KOTA KINABALU: The Sabah government's 2024 Budget proposes an estimated revenue of RM5.737 billion and supply expenditure of RM5.701bil.
The state Finance Minister Datuk Seri Masidi Manjun said the surplus of RM35.87 million is for preparing a holistic and inclusive budget by uplifting the well-being of the people.
As of September 2023, he said the state's inflation recorded a rate of 1.8 per cent, which is slightly lower than the national rate of 1.9 per cent.
"The state government will continue to implement various initiatives to control the increase in the price of goods and stabilise the inflation rate in order to further reduce the pressure and burden of the people's cost of living.
"Considering the optimistic economic outlook for next year, we are able to undertake various initiatives to address the needs of the people, particularly in providing better basic infrastructure and public amenities," he said during the state 2024 Budget tabling at the state assembly sitting here.
Masidi also said the budget's expenditure strategies include increasing and strengthening the growth of key sectors namely agriculture and food security, industrial and tourism; empower human capital by strengthening knowledge, skills and spiritual values to foster a strong self-identity.
It will also address socio-economic gaps and improve the people's standard of living through various initiatives geared towards inclusivity and equality, to develop enablers to support economic development that includes basic infrastructure as well as public facilities.
He also added that the budget will enhance the ability, efficiency and effectiveness of the state's administration and delivery system.
As for the estimated revenue next year, Masidi said those would be derived from tax revenue of RM2.636 billion contributed by state sales tax totalling RM2.490 billion; Land Rent, RM103 million; as well as Port and Harbour Dues, RM42.5 million.
For non-tax revenue of RM2.372 billion, it comprises RM1.3 billion from petroleum royalty; RM300 million from sales of water; RM201 million from interest on cash balance and short-term deposits; RM150 million from land premium; RM143.7 million from dividends as well as forest produce royalty and; RM133 million from export on timber products.
The third is from non-revenue receipts amounting RM729.10 million comprising reimbursables, receipts and contributions from the federal government as well as other receipts.