“...some government departments and agencies have not prudently spent their allocated money, and there is still plenty of room for improvement.”
Despite the positive response from the Auditor-General regarding Penang’s financial statement and financial management, it is nevertheless important to understand to what extent the current government spends its resources. By looking at the basic data, there are still several areas that can be improved through good management and close monitoring by appointed government agencies or departments.
Firstly, let’s understand the components in a state’s financial statement. The financial statement is regarded as all the actual financial transactions for the state government which account for all the internal resources and the exercise of financial resources. It consists of three major components, namely consolidated revenue fund, consolidated loan fund and consolidated trust fund.
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