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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Government Education Search Search: Ministry reviewing adequacy of town councils’ sinking funds Channel NewsAsia - 2 hours 16 minutes ago SINGAPORE: The National Development Ministry is reviewing the adequacy of sinking funds in all town councils. Senior Minister of State Grace Fu said there is a misconception among some Singaporeans that these are excess funds and therefore such money should be returned to them. But a preliminary ministry study shows the sinking funds are not excessive and town councils need them. Her ministry is also trying to further understand the plans of town councils so as to ascertain the adequacy of such funds. Ms Fu was speaking during a visit to the Serangoon North neighbourhood to spread the energy saving message to residents on Saturday. She told residents her ministry is keeping a close eye on the financial operations of all town councils. Debate over how a town council handles its sinking funds started after it was revealed in Parliament recently that funds from eight PAP town councils were exposed to financial products of failed Lehman Brothers. These invested funds totalled some S$16 million. But Ms Fu stressed the need for such funds to keep daily maintenance works in housing estates going as well as for long—term projects. She said town councils need to have a sound and competent financial system, which includes proper procedures and policies, just like a big commercial company, taking into consideration a town council’s scale of operations and the impact of the decisions they make. Right now, the National Development Ministry will study how to implement a performance management system. It will help to benchmark town councils, to include indicators such as cleanliness and making sure lifts run smoothly. And this review includes assessing the adequacy of sinking funds in a town council. Ms Fu said: "It is not quite easy for residents to pick up a financial report and decide whether it’s adequate. The number of units are different, the lifespan, the age, the configuration of the flats are different. So we are looking at ways...perhaps (to) grade the adequacy of sinking fund, and if we can make that transparent, it will help residents decide for themselves." This process will involve consultations with town councils and is expected to be finished in 12 months. — CNA/ir Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Singapore Late unionist Ho See Beng "served Singapore with loyalty and distinction"Channel NewsAsia - 1 hour 1 minute ago Freemasons in Singapore celebrate 150 years of existence in regionChannel NewsAsia - 1 hour 18 minutes ago Record number of students expected to collect free used textbooksChannel NewsAsia - 1 hour 20 minutes ago Sustainability is key in deciding financial aidChannel NewsAsia - 1 hour 59 minutes ago Ministry reviewing adequacy of town councils’ sinking fundsChannel NewsAsia - 2 hours 18 minutes ago Enlarge Photo Ministry reviewing adequacy of town councils’ sinking funds Most Popular – Singapore Viewed Diamond thieves pull off 100-million-dollar Paris heist Do not disturb eggs: MP reveals Britain's oddest laws Cruise ship runs aground in Antarctica Oil price falls below $40 Amid depression fears, Congress sets up votes on auto bailout View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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