THE Selangor government will utilise its reserve fund for the long- term benefit of its people and development.
Selangor Mentri Besar Datuk Seri Azmin Ali told the state assembly that the state would be extremely cautious in spending its reserves.
To a question by Tiew Way Keng (DAP-Teratai), Azmin said the state had RM3.4bil in its reserves.
He said the amount was accumulated from various income to the state from 2008 until September this year.
“The state has been prudent in its expenditures and therefore, the reserve fund will only be utilised if there is an urgent need,” he said.
The reserve fund, Azmin added, was kept as investment with various financial institutions to generate short-term and long-term returns from the principal amount.
“So far, the state has made RM61mil profit from the various deposits we made with the reserve fund,” he said.
The accumulation of the reserve fund, Azmin said, reflected the state’s efficiency in collecting taxes from various parties.
He added that the state practised good governance and followed strict financial regulations while spending the public fund.
“Selangor has shown that it can get returns from its reserve fund through a good and transparent administration,” he said, adding the state would continue with its efficient management of the fund.
We're sorry, this article is unavailable at the moment. If you wish to read this article, kindly contact our Customer Service team at 1-300-88-7827. Thank you for your patience - we're bringing you a new and improved experience soon!