The Penang government will be tabling a deficit budget for next year, which is expected to be lower than the 2018 and 2019 budgets, Chief Minister Chow Kon Yeow said today.
He said the details of the state Budget 2020 is currently being worked out after being presented to the state executive councillors before it could be tabled at the state assembly sitting on Nov 1.
“Penang will continue to table a deficit budget next year and hope to achieve a reduction in expenses by cutting down the development budget for Penang Development Corporation (PDC) and the Penang Water (Supply) Corporation (PBAPP),” he told a press conference here.
He said the reduction in expenditure will be gained through the issuance of development loans to PDC and PBAPP.
“The reduction in the budget (for next year) will not affect the (implementation of) the state’s social programmes,” he said.
Chow said the state's projected revenue next year is expected to be close to this year's figure of RM505.5 million, unless new revenue sources are explored.
"The revenue is expected to be around the same as this year. We do not have new income sources and it needs to be explored," he said.
Earlier, he officiated the opening of the second Scandinavian Industrialised Building Systems (SIBS) factory at Bukit Minyak near here.
Chow said Penang has always welcomed investments from European companies where the state government emphasised continuous infrastructure development to meet investor needs. - Bernama