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.
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