit is hosted by Doppelmayr and Hartasuma. 'It marks a significant step forward in the implementation of one of Penang's key sustainable mobility initiatives,' he said in a statement issued by his office today. He said the delegation will be engaging with the Mayor of Bettmeralp, Raron, Switzerland and Aletsch Bahnen AG, the local cable car company on mountain tourism and sustainable transport systems, as Bettmeralp, a renowned car-free village, is accessible exclusively by cable car. The delegation will also visit key suppliers and industry leaders involved in the cable car project such as Doppelmayr Seilbahnen GmbH - headquarters and manufacturing facility in Wolfurt, Austria, Fatzer AG – cable car ropeway supplier in Romanshorn, Switzerland, Garaventa AG – funicular system supplier in Goldau, Switzerland and CWA Constructions SA – gondola cabin supplier in Olten, Switzerland. Chow said the technical visits are crucial for understanding the advanced engineering, operational procedures, and stringent safety standards of world-class cable car systems for Penang's environmental sustainability. 'The aim is to ensure that Penang Hill's cable car infrastructure is delivered to the highest international benchmarks,' he said. He gave an assurance that his state government is committed to delivering the Penang Hill Cable Car Project while ensuring its safety, quality and service reliability. The tender to build the cable car project was awarded to local rail industry pioneer, Hartasuma Sdn Bhd, in December 2022 through a public private partnership on design, finance, build, operate and transfer. Hartasuma is expected to invest RM245 million in the project and the project is based on a 30-year concession period. The targeted completion date for the cable car is at the end of 2026. It is expected to open for operations by the second quarter of 2027.
The Star
a day ago
- The Star
Penang seeks to expand 5% home discount to all buyers
GEORGE TOWN: The 5% housing discount for first-time homebuyers involving the Indian Muslim community will be reviewed, says Chow Kon Yeow. The Penang Chief Minister said he has instructed state housing and environment committee chairman Datuk Seri S. Sundarajoo to review the policy with developers to expand the discount to all buyers. He said the move will make it more inclusive and beneficial to all segments of society in line with the principle of social justice. 'Some of the views received suggested that such a discount should also be offered to all buyers to revitalise the property sector, especially in relation to the sale of unsold new property units,' he said in a statement yesterday. The state executive council, Chow said, would study the matter and make an appropriate decision in the interest of all parties. On Thursday, Sundarajoo told reporters that from June 1 until May 31 next year, developers would be encouraged to offer Indian Muslims who are first-time homebuyers a 5% discount under the Madani Home Ownership Campaign. On Saturday, he issued a formal statement on the matter but about an hour later, Penang DAP chairman Steven Sim announced that Chow agreed to suspend the discount offer pending the review. The initial policy announced by the state government was criticised by MCA, which described it as racially divisive. State MCA secretary Yeoh Chin Kah questioned why the Penang government could not base its housing policy on economic status rather than race and religion, expressing confusion that DAP, a party advocating for a 'Malaysian Malaysia', would introduce such a racially framed initiative. 'The people of Penang cannot accept this policy and condemn it for dividing the races,' he said.
Malaysiakini
2 days ago
- Malaysiakini
Penang CM agrees to review Indian Muslim housing discount, Sim says
Penang Chief Minister Chow Kon Yeow will review the state government's offer of a five percent housing and commercial property discount to Indian Muslims under the Madani Home Ownership Campaign (MOC). In a statement today, Penang DAP chief Steven Sim said he discussed the issue with Chow, who agreed to discuss the matter in the state executive council meeting. He explained that the initiative was to...
