THE Penang government has recorded a financial surplus of RM65,273,903.20 as of March 31, 2025, according to Chief Minister Chow Kon Yeow.
Chow said that up to March 31, the state had registered a total revenue of RM268,463,025.36, while total expenditure stood at RM203,189,122.16.
“As of April 30 this year, the Consolidated Fund of the state government amounted to RM1.535 billion, comprising RM199.22 million in the Consolidated Revenue Account and RM1.33578 billion in the Consolidated Trust Account,” he said.
He further noted that the state’s unaudited financial statement for 2024 reflected a Consolidated Fund position of RM1.38474 billion, compared to RM1.46604 billion in 2023.
“This includes RM155.94 million in the Consolidated Revenue Account and RM1.22880 billion in the Consolidated Trust Account.
“The Consolidated Revenue Account saw a decrease of RM174.09 million compared to 2023, while the Consolidated Trust Account increased by RM92.79 million,” Chow (PH–Padang Kota) said in response to an oral question from Goh Choon Aik (PH–Bukit Tambun) during the Penang Legislative Assembly session today.
Chow also revealed that the Penang government ended the 2024 financial year with a current deficit of RM174.09 million, significantly lower than the RM358.80 million deficit recorded in 2023.
“This deficit was due to total revenue amounting to RM810.46 million, compared to operating expenditure of RM719.55 million and a transfer of RM265 million to the Development Fund.
“In addition, the state government received an RM100 million advance from the Federal Government to support cash flow, which contributed to the increase in the Consolidated Trust Account,” he added.
When asked by Gooi Hsiao Leong (PH–Bukit Tengah) whether the RM100 million was sufficient to address cash flow issues, Chow affirmed that it was.
He also addressed the misconception that Penang is a wealthy state due to its high investment records.
“Several parties, including the federal government, assume we are rich. While we continue to attract investors, the taxes go to the federal government. The state only generates revenue through land sales and spillover effects from local economic activities.
“We plan to recover RM6 million in unpaid quit rent from parcel owners and auction off valuable state land. In addition, we are considering revisions to land category parameters and lease conversion approvals to accelerate development,” Chow said.
Story by Riadz Akmal
Pix by Alissala Thian