Wong: State recorded RM2.2 bln in revenue in first quarter of this year
Sarawak recorded a revenue collection amounting to RM2.219 billion during the first quarter of this year, revealed Second Finance Minister Dato Sri Wong Soon Koh.
“(This) represents 21.1 per cent of the estimated revenue of RM10.513 billion for the year. This revenue collection was mainly received from cash compensation in lieu of oil and gas rights.
“The revenue collection is expected to pick up towards the later part of the year,” he told the State Legislative Assembly during his ministerial winding-up speech yesterday.
As for expenditures, Wong said the first quarter of 2019 saw RM2.874 billion (27.7 per cent) of Ordinary Expenditure of RM10.390 billion been expended.
“Out of this, RM0.799 billion was for operating expenditure, while the balance of RM2.075 billion was appropriated to the Development Funds Account.
“As for the development expenditure, RM1.691 billion (18.6 per cent) out of the approved allocation of RM9.073 billion has been expended for the first quarter. Development expenditure is expected to increase progressively in tandem with on-going activities during the year,” he said.
Wong was pleased to report that the state financial account for the year ended December 31, 2018 has been accorded with an unqualified report (a clean auditor’s report).
“This is the 17th consecutive
(This) represents 21.1 per cent of the estimated revenue of RM10.513 billion for the year. This revenue collection was mainly received from cash compensation in lieu of oil and gas rights. Dato Sri Wong Soon Koh
year that the state has earned the Clean Bill of Health. The state’s commendable investment credit ratings have been re-affirmed at A3 and A- by the international rating agencies Moody’s and Standard and Poor’s, respectively.
“These achievements are clear testimony of the state’s continuous sound financial management in exercising financial prudence and financial discipline at all levels.
“We will continue to strengthen our strategic financial management by benchmarking and adopting best practices, leveraging on technology advancement as well as building capacity to achieve operation excellence and good governance,” he said.