From Fz.com
The Selangor government’s financial position last year was good with the Pakatan Rakyat-ruled state registering a higher surplus of RM180.50 million, said the Auditor-General’s Report 2011 today.
After posting a deficit of RM65.96 million in 2009, the state government had managed to record a surplus of RM124.24 million in its consolidated revenue account in 2010, before improving further in 2011.
According to the report, the state consolidated fund recorded a 22.5% increase to RM1,944.01 million in 2011 from RM1,586.88 million in 2010, while the state revenue rose 4% to RM1,634 million from RM1,571.50 million in 2010.
At the same time, the state government managed to reduce its arrears of revenue by 15% to RM426.79 million in 2011 as compared to RM502.05 million in 2010.
However, the report said that the returns on long-term investments were not satisfactory, as the state government received very low dividend yield for the past five years from 2007 to 2011.
The report noted that repayment of public debt in 2011 was very good, as the balance of public debt has decreased by a total of RM25.01 million while the outstanding loan repayment has decreased by RM604.97 million.
The decrease was due to the rescheduling of the water supply project that took into account the payment made by Syarikat Bekalan Air Selangor Sdn Bhd (Syabas) to the federal government for 2010 — amounting to RM9.27 million — that was made in early 2011. Apart from that, the state government settled a RM15.47 million low cost public housing loan as well as other loans.
“Efforts to strengthen the economy, to increase the revenue and prudent spending without compromising on the quality of services, public delivery system as well as contributions to the citizens, could further improve the financial position of the state government,” the report said.
The audit also found that generally, the performance of development projects was good in respect of expenditure and the number of projects approved.
At the end of 2011, which was the first year of the 10th Malaysian Plan, 377 projects (60.1%) of the 627 approved projects were completed or in progress and 81% of the development’s expenditure has been spent.
“Efficient and effective planning and implementation of development projects are essential for the prosperity of the state and well-being of the people,” the report said.
The financial management performance of the state’s departments and agencies saw an improvement in 2011 compared to 2010.
Eight state departments and agencies — namely, the Selangor Chief Minister and State Secretary Office; Selangor State Treasury; Land and Mines Office; Sabak Bernam District and Land Office; Selangor Islamic Religious Council; State of Selangor Malay Custom And Heritage Corporation; Subang Jaya Municipal Council; and Kajang Municipal Council — were rated excellent, while 10 other departments and agencies were rated as good. In 2010, four State Departments and Agencies were rated as excellent, with 11 rated as good.
The AG suggested that financial management performance of the departments and agencies be improved through measures such as providing adequate and continuous training to boost the knowledge and competency of officers involved in financial management.
According to the financial statements for the year ended Dec 31, 2010, five statutory bodies, the Selangor Islamic Religious Council and nine local authorities recorded a surplus, while two statutory bodies and three local authorities incurred deficit.
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