Sarawak records smaller revenue of RM5.9b for 2016

KUCHING: Sarawak registered a smaller total revenue of RM5.910 billion last year as compared to RM6.955 billion in 2015.
State Second Finance Minister as well as Minister of International Trade and e-Commerce Datuk Seri Wong Soon Koh (pix) said, the decline of RM1.045 billion or 15% was mainly due to lower dividends received from oil and gas companies and lower cash compensation in lieu of oil and gas rights.
In his winding up speech at the 18th State Legislative Assembly sitting here today, he said the total ordinary expenditure last year was RM5.564 billion.
"Of this amount, about RM2.264 billion was operating expenditure and RM3.300 billion appropriated to replenish the Development Fund Account.
"Annual operating expenditure continued to rise. For 2016, operating expenditure increased to RM2.264 billion from RM1.889 billion in 2015, an increase of RM375 million or 20%," he added.
Wong said development expenditure for last year amounted to RM3.919 billion.
He said of this amount, RM1.925 billion or about 49% was for rural development.
Meanwhile, for the first quarter of this year, he said the state had recorded revenue of RM1.852 billion which was 35% of the total estimated revenue of RM 5.320 billion for 2017.
On another matter, Wong said Sarawak had once again been accorded a clean certificate for its financial accounts for the year ended Dec 31, 2016.
"With this, the state has notched 15 consecutive years of a clean record for its financial statements. This is a clear testimony and reflection of our sound financial management," he added.
Looking ahead, Wong said the state had embarked on key initiatives to advance the state economy.
"The major initiatives include implementation of the digital economy, new financial model, Light Rail Transit and ventures in oil and gas.
"The state will ensure the necessary financial resources are available for the smooth execution of projects to chart a new growth path," he said. — Bernama