He said the details of the state Budget 2020 are currently being worked out after being presented to the state executive councillors before tabling at the state assembly sitting on Nov 1.

“Penang will continue to table a deficit budget next year and hopes to achieve a reduction in expenses by cutting down the development budget for Penang Development Corporation (PDC) and the Penang Water Supply Corporation (PBA).”

He said the reduction in expenditure will be gained through the issuance of development loans to PDC and PBA.

“The reduction in the budget for next year will not affect the implementation of the state’s social programmes,” he said.

Chow said the state’s projected revenue next year is expected to be close to this year’s figure of RM505.5 million, unless new revenue sources are explored.

“The revenue is expected to be around the same as this year. We do not have new income sources and it needs to be explored,” he said.

Earlier, he officiated the opening of the second Scandinavian Industrialised Building Systems (SIBS) factory at Bukit Minyak near here.

Chow said Penang had always welcomed investments from European companies where the state government emphasised continuous infrastructure development to meet investors’ needs.