by NOOR SYAHHIRA HADY & SARAH HAFIZAH CHANDRA
The state revenue for this year was originally estimated at RM10.036 billion but it was revised upward to RM10.159 billion, said Finance and New Economy Minister Datuk Patinggi Tan Sri Abang Johari Tun Openg.
“The increase in revenue collected is mainly due to favourable prices of oil and gas as well as crude palm oil,” he said when tabling the Supply (2023) Bill, 2022 at the State Legislative Assembly (DUN) sitting on Today (Nov 21).
He disclosed that as of Oct 31, the state has collected RM9.695 billion or 95 percent of the revenue projection, mainly from State Sales Tax (SST), cash compensation in lieu of oil and gas rights, and dividend income.
Meanwhile, touching on the Ordinary Expenditure for 2022, he said that it has been revised upward from RM10.646 billion to RM10.706 billion, an increase of RM60 million or 2.5 percent.
“As of Oct 31, 2022, RM7.862 billion or 73 percent of the Ordinary Expenditure has been expended.
“The amount expended made up of Operating Expenditure of RM2.912 billion and the balance of RM4.950 billion for appropriation to the Development Fund Account.
“We are expected to meet our projected budget as we move towards the end of the year,” he said.
Abang Johari stated as for the development expenditure, the state has spent RM5.263 billion or 69 percent out of the total development budget of RM7.609 billion as of October this year.
“With the re-opening of the economy and normalisation of economic activities, expenditure is expected to increase further as development momentum continues to pick up towards the end of the year,” he said.
