Latest news with #RM374.4mil
The Star
26-05-2025
- Business
- The Star
Penang records RM78.2mil surplus revenue as of May
Chow at the Penang State Assembly Building with other assemblymen.— ZHAFARAN NASIB/The Star PENANG has recorded a surplus of RM78.2mil in revenue as of May 20. Chief Minister Chow Kon Yeow said the figure was derived from the state's revenue of RM374.4mil compared with its RM296.2mil expenditure. The state's income comprised RM98.7mil in tax revenue, RM250.8mil in non-tax revenue and RM24.9mil in non-revenue receipts, he added. With the surplus, the state's consolidated fund account stood at RM235.5mil. Speaking during the state legislative assembly held at the Penang State Assembly Building in Light Street, George Town, Chow said the expenditures included RM170.2mil for grants and fixed charges (including contributions to the Development Fund). A total of RM71.3mil was spent for emoluments, RM48.7mil for services and supplies, RM3.7mil for assets and RM2mil for other expenses. 'Based on the breakdown, non-tax revenue was the main contributor, comprising 67% of the total state revenue. 'This included income from land premiums, service fees and investment revenue. Lim said Penang's homeless transit centre has provided aid to almost 500 people since it opened in September 2023. 'Tax revenue remained an important component of the revenue structure, comprising almost 26%. 'Non-revenue receipts such as loan repayments and various other receipts contributed about 7%,' said Chow who is also state finance, economic development, land and communications committee chairman. The House also heard that the Penang Welfare Department (JKM) spent over RM500,000 last year to operate the state's homeless transit centre on Jalan CY Choy in George Town. Penang social development, welfare and non-Islamic religious affairs committee chairman Lim Siew Khim (PH-Sungai Pinang) said the centre had provided aid to almost 500 people since it opened in September 2023. She said the centre's total operating cost in 2024 alone was RM532,519. 'The expenditure included RM246,830 for staff salary, allowances and incentives and RM158,189 for security guard services. 'Cleaning and maintenance contracts, including repairs to fire extinguishers, CCTV systems and water pumps cost RM93,332. 'A total of RM34,168 was spent for office management such as the purchase of office supplies, utility bills, rental payments, and raw materials,' she said, adding that the centre was managed by seven JKM officers. From September 2023 to April this year, Lim said 498 homeless people have been sheltered at the centre. 'Between January and April this year, 79 people were rescued from across all five districts in Penang,' she said. The centre provided temporary shelter and functioned as a welfare plus recovery support centre to help the homeless rebuild their lives. 'The centre with 78 beds should not be deemed effective only when it is full. 'Out of the 498 people rescued, 151 of them have gotten jobs,' said Lim. Earlier, Ong Ah Teong (PH-Batu Lanchang) had asked about the financial report of the centre while Lee Boon Heng (PH-Kebun Bunga) asked on the number of homeless people who have been rescued and placed at the centre.
The Star
22-05-2025
- Business
- The Star
Chow aims for Penang govt to have RM1bil reserves by end of his term
GEORGE TOWN: Penang Chief Minister Chow Kon Yeow has expressed his goal to leave the state with a strong financial foundation, targeting RM1bil in reserves by the end of his final term. This follows a RM100mil cash advance from the Federal government to help offset a projected budget deficit this year. "With these achievements and our continued commitment, I am confident our Penang 2030 agenda will be fulfilled. "I hope to hand over the state in strong financial standing, what I call surrendering the state in a battle-ready condition," he said during his winding-up speech at the state assembly on Thursday (May 22). Chow (PH–Pengkalan Kota), who took office as chief minister in 2018, is expected to step down at the end of the current term. He said the RM1bil target would provide the next administration with fiscal flexibility to support development initiatives and public welfare. According to Chow, who is also the state finance, economic development, land, and communications committee chairman, the RM100mil advance was approved and disbursed last year. He said it will be repaid through reduced federal grant allocations between 2027 and 2029. Chow also confirmed that the Federal government had rejected Penang's long-standing request for 20% of the federal tax revenue collected in the state to be returned. "We accept that they have rejected it, but we will continue to demand it," he said. On the state's revenue, Chow announced that it has recorded a surplus of RM78.2mil as of Tuesday (May 20). He said Penang has recorded RM374.4mil in revenue against RM296.2mil in expenditure.
