HDB financial statement - any accountants?

[Papsmearer]

Well this one bo bian... GAAP does not require that much details... on the whole it still gives a fairly good idea of the overall operations. On the subject of land price, i recall some time ago there was a discussion about the PTP port in Johor and one bro provided the link to the accounts which actually gave details of the purcase cost of land and the size of land.

HDB is a stat board hence level of disclosure is very much voluntary.

Deloitte Touche did the accounting, and I don't think it's voluntary.

 

[silverfox@]

It is the truth, you can see it in their financial statements under transfers. Regarding your questions on staffing, that is also in the annual report. The HDB group has a staff of 4679. Their total salary/bonuses/CPF contribution is $424 million a year. That works out to a whopping average of $90K per year salary for each HDB staff. As I have said, there is a lot of deadwood. The top 4 guys alone make almost $6 million in salary and bonuses. The breakdown is even scarier. Of the 4679 staff, almost 2000 are "management support" staff. These are your office girls, secretaries, personal assistants, etc. Their pay is not high, usually $2-3K a month, so their combined salary is maybe around $60 million out of this $424 million. No where near the average of $90k per year. On top of this, IT and Tech support staff is 1,260, and they also don't earn that much either, especially if they are apunehs from India. If you say $3000 is the average monthly pay for this group, than than collectively, they earn $45 million per year. The management staff is 1503, and yes you guess it, their average pay is 6 figures for this group. $424 million -$60 million-$45 million divide by 1503 = approx. $200K per person annually. That's a lot.

Up this for discussion. >400million bucks on salaries for 4000+ staff is seriously too much. :(

 

[Unrepented]

You guys need to read from the following website as the basis for interpretation of the financial statements from statutory boards. Therein, also the guidelines for disclosure requirements (I believe). The HDB financial statements are prepared inaccordance to "Financial Reporting Standards for Statutory Boards".

http://www.assb.gov.sg/index.html

Stat boards follow this accounting standard, different from other private and commercial industries. Budgeting, and budget control and manangement is also different from private and commercial industries.

http://www88.hdb.gov.sg/eBook/AnnualReport/Financial2010.html

Was having a look at this the other day. Yes, I am a nerd who likes numbers.

One interesting thing I noticed is that they mentioned in the summary they had about 3.34 billion of capital expenditure that year. But I can't seem to find it in the cash flow statements.

Any accounting guys want to help me out?

And the important bits have no notes. Like "cost of sales" on page 14. Or all the juicy investing and financing activities in the cash flow statement.

So we know Singaporeans paid 7.36 billion in loan repayments last year. But we have no idea how much of that was paid out in turn to whom.

 

[Papsmearer]

Up this for discussion. >400million bucks on salaries for 4000+ staff is seriously too much. :(

When politicians who are servants of the people are paid $3 million plus a year, than this is sup sup mah.

 

[ManBearPig62]

You guys need to read from the following website as the basis for interpretation of the financial statements from statutory boards. Therein, also the guidelines for disclosure requirements (I believe). The HDB financial statements are prepared inaccordance to "Financial Reporting Standards for Statutory Boards".

http://www.assb.gov.sg/index.html

Very useful, thanks.

 

[Equalisation]

cannot anyhow say hor ..... if not where to pay multi million salaries ??:o

 

[halsey02]

Deloitte Touche did the accounting, and I don't think it's voluntary.

Hmmmm DT ...hmmm was my ex-company external auditor...they could not even detect the 'mice in the company, stealing from the siloes'...we have to get a 'whistle blowing' for our HQ auditor ( from abroad) to suddenly turn up, audit the books & report to the authority...so go figure!

 

[halsey02]

Deloitte Touche did the accounting, and I don't think it's voluntary.

Hmmmm DT ...hmmm was my ex-company external auditor...they could not even detect the 'mice in the company, stealing from the siloes'...we have to get a 'whistle blowing' for our HQ auditor ( from abroad) to suddenly turn up, audit the books & report to the authority...so go figure!