Brilliant Leongsam will come out with something to justify his 'honest mistake'.
Truth be told, I know that both you and I would be astounded by his explanation if he can ever come up with one :p:p:p
Brilliant Leongsam will come out with something to justify his 'honest mistake'.
All town councils run deficits
TRE examined the annual reports of several town councils and found that, in reality, all are running deficits. In fact, all require government grants in order to operate as the conservancy charges collected from HDB residents are not enough to cover expenses, generally speaking.
Take Desmond Lee’s Jurong Town Council for example, it also ran a deficit (after tax but before government grants) of $3,975,000 in FY2012/13, ending at 31 March 2013.
The government gave a total grant of $9.4 million to Jurong Town Council. After transferring a portion to the Sinking Funds and the Town Improvement & Project Funds, the actual government grant taken to the income and expenditure statement for Jurong Town Council was $4,573,000. Subtracting the deficit amount of $3,975,000 from this actual grant amount, gave Jurong Town Council a surplus of $598,000.
One can compare AHPETC’s figures with those of the other PAP town councils below (FY 2012/2013, ending at 31 March 2013):
Tanjong Pagar(a) Chua Chu Kang(b) East Coast(c) Tampines (d) Jurong(e) AHPETC(f)
No of Electors(0) 170,785 186,349 142,393 137,532 148,475 167,708
Deficit(1) (8,660,077) (2,707,191) (2,917,296) (3,079,399) (3,974,927) (5,609,370)
Total Govt Grants(2) 14,931,745 9,217,276 5,326,203 8,841,857 9,410,375 7,274,608
Total Grants per Elector 87 49 37 64 63 43
Actual Grant applied(3) 9,598,383 4,195,155 3,217,308 4,195,669 4,573,430 4,875,452
Surplus/Deficit for FY(4) 938,306 1,487,964 300,012 1,116,270 598,503 (733,918)
i wish to thank the pap for providing a shining example to the world by running a gov budget that is consistently showing a surplus. not many gov's can do that, knowing they have to spend all and incur deficits year after year with 2 things in mind: it's taxpayers' money (not theirs), and deficit-spending is very "normal" among gov's which need to grow next year's budget. pap is da bestest!
Grants are given to all TCs based on age of estates and other factors. I think there is a fixed formula. If I am not wrong, it is grants for community development from pa that is what wp is going after.This begs the question as to why gov grants are not offered to ALL Town Council irrespective of their political affiliation?
Isn't the elected gov is to do this, since the pool of funds such as grants which are obtained, comes from every Sinkie taxpayer's pockets?
This begs the question as to why gov grants are not offered to ALL Town Council irrespective of their political affiliation?
Isn't the elected gov is to do this, since the pool of funds such as grants which are obtained, comes from every Sinkie taxpayer's pockets?
Town council businesses are not a profitable job. What the govt does is to give grants and they can give lesser to opposition town councils to make them look bad. AHPETC might have incurred more arrears than tolerable, but it won't make much difference even if their arrears were fully collected.
This is a fact and has been happening for years that many didn't know. Someone ever told me that potong pasir used to have the best acc before grants.
Wp has cornered them by not submitting their acc statement. They need to act for the non-compliance. Bringing the matter to the public is exactly what wp wanted. It presents the opportunity to surface the inconsistencies in the way that grants are given to the TCs. It is not easy to hoodwink in this Internet age. Wp has all their supporters to correct whatever misrepresentation given by the mass media. Officially, they don't have to come out a single word. A very subtle way because it avoided bring hammered should they make any mistake if they make public statements. On the other hand it is really difficult to spin the story when the real figures are not in your favor. So all wp has to do is let them carry on with the spin, correct the wrongs through the Internet and make them look bad.
U kidding me if tc businesses is not profitable.
One bangala cleans one block of flat gets few hundred bucks a month. How much rates do all the residents in that block pay a week?
No, no, no... This thread's focus is on TC SC&C arrears :p:p:p
Heng ah... My kakis at the kopi session yesterday related that they don't give a flying fuck about what ratings MND throws at the oppositions. Their relatives in Punggol East SMC only know that they are very glad they didn't choose an arse to be their MP :p:p:p
Your fees don't just go to cleaning. One block's electricity bill is already over $1,000 per month.
In condos, maintenance fees is 5 times the amount and many management councils are still running deficits.
The balance sheet is not in red, only the P&L. So their net asset is still positive. Can you please read up and understand the difference? US is the most indebted country in the world do you take them seriously?
u should tell that to Creative Ceo sim wong hoo....in 1990 he was a billionaire,fast forward 24 years hes now a bankruptcy in progress thanks to a red P&L for 20 years.a billionaire to zero.