GEORGE TOWN, Nov 24 — Penang Chief Minister Chow Kon Yeow today tabled a RM1.047 billion budget for the state with a projected deficit of RM514.53 million in 2024.

The 2024 budget is RM58.13 million higher than this year's budget of RM989.47 million.

However, Chow said the state had taken cost savings measures so the actual management expenditure this year was at RM709.2 million, which is below the projected RM989.47 million.

"The projected deficit of RM514.53 million is RM47.41 million higher than the deficit of RM467.12 million this year,” he said when tabling the state budget at the state legislative assembly.

The state has tabled an increasingly higher budget over the past few years from RM792.66 million in 2020, with a deficit of RM273.5 million, a RM909.82 million budget in 2021 with a deficit of RM403.8 million, a RM935.22 million budget with a deficit of RM449.8 million in 2022 and a RM989.47 million budget with a deficit of RM467.12 million this year.

This is also the 13th consecutive deficit Budget Penang had tabled since 2011.

Out of the RM1.047 billion, a total RM374.72 million is for development which will be allocated to nine departments.

"There is an increase of RM47.96 million or 14.68 per cent in the budget for development in 2024 as compared to RM326.76 million in 2023,” he said.

Out of the RM374.72 million, only RM21.6 million is allocated by the federal government while the balance of RM353.12 million is from the state coffers.

Chow said the highest development allocation totalled RM197.76 million.

"This included allocation for Gurney Bay (RM80 million), sports and recreational spaces development (RM15.3 million), Penang Transport Master Plan RM21.23 million) and development of affordable homes plans (RM6 million), special economic projects (RM15.05 million), among other development projects,” he said.

He said the state also allocated a loan totalling RM15 million to Penang Development Corporation to support a portion of the cost for the GBS By The Sea project.