Penang records RM65.27m surplus, identifies new sources of revenue
Chief Minister Chow Kon Yeow said the State Government Consolidated Fund comprised RM1.54 billion consisting a consolidated revenue account of RM199.22 million and a consolidated trust account of RM1.34 billion as of April 30.
'The financial statement for 2024 (unaudited) shows the consolidated fund position at RM1.38 billion compared to RM1.46 billion in 2023 comprising a consolidated revenue account of RM155.94 million and a consolidated trust account of RM1.23 billion.
'The consolidated revenue account decreased by RM174 million compared to 2023 while the consolidated trust account increased by RM92.79 million compared to 2023,' he said in reply to a question from Goh Choon Aik (PH-Bukit Tambun) on the latest figures for the state government's consolidated revenue account, consolidated trust account and consolidated fund at the Penang State Legislative Assembly sitting here today.
Chow added that the state government ended the 2024 financial year with a current deficit of RM174 million, which is lower than the 2023 deficit of RM358.8 million.
He said the shortfall was due to revenue of RM810.4 million compared to operating expenses of RM719.5 million and transfers to the development fund amounting to RM265 million.
He said Penang had received an advance from the federal government of RM100 million to cover cash flow, which among other things contributed to the increase in the consolidated trust account.
Meanwhile, Chow explained that the Penang State Finance Department has taken the initiative to identify new sources of income for this year through two series of workshops to strengthen the financial position.
'The two workshops are the Workshop on Reviewing Rates, Revenue Collection Procedures and Identifying Arrears and Reductions in Penang State Revenue on Aug 2-4, 2024 and the Workshop on Direction and Revenue Improvement of Administrations and Agencies under the state government on Jan 15-18, 2025.
'The results of the two workshops have produced 24 strategies to increase or stabilise revenue. Nine strategies are currently being implemented this year,' he said.
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