An interesting post I want to share from Facebook..in particular this interesting post by my FB friend this feisty lady Lim Sian See :
Yesterday, in his speech (http://bit.ly/1pntBNb) at the Yang di Pertua birthday, Penang CM LGE made the following claims.
1) Penang govt surplus budget is not derived from land sales and not linked to any transaction of govt land
2) if compared with the sale of land prior to 2008, the current state government has sold far less government land to developers.and that "After 2008, DAP sold 106.1 acres of land through competitive open tender with returns of RM1.11 billion compared with the sale of 3,661 acres of land before 2008 with revenues of RM1.06 billion, "
3) Revenues derived from such sale of state land is revenues from such sales are channeled to development of public and affordable housing.
Well, he LIED, LIED and LIED. And LIED some more.. lol
He probably thinks we all don't know how to read the state AG report and don't understand accounts.
Let me debunk it one by one.
1) In the latest available AG Report which is for the year 2012 (http://bit.ly/1pnuoNS), the yearly Penang state Expenditure has almost doubled from RM283million in 2008 to RM540million in 2012 (see Jadual 4.20 in picture).
Whereas yearly Penang state Revenue has increased from RM371million in 2008 to RM654million in 2012, which is good. Except that if you look at the figures properly, you will see that yearly Hasil Cukai has only increased marginally from RM110million in 2008 to RM116million in 2012. (see Jadual 4.11 in picture)
Yearly Hasil Cukai essentially remaining flat while yearly state expenses doubled, so how to cover without running into budget deficit?
The big increase that is helping to cover this is the Hasil Bukan Cukai.
So, what is this Hasil Bukan Cukai?
As you can see in Jadual 4.13, the item "Premium Tanah - Pemberian Hak Milik" has essentially increased 10 times from RM19million in 2008 to RM206million in 2012?
This is essentially land sales and without these land sales, Penang state govt would have been in deficit.
And how do we know "Premium Tanah - Pemberian Hak Milik" is land sales? Well, the name itself already says it but this is more explicitly explained in point 1 of Jadual 4.,14 in picture which clearly explained that one of the big increase between 2011 and 2012 revenue for this Premium Tanah is from RM110 million from "Bayan Mutiara" - which is part payment of the RM1.07 billion sale of land done in early 2012.
So, this means that Penang State Govt would have been deficit n 2012 without the RM206million in land sales and it is clear that the revenues and surplus IS LINKED to land sales - despite what CM LGE said yesterday. This means he LIED!
BTW, I wonder how the Rakyat would react if Federal BN Govt does the same and doubles yearly govt expenses within 4 years and sells assets (like Petronas or federal land) like LGE to compensate for the deficit?
2) Of course prior to 2008, the previous Penang Govt sold more land as it was a period spanning many decades compared to after 2008 till now.
BUT, he LIED again that previous state govt sold 3,661 acres for RM1.06billion. Much of these land sales are decades old and majority of this is NOT EVEN LAND but land reclamation projects - as explained here: http://on.fb.me/1wU0oCd
And he LIED again to say After 2008, DAP sold only 106.1 acres of land with returns of RM1.11 billion. The correct figure would be about RM9billion of state land that is either swapped away or directly sold - http://on.fb.me/1wBn6w0
3) And when he mentioned that "Revenues derived from such sale of state land is revenues from such sales are channeled to development of public and affordable housing:, he again LIED as it can clearly be seen above that such revenues are used to cover the doubling of yearly state expenses.
Plus, he has launched the RM500 million fund for affordable housing projects in May 2011 and today, he is still talking about the same old RM500 million fund as for the past 4 years, he has kept talking and relaunching the same fund.
But affordable houses are still nowhere to be found yet? And yet developers seem to get a much better deal compared to poor people buying affordable housing -http://on.fb.me/1uTvhU4
Plus, if you have sold billions of ringgit in land and you said such money will be channeled to building affordable houses, can we expect RM9billion in future funding for affordable houses? What about RM2.64 billion (if we take away the RM6.3 billion from Penang Tunnel project).
But if you were serious about affordable housing, just scrap the RM6.3 billion for the Penang Tunnel project which has got dubious benefits and has already run into implementation problems (http://on.fb.me/1rcvlhs). This amount can build 42,000 affordable homes at Rm150,000 each which you can give it free to the public and assuming each house can house 5 persons (210,000 persons) which means that 30% of Penang Island's population of 700,000 can stay in free houses.
Dear CM, CM means Chief Minister and not Cheat Minister lah.
Please be more honest in future and just admit that you are selling state land like crazy in speed, amount and values never seen before and that not much state land is left owned by the state govt now compared to 2008.
Yesterday, in his speech (http://bit.ly/1pntBNb) at the Yang di Pertua birthday, Penang CM LGE made the following claims.
1) Penang govt surplus budget is not derived from land sales and not linked to any transaction of govt land
2) if compared with the sale of land prior to 2008, the current state government has sold far less government land to developers.and that "After 2008, DAP sold 106.1 acres of land through competitive open tender with returns of RM1.11 billion compared with the sale of 3,661 acres of land before 2008 with revenues of RM1.06 billion, "
3) Revenues derived from such sale of state land is revenues from such sales are channeled to development of public and affordable housing.
Well, he LIED, LIED and LIED. And LIED some more.. lol
He probably thinks we all don't know how to read the state AG report and don't understand accounts.
Let me debunk it one by one.
1) In the latest available AG Report which is for the year 2012 (http://bit.ly/1pnuoNS), the yearly Penang state Expenditure has almost doubled from RM283million in 2008 to RM540million in 2012 (see Jadual 4.20 in picture).
The big increase that is helping to cover this is the Hasil Bukan Cukai.
So, what is this Hasil Bukan Cukai?
This is essentially land sales and without these land sales, Penang state govt would have been in deficit.
And how do we know "Premium Tanah - Pemberian Hak Milik" is land sales? Well, the name itself already says it but this is more explicitly explained in point 1 of Jadual 4.,14 in picture which clearly explained that one of the big increase between 2011 and 2012 revenue for this Premium Tanah is from RM110 million from "Bayan Mutiara" - which is part payment of the RM1.07 billion sale of land done in early 2012.
BTW, I wonder how the Rakyat would react if Federal BN Govt does the same and doubles yearly govt expenses within 4 years and sells assets (like Petronas or federal land) like LGE to compensate for the deficit?
2) Of course prior to 2008, the previous Penang Govt sold more land as it was a period spanning many decades compared to after 2008 till now.
BUT, he LIED again that previous state govt sold 3,661 acres for RM1.06billion. Much of these land sales are decades old and majority of this is NOT EVEN LAND but land reclamation projects - as explained here: http://on.fb.me/1wU0oCd
And he LIED again to say After 2008, DAP sold only 106.1 acres of land with returns of RM1.11 billion. The correct figure would be about RM9billion of state land that is either swapped away or directly sold - http://on.fb.me/1wBn6w0
3) And when he mentioned that "Revenues derived from such sale of state land is revenues from such sales are channeled to development of public and affordable housing:, he again LIED as it can clearly be seen above that such revenues are used to cover the doubling of yearly state expenses.
Plus, he has launched the RM500 million fund for affordable housing projects in May 2011 and today, he is still talking about the same old RM500 million fund as for the past 4 years, he has kept talking and relaunching the same fund.
But affordable houses are still nowhere to be found yet? And yet developers seem to get a much better deal compared to poor people buying affordable housing -http://on.fb.me/1uTvhU4
Plus, if you have sold billions of ringgit in land and you said such money will be channeled to building affordable houses, can we expect RM9billion in future funding for affordable houses? What about RM2.64 billion (if we take away the RM6.3 billion from Penang Tunnel project).
But if you were serious about affordable housing, just scrap the RM6.3 billion for the Penang Tunnel project which has got dubious benefits and has already run into implementation problems (http://on.fb.me/1rcvlhs). This amount can build 42,000 affordable homes at Rm150,000 each which you can give it free to the public and assuming each house can house 5 persons (210,000 persons) which means that 30% of Penang Island's population of 700,000 can stay in free houses.
Dear CM, CM means Chief Minister and not Cheat Minister lah.
Please be more honest in future and just admit that you are selling state land like crazy in speed, amount and values never seen before and that not much state land is left owned by the state govt now compared to 2008.
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