GEORGE TOWN: Penang today tabled its 2024 Budget, which projected a higher deficit of RM514.53 million compared with RM467.12 million last year.
This is its 13th consecutive deficit budget since 2011.
Chief Minister Chow Kon Yeow said the state 2024 Budget was drafted based on the outcome principle by focusing on each of the state planning for the welfare of the people.
"Although we are aware of the limitations of the state's fiscal capacity, which shows a growing deficit gap, the state government remains committed to drafting and implementing projects and programmes to drive the state's socio-economic growth and thereafter ensure the Penang 2030 Vision is on the right track," he said when tabling state's 2024 Budget at the state legislative assembly sitting here today.
Elaborating, Chow said that with an expected state revenue of RM533.07 million and expenditure of RM1.047 billion, the state's 2024 Budget was projected to record a deficit of RM514.53 million.
"Next year's deficit budget will increase by RM47.41 million.
"However, taking into account the government's promise to always strive to boost the development of the state, besides ensuring the well-being of the people is always maintained, the deficit budget needs to be implemented.
"The shortfall of RM514.53 million in the 2024 Budget will be financed from the state government's reserves, including the balance of the Consolidated Trust Account at RM1.67 billion as of Nov 15," he added.
Meanwhile, Chow said the state government was committed and serious in pioneering the generation of new income through other sources to continue to drive the development of the state as a whole.
"Among them as reported in the mainstream media titled 'Petronas maps hydrocarbon potential near Langkasuka Basin' exploration and seismic hydrocarbon mapping involving high quality oil and gas resources is now underway in the waters of Penang and is expected to be completed by the end of this year.
"I am informed by the State Secretary that the country's multinational oil and gas company is the party that carries out related studies and will present the findings to the Penang state executive council meeting," he said.
In addition, Chow said the state government was also stimulated to look for an approach like the Federal Government in moving towards renewable energy.
He also said that the state government was planning to build a solar farm, floating solar and rooftop solar in strategic locations between 2024 and 2030 to reduce carbon dioxide emissions and using the renewable energy approach.
In real estate, science and technology, he added, subsidies and government-linked companies (GLC) were encouraged to continue exploring the new resources.
"The state government promises to continue the practice of Competency, Accountability and Transparency (CAT) to maintain Penang as a state that has clean and dynamic leadership," he added.