Incomes Of Federal Agencies Increase 17.8 Pct To RM124.36 Bln In 2017

KUALA LUMPUR, Nov 3 (Bernama) -- The incomes of 114 federal statutory bodies increased by RM18.81 billion or 17.8 per cent to RM124.36 billion in 2017 from RM105.54 billion in 2016, said the Auditor-General’s 2017 Report (Series 2) Verified Financial Statement (Book 1). It said the biggest contributor was self-generated revenue, which amounted to RM100.78 billion or 81.1 per cent of the total amount, followed by operating grants (RM16.95 billion/ 13.6 per cent) and grant amortisation (RM6.62 billion/5.3 per cent). “Operating grants received by 71 federal statutory bodies under 21 ministries amounted to RM16.95 billion, a reduction of RM1.19 billion or 6.6 per cent compared with RM18.15 billion in 2016. “Development grants received by 53 federal statutory bodies under 15 ministries amounted to RM7.31 billion, a reduction of RM1.64 billion (18.4 per cent) from RM8.95 billion received by 57 federal statutory bodies under 16 ministries in 2016,” the report said. The report was presented by Economics Affairs Minister Mohamed Azmin Ali in Parliament Monday. It said in 2017, RM6.62 billion worth of development grants were amortised by 69 federal statutory bodies under 18 ministries, an increase of RM1.72 billion or 35.1 per cent compared with RM4.90 billion for 66 federal statutory bodies under 17 ministries in 2016. The report confirmed that 75 federal statutory bodies recorded surpluses, while 39 others registered lower revenues for the 2017 financial year. Additionally, 109 federal statutory bodies accumulated surpluses, including the Retirement Fund Inc (KWAP), which recorded the highest accumulated surplus of RM61.68 billion, followed by Social Security Organisation (Socso) at RM25.80 billion and Bank Negara Malaysia (Central Bank of Malaysia) at RM14.74 billion. The total value of assets for 114 federal agencies under 23 ministries increased by RM101.89 billion (5.9 per cent) amounting to RM1.82 trillion from RM1.72 trillion in 2016. “From the total value of assets, RM1.46 trillion or 80.4 per cent were investment assets, followed by other assets (RM269.16 billion/14.8 per cent) while cash and cash equivalents amounted to RM88.45 billion (4.8 per cent),” it said. In 2017, investment assets by seven federal agencies increased by between1.7 per cent and 15.1 per cent compared with the previous year, while three others recorded decreases of between 12.8 per cent and 30.3 per cent. The investment assets of federal agencies within the country stood at RM814.81 billion, or 55.6 per cent of the total amount, while investment assets overseas were valued at RM649.57 billion. From the total, net investments in subsidiaries by 53 federal statutory bodies under 15 ministries stood at RM33.63 billion – an increase of RM2.88 billion or 9.4 per cent from RM30.74 billion in 2016. This was due to contributions from 21 newly established companies in 2017, bringing the total to 224 companies from 203 in 2016. Meanwhile, the report said 114 agencies earned cash and cash equivalents amounting to RM88.45 billion, down RM10.91 billion or 11 per cent from RM99.36 billion in 2016. “The balance of liabilities for 114 federal agencies under 23 ministries amounted to RM519.85 billion in 2017 from RM512.49 billion after readjustment in 2016. “The balance of loans by 25 federal statutory bodies under 15 ministries amounted to RM88.35 billion, an increase of RM7.64 billion (9.5 per cent) from RM80.71 billion in 2016,” it said. According to the report, 25 federal agencies under 13 ministries recorded contingent liabilities of RM2.10 billion, an increase of RM545 million or 34.9 per cent compared with RM1.55 billion in 2016. The report said in 2017, the overall financial management performance by 19 federal departments saw two of them receiving excellent rating, while 10 others were rated as good, five as satisfactory and two as less satisfactory. “The Royal Malaysian Customs Department’s financial management performance across the board at 14 of its branches showed three being rated as excellent, seven as good, while four others as satisfactory,” it said. On the financial performance of 13 Mara University of Technology (UiTM) campuses across the board, it said three of them were rated excellent, seven as good, two as satisfactory and one as less satisfactory. The report said the Auditor-General's Department audited 148 financial statements of the federal agencies, Federal Consolidated Funds / Trust Accounts and other agencies for the financial year 2017. Of them, 135 were financial statements of the federal statutory bodies, 11 Federal Consolidated Funds / Trust Accounts, and two other agencies set up under the Co-operative Societies Act 1993, the report said. As at Sept 30, 2018, the National Audit Department had issued the Auditor-General’s Report on 135 out of 148 financial statements for the financial year 2017, while 13 financial statements by agencies had yet to be finalised. The National Audit Department audited 34 of the 148 financial statements, while the remaining 114 were audited by private audit firms, it said. -- BERNAMA