August 23, 2011 : THE State Assembly yesterday approved a supplementary bill amounting to nearly RM1.4 billion, to provide largely for the equity investment in the government investment arm Innoprise Corporation Sdn Bhd (ICSB).
Finance Minister Datuk Seri Musa Aman in tabling the bill, said almost RM1.09 billion of the sum does not involve any cash flow, including the RM675 million needed for the ICSB investment.
“The investment is actually funded through dividend payments received from Yayasan Sabah’s subsidiary, and the said amount would be invested back as equity in the ICSB,” said the Chief Minister.
The bill also provides for RM300 million to deal with the State Consolidated Fund’s deficit and another RM113.8 million for balancing the Advance Payment accounts.
Only RM305.7 from the total sum involves cash flow, out of which RM120 million was needed for maintaining roads and bridges across the State.
Musa informed the august House that RM66.9 million of the proposed amount was to provide for urgent projects to maintain and fix old and damaged water pipes as well as managing non-revenue water (NRW).
Another RM10 million was needed for relocating water pipes affected by road upgrading works, while RM47.2 million was required for paying water concession companies.
“An additional allocation of RM8.2 million is also needed for purchasing dairy cattle from New Zealand, for achieving the targetted production capacity under the 1Malaysia Milk programme.
“Another RM8.1 million was required to provide for the Forestry Department services, especially their enforcement activities,” he added.
Sole Democratic Action Party representative Jimmy Wong was the only lawmaker who objected to the bill, arguing that there was no need for another huge funding.
The Sri Tanjung assemblyman said the supplementary bill was the biggest ever tabled so far, and it was “shocking” that the government still needed that much despite the huge 2011 Budget it approved last year.