Former Selangor Menteri Besar Dr Mohd Khir Toyo has warned that a fund for children born in the state will be bankrupt in five years.

He claimed that the Auditor-General’s Report 2011, which was released today, revealed the income of Tabung Warisan Anak Selangor (Tawas) could not cover the operating costs of the fund.

NONE He said Tawas gets its fund from Yayasan Warisan Anak Selangor (Yawas), that only earned its income from short-term investments amounting to RM198,101, RM210,716 and RM213,955 respectively for 2009, 2010 and 2011.

However, he said Yawas’ operating cost stood at RM1.55 million, RM1.64 million and RM 1.71 million for the three years, meaning it made a loss of RM1.35 million, RM1.43 million and RM1.49 million in year 2009, 2010 and 2011 respectively.

“If the income and expenditure trend still continues, it is possible that Yawas and Tawas will close down in five years or (the) state government has to bail it out,” he wrote in his blog today.

Khir, who is Sungai Panjang state assemblyperson, pointed out that the Yawas balance as of 2011 was RM5.68 million, which the report cited is “smaller compared to total needed to pay for Yawas’ operating cost and benefit the Tawas scheme”.

Formed in 2009, Tawas is designed to contribute RM100 per annum for every new-born until the age of 18, upon which the child would get a final one-off payment of RM1,500.

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