SHAH ALAM, 27 Nov: The surplus of the Selangor government cash reserves basically seeks to manage the overall state government finances, said Chief Minister Mohamed Azmin Ali.
He said that it will be used to cover deficit spending, development expenditure plans and management, providing provisions without seeking other sources and being a source for contingency expenditure.
He said that as of October 31, the state financial reserves consist of cash and investment held for consolidated fund amounting to RM3.32 billion.
“The state reserve consists of cash and investment held by the consolidated fund. Not all state reserves can be spent as it is part of the consolidated trust fund to be used in accordance with the law, trust Acts and trust directions.
“The state government believes that it must be spent on programmes or projects that being long-term benefits to the state’s socio-economic development, like the third Klang bridge amounting to RM150 million and the construction of affordable homes amounting to RM100 million.
“This programme is designed as part of the state government’s project to improve the socio-economic development of the people,” he said during the Selangor State Assembly today.
He said this in reply to a verbal question from Datuk Mohd Shamsudin Lias (BN-Sungai Burong) regarding the Selangor financial reserves.
NS
