Premier: 2024 State Budget expected to generate surplus of RM386 mln

KUCHING (Nov 20): The 2024 State Budget is expected to generate a surplus of RM386 million following the state’s projected revenue of RM12.7 billion and total Ordinary Expenditure of RM12.3 billion, said Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

He said this is the largest State Budget unveiled by the Sarawak government in history, which is a testimony to the success of the state’s revenue reengineering efforts and prudent financial management.

He said the 2024 State Budget proposed a total Ordinary Expenditure of RM12.3 billion, of which RM4.5 billion is for Operating Expenditure, while RM7.8 billion is for appropriation to the Development Fund Account to finance various development programmes and projects.

“The Operating Expenditure of RM4,563 million is allocated to finance the following expenses namely RM1,067 million or 24 per cent for personnel emoluments; RM1,761 million or 39 per cent for supplies and services; RM1,524 million or 33 per cent for grants and fixed payments, which includes operating grants to Statutory Bodies and Local Authorities, servicing of public debts and payments of gratuities, pensions, and scholarships, including financial and welfare assistances; RM107 million for procurement of assets; and RM104 million for other operating expenses,” he said when tabling the Budget at the State Legislative Assembly (DUN) Sitting here today.

The Premier said the expenditure budget will always face demands that are greater than the available fiscal resources.

“Public spending is essential for stimulating the economy, providing public services, and financing investments that will provide public goods to support current and future growth.

“We need to ensure that spending is focused on productive and prioritised activities, and that programmes and projects are carried out efficiently.

“Waste must be reduced and much more attention will be paid to achieving value for money with the implementation of Value Management Framework.  With this, overall accountability and transparency is strengthened,” he said.

On the Development Expenditure, 2024, Abang Johari said the 2024 State Budget provides an allocation of RM9.03 billion for development purposes, of which RM8.91 billion will be funded by the state fund while RM123 million will be through federal loan and reimbursable grant.

“The Budget will continue to provide allocation to key sectors to accelerate economic development and eventually make the State economy prosperous, robust, and resilient,” he said.