Selangor says budget surplus at RM480m

Posted on 15 August 2016

Source: The Edge

The Selangor State Government recorded a budget surplus of RM480 million as at Aug 5 this year based on RM1.86 billion revenue and expenses of RM1.38 billion.

At a revenue of RM1.86 billion, Chief Minister Datuk Seri Mohamed Azmin Ali said the State Government recorded income that was about 82% of the expected RM2.25 billion revenue for 2016.

Azmin said as at Aug 12, Selangor had reserves amounting to RM3.79 billion compared to RM3.26 billion as at Dec 31, 2015. Azmin was speaking today at the launch of the State Government's budget 2017 roundtable discussion.

He said the discussion topics would include the need to review the state's poverty rate and poverty-income threshold.

"There was a study done by the Selangor State Government to fix a new poverty income threshold at the rate of 60% of Selangor's median household income of RM3,300 (RM1,980).

"Here we are talking about real substantive growth that sees expansion in job creation together with establishing and enhancement of essential infrastructure, among others," he said.

Income diversification is also a crucial matter. Azmin said the main challenge for the State Government is to diversify into new sources of income beyond natural resources.

"We need to continue the strategic long-term economy plan with accurate projections so that we could continue the practice of not tabling supplementary budgets," he said.


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