PENANG has received the Clean Audit Certificate for its 2022 financial year following a statement by the state Finance Office, which labelled Penang’s financial position as stable.
It is learnt that the statement was audited by the National Audit Department.
Chief Minister Chow Kon Yeow said the state government promises to continue governance practices based on the principles of Competency, Accountability and Transparency (CAT) to maintain Penang as a state with clean and dynamic leadership.
“In the state’s 2022 Budget, with an expected state revenue of RM485.42 million and expenditure of RM935.53 million, the state’s budget was projected to record a deficit of RM450.11 million.
“The estimated deficit was financed by the state’s Consolidated Fund, which had a balance of RM689.72 million at the end of 2022.
“If viewed in terms of revenue deficit compared to expenditure, the state government recorded a percentage of more than 40 per cent,” Chow said in his speech during the engagement session involving all stakeholders, including assemblymen and Members of Parliament, in the preparation of Budget 2024.
Meanwhile, as of this year (2023) until September, Chow said the state government has successfully collected revenue of RM455.75 million, with RM221.72 million for non-tax revenue or 48.65 per cent, RM143.42 million for tax revenue or 31.46 per cent and RM90.59 million for non-official tax revenue or 17.68 per cent.
“I am not denying that the deficit is high but the state government is optimistic that an increase in the total revenue collection is possible through ongoing recovery methods and economic measures.
“In the meantime, we believe that the state’s economy will improve with prudent financial management and continuous commitment from all relevant parties.
As of Oct 9, Chow said the state Financial Department has received a total of 81 project suggestions from 14 state assemblymen and Members of Parliament, with an estimated cost of RM908.72 million.
“These suggestions will be evaluated and prioritised accordingly by the state Economic Planning Department (BPEN) and the state Financial Department,” he added.
In a related development, Chow expressed his hopes that the engagement session would help the planning for every development in the state to progress smoothly while aligning it with the state’s Penang2030 vision.
“To ensure we continue with our efforts, the state government is also actively organising various programmes and projects for the benefit of the people, while focusing on maintaining fiscal discipline, prudent operational expenditure and preserving investments to ensure resilience and high performance of the state’s financial position.
“Despite facing various challenges, including a high inflation rate, the principles and values of the government remain the same, which is to build loyalty, integrity, professionalism and unity within the state,” Chow said.
Also present during the engagement session were Deputy Chief Minister I Prof Datuk Dr Mohamad Abdul Hamid, Deputy Chief Minister II Jagdeep Singh Deo and State Secretary Datuk Rosli Isa.
Story by Kevin Vimal
Pix by Muhammad Amir Irsyad Omar