Latest news with #RM65.27
The Sun
19-05-2025
- Business
- The Sun
Penang records RM65.27m surplus, identifies new sources of revenue
GEORGE TOWN: Penang recorded a financial surplus of RM65.27 million as of March 31 after the state government earned income of RM268.46 million, exceeding expenditure of RM203.18 million. 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.
The Sun
19-05-2025
- Business
- The Sun
Penang posts RM65.27m surplus, eyes revenue strategies
GEORGE TOWN: Penang recorded a financial surplus of RM65.27 million as of March 31 after the state government earned income of RM268.46 million, exceeding expenditure of RM203.18 million. 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.
New Straits Times
19-05-2025
- Business
- New Straits Times
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.
