Chief Minister Datuk Patinggi Tan Sri Adenan Satem said this would be the first budget deficit after 14 consecutive years of strong track record of budget surplus.
“The budget deficit for 2017 is on the basis of expected total revenue of RM5.321 billion against a total ordinary expenditure amounting to RM5.706 billion,” he said in his budget speech at the State Legislative Assembly sitting today (Nov 21).
Adenan pointed out that the state revenue was on a declining trend, significantly impacted by the failing of oil and gas prices as well as the weakening of Ringgit Malaysia.
He added that expenditure was on a rising trend as well.
“In the face of a weak global economy next year arising from various uncertainties, it is imperative that the state continues to have an expansionary fiscal policy so as to cushion the economic recessionary pressures.
“This is also to ensure a continual development momentum in the state to support the state much needed economic and rural development.”
As such, he said the state government proposed a higher development budget for 2017 so as to sustain a desired level of economic growth and development.
Earlier, Adenan announced a sum of RM5.928 billion or 73 per cent of the total budget proposed for development.
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