Selangor's Financial Position Continues To Strengthen In 2024 - Amirudin

SHAH ALAM, Nov 15 (Bernama) -- Selangor’s financial position has continued to strengthen, with the Consolidated Fund totalling RM4.36 billion this year, an increase of RM751.46 million compared to RM3.61 billion in 2023.

The state’s revenue collection stood at RM2.43 billion as of Nov 13 -- equivalent to 110.43 per cent of the estimated revenue target of RM2.2 billion for 2024, said Menteri Besar Datuk Seri Amirudin Shari.

Tax revenue stood at RM704.95 million and non-tax revenue amounted to RM1.49 billion, while non-revenue receipts totalled RM226.55 million.

"Key contributors to the state’s revenue include land premiums (RM1.05 billion), land tax revenue (RM592.65 million) and federal grants (RM209.20 million)," he said while tabling the Selangor 2025 Budget at the Selangor State Legislative Assembly today.

Debt Repayments and New Revenue Strategies

Amirudin also noted Selangor’s commendable performance in settling debts with the federal government, including the final instalments for the Water Supply Project and the Selangor Trust Fund, amounting to RM19.21 million and RM1.89 million, respectively.

He said these debt settlements pave the way for new revenue strategies by increasing the involvement of state subsidiaries, statutory bodies, and government agencies through their contributions and dividend payments.

As of November 2024, entities such as the Menteri Besar Selangor (Incorporated) (MBI), Selangor Water Management Authority (LUAS), Selangor State Development Corporation, and Worldwide Holdings Berhad have collectively contributed RM30 million out of a targeted RM40 million, with the remaining expected by year-end.

For next year, the state government estimates to collect RM121 million in revenue through penalties on water and waste discharge that carries the risk of polluting water resources, in line with the Zero Discharge Policy outlined in the LUAS Enactment 1999.

Additionally, the state expects to receive an additional RM74 million from water industry operators, following the proposed review of the state’s raw water extraction fees, which currently rank among the nation’s lowest.

This would bring the annual revenue from the state’s raw water extraction fees from merely RM18 million in 2023 to RM92 million annually starting in 2025, Amirudin added.

-- BERNAMA