PENANG tabled a budget of RM 940.2 million for next year, with a projected deficit of RM33.63 million - the lowest in the state’s history.
According to Chief Minister Chow Kon Yeow, the budget is sufficient as it reaches its targeted group, the working class struggling against global living cost hikes.
"It is pointless to have a budget if the people who need our attention are not getting it," Chow, adding that the budget has five strategies to help it meet the aspirations of the people in Penang.
He said the 2025 budget is lower by RM106.78 million compared to the 2024 budget.
"The reduction of 10.19 per cent also took into account the actual expenditure of 2023, which totalled RM951.76 million," he said.
State Speaker Datuk Law Choo Kiang said the budget debate will begin on Monday when the assembly reconvenes.
Penang has allocated RM220 million towards development projects, particularly the infrastructure.
These included roads under the Penang Transport Master Plan, the Silicon Island man-made island reclaimed project, and road works surrounding the Penang International Airport expansion in Bayan Lepas.
Chow stressed that the reduced budget, which comes with a lower deficit, reflected the state's understanding for prudent spending, especially as revenues continue to decline.
He did not elaborate on the shrinking revenue but it is believed to be living costs escalation which does not commiserate with a hike in wages.
The private sector scene in Penang is buoyant as the state now supplies 5% of the electrical and electronic (E & E) components for the global market.
There are now over 400 multinationals and 6,000 small and medium industries in the E & E sector.
Next year, the state will witness the rollout of the proposed light rail transit and the adoption of more electrical cars.
Also, 170,000 bus passes were issued for the Rapid Penang stage public bus service.
As for the southern island reclamation, Chow revealed that 90 acres would be established by year-end and the state has dolled out RM10.5 million in ex gratia to 680 affected inshore fishermen.
For tourism, the state recorded 2.4 million tourists via the airport in the first eight months of this year of which 1.2 million visitors were foreigners.
Chow also underlined the state's commitment towards its green agency as the prime effort to address climate change.
"We want Penang to become a sponge city so it can absorb the excess carbon," said Chow. - The Vibes, November 23, 2024.
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