Tanjong Pagar Town Council increases S&CC

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An honorable member of the Coffee Shop Has Just Posted the Following:

Tanjong Pagar Town Council increases S&CC


October 25th, 2013 | Author: Contributions



Where has the Town Council accumulated surplus
gone?

Tanjong Pagar GRC sent the following
notice to its residents:

Many elderly aunties and uncles were shouting angrily that the S&CC has
increased to $42 per month.

Despite living here in the smallest 3-room HDB flat since the year I was born
in 1991… Despite the fact that none of the residents in Tanjong Pagar GRC had a
chance to vote for the MPs to take care of this estate since I was born… Leong
Sze Hian and I did some research on Tanjong Pagar town council (TPTC) and the
Town Council Act.

Under the Town Councils Act (CHAPTER 329A) Section
34:



“(3) Where there is an election in any or every whole constituency within a
Town without any prior alteration to the boundaries of such constituency, the
Town Council for the Town shall, subject to subsection (7), transfer its
surpluses in the following manner:

(a) if the Member or Members elected and the previous Member or Members for
the constituency stood in elections for the same political party — 80% of its
surpluses relating to such area of the Town comprised in that constituency shall
be transferred to the prescribed sinking funds of the Town Council relating to
that area; or

(b) if the Member or Members elected and the previous Member or Members for
the constituency stood in elections for different political parties — all its
surpluses relating to such area of the Town comprised in that constituency shall
be transferred to the prescribed sinking funds of the Town Council relating to
that area.”
Residents deprived of use of accumulated surpluses whenever elections
are called?

Wouldn’t
residents be in a way, suffering at least 80% losses (same political party wins)
or up to 100% (different political party wins) by way of a transfer of the
accumulated surpluses to the sinking fund, the moment there is an election?

Why is it that such an undemocratic and unfair amendment to the Town Council
Act was passed by Parliamentarians without much debate, scrutiny an
dissent?

Really need to increase
S&CC?

If there is no Section 34, would
S&CC need to be raised after the last general election in 2011?

http://statutes.agc.gov.sg/aol/search/display/view.w3p;ident=86356998-b3a7-47fc-8ef1-0474b810a4d9;page=0;query=DocId%3Ac4acfc3c-7add-4144-aaa4-5eea6391c95e%20%20Status%3Ainforce%20Depth%3A0;rec =0#pr34

In this connection, in 2012, there was a SGD$46,911 “Surplus for the
financial year”.

“Accumulated surplus as at 1 April 2011” is SGD$6,527,239 but “Accumulated
surplus as at 31 March 2012” decreased to SGD$3,453,823.

Was this due primarily to a SGD$4,470,001 “Transfer of Accumulated Surplus to
Sinking Fund” on 18 April 2011 (under Section
34)?

S&CC past due increased
13%?

The Total S&CC past due has increased
by about 13% from $1,759,172 in 2011 to $1,984,504. (From SGD$443,390 to
SGD$730,747 for “Past due < 3 months”, From SGD$295,127 to SGD$312,800 for
“Past due 3 to 6 months”, From SGD$1,020,654 to SGD$940,957 for “Past due over 6
months”)

Provision for impairment increased
38%?

“Provision for impairment” increased 38%
from SGD$513,767 in 2011 to SGD$711,452 in
2012.

More financially stressed
residents?

Does this increase in S&CC owing
and provision for impairment, mean that maybe more residents were under greater
financial stress last year?

Bad debts increased
9 times?

Why is it that the General and
Administrative Expenditure’s “Bad debts written off” increased by about 9 times
from SGD$56,881 in 2011 to SGD$451,172 in
2012?

Late payments’ % as high as S&CC
receivables?

Why is it that the “Interest
receivable on late payments” of $902,958, is almost as high as the “Conservancy
and service receivables” of SGD$1,113,988 in
2012?

Fund managers’
performance?

Why is it that the total “Funds
with fund managers” have decreased by about 39% from SGD$34,723,282 in 2011 to
SGD$20,588,849 in 2012?

Apparently, this may be due primarily to the increase in the
“HELD-TO-MATURITY INVESTMENTS” (Bonds) from SGD$24,860,191 in 2011 to
SGD$51,898,090 in 2012.

Under “Cash flows from investing activities”, “Proceeds from termination of
funds with fund managers” was SGD$13,941,431 in 2012.

“Fair value loss” was a negative SGD$202,014 in 2012.

So, what does this indicate to us? What was the performance of the fund
managers last year?

$191m sinking fund in just 1
TC?

As of 31 March 2012, there is
SGD$191,930,738 in the Sinking Fund. When will this amount of money be used to
better the lives of Singaporeans living in Tanjong Pagar GRC?

If we have $191 million of sinking funds in just one town council, how much
in total are there for all the town
councils?

Han Hui Hui and Leong Sze
Hian

* TPTC Annual Report: http://www.tptc.org.sg/pdf/annual%20report%202012.pdf


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