tag:blogger.com,1999:blog-4405345292513335071.post1124528429168255275..comments2024-03-19T18:44:15.041+08:00Comments on Little Stories: You Give Your Money To Your Town Council So That It Can Play The Stock MarketGilbert Koh aka Mr Wanghttp://www.blogger.com/profile/01027678080233274309noreply@blogger.comBlogger54125tag:blogger.com,1999:blog-4405345292513335071.post-82401437970797133102009-08-08T12:53:02.719+08:002009-08-08T12:53:02.719+08:00I will be more specific on one of town council mat...I will be more specific on one of town council matters. I get to know this authority in Sembawang Town Council who is in charge of some kind of contracts for services and maintenance for the region. Isn't it nice to know that at times this person actually take benefit to himself/herself(personal home maintenance) in regards to town council matter? Honestly, maybe/if one day I'm one of those contractors who are given to chance to bid for their job, I'm not very looking up too much to them(sembawang town council) anymore.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-3333295855825502342007-12-19T22:06:00.000+08:002007-12-19T22:06:00.000+08:00Link = $1 Billion in Singapore Town Council Fund.Link = <A HREF="http://vadhog.multiply.com/journal/item/34/1_Billion_in_Singapore_Town_Council_Fund_" REL="nofollow">$1 Billion in Singapore Town Council Fund</A>.Gilbert Koh aka Mr Wanghttps://www.blogger.com/profile/01027678080233274309noreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-1427054616580081012007-12-15T12:56:00.000+08:002007-12-15T12:56:00.000+08:00When will stupid Singaporeans wake up and stop vot...When will stupid Singaporeans wake up and stop voting the PAP govt? You guys only got yourselves to blame, greedy over upgradings, handouts and progress packages. They are using your money to buy your votes. It will be the same goes for the upcoming compulsory insurance.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-12868335245829197122007-12-14T18:22:00.000+08:002007-12-14T18:22:00.000+08:00so much information but only on the internet.I thi...so much information but only on the internet.<BR/><BR/>I think Mr Wang should start a net-paper called the REAL Singapore Times(RST)...??Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-90140701246905211082007-12-13T11:02:00.000+08:002007-12-13T11:02:00.000+08:00Suggestions:1. If town councils have so much tucke...Suggestions:<BR/>1. If town councils have so much tucked away, how much is enough? Unused funds should be depleted to reduce S&C charges.<BR/>2.Whilst a limit may be placed on 'investments', shouldnt there be restrictions on the 'type' or 'risk categories'? Limits on losses? People who are qualified to advise on the investments? Afterall, it's the peoples' money !<BR/>3. Looks like amassing surplus for it's own sake without a cap.<BR/>4. Shocking that a TC can become a major shareholder of Creative. Where are the rules for full disclosure on P & L impact annually reflected in the accounts? Are there any?<BR/>5. Any CDO's on the books? Afterall, CDO's are about Yield?<BR/>6. There should be a national audit on this issue - NOW.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-21049433819640743812007-12-12T16:45:00.000+08:002007-12-12T16:45:00.000+08:00Dear Mr WangForgive my ignorance, but is the $1Bil...Dear Mr Wang<BR/><BR/>Forgive my ignorance, but is the $1Billion figure for one Town Council or the total of all TCs combined? I'm sorry if I had not followed this issue from the beginning.<BR/><BR/>From HDB website, they have some 878,813 flats flats under management, so if the 1Billion is for all these flats, then the sinking fund is $1,138 per flat. Can anyone who knows about such things tell us whether this figure is excessive?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-79003890527790630562007-12-10T11:47:00.000+08:002007-12-10T11:47:00.000+08:00Loyal reader:I think $1,000,000,000 *is* a big dea...Loyal reader:<BR/><BR/>I think $1,000,000,000 *is* a big deal. Especially for town councils, which are not supposed to be profit-making or income-generating enterprises, but which are simply supposed to collect residents' money for administering common property / public facilities in the neighbourhood.<BR/><BR/>Mind you, it's not even ALL public infrastructure in the constituency that the town council is responsible for. <BR/><BR/>Roads will still be built by URA. Bus stops will still be maintained by LTA. Parks will still be run by NPB. HDB blocks will still be refurbished by HBD etc etc. Libraries will still fall under the NLB. Swimming pools and sports facilities will still be run by the SSC. Even lift upgrading is largely paid for by the government separately (75% - 90%); the rest is paid by the flat owner himself and the Town Council).<BR/><BR/>So the scope of the town council's responsibilities is probably much smaller than what you might have thought it was. <BR/><BR/>And yes, you then will see that >$1,000,000,000 is quite shocking.<BR/><BR/>It seems to me that if the town councils have collected such huge surpluses, then they have been overcharging Singaporeans for a long time. They should either cut conservancy charges, or refund part of the surplus to Singaporeans.Gilbert Koh aka Mr Wanghttps://www.blogger.com/profile/01027678080233274309noreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-46756662534333152862007-12-10T11:06:00.000+08:002007-12-10T11:06:00.000+08:00Town council must and will get their monthly payme...Town council must and will get their monthly payment from you no matter how, you can ignore the reminder letters, you can throw away their small claim court letters to you, and so on.... guess whats next?? They get HDB to band you from renewing your season parking then everyday they send their people down to issue parking offence to you !!When you ask why is HDB stopping you from renewing your season?? They can tell you thats because town council says so!! Ha, $30 per day, one month? $900 offence fees! Sunday also they'll get you because ater 10;30pm its the time the law permits them to come and hunt you down!!!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-45974131694390934042007-12-06T14:39:00.000+08:002007-12-06T14:39:00.000+08:00Good thing I'm staying in private property so can ...Good thing I'm staying in private property so can manage my own maintenance fund.choanikihttps://www.blogger.com/profile/11670019142121103514noreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-56954463676612162912007-12-06T14:34:00.000+08:002007-12-06T14:34:00.000+08:00My money is my money. Your money is also my money....My money is my money. Your money is also my money. You cannot use it your way. Same with your CPF money. Uniquely Singapore! City of impossible possibilities!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-29174065877723924952007-12-06T12:14:00.000+08:002007-12-06T12:14:00.000+08:00Anon (December 6, 2007 8:22 AM):The subject matter...Anon (December 6, 2007 8:22 AM):<BR/><BR/>The subject matter is the operating cashflow and government grants. See the below article in full for additional information.<BR/><BR/>*****<BR/><BR/><B>Hougang Town Council raises conservancy charges from October</B><BR/>By May Wong, CNA (03 October 2007)<BR/><BR/>SINGAPORE : The Hougang Town Council has increased its service and conservancy charges from October.<BR/><BR/>The increase will see residents paying between S$2 and S$9 more every month.<BR/><BR/>Opposition Member of Parliament Low Thia Khiang, who manages the constituency, said the last time the charges were revised was 10 years ago.<BR/><BR/>n a letter to residents, he said if the current charges are not increased, the town council will face a deficit of S$280,000 for this financial year.<BR/><BR/>Mr Low said with <B>the compulsory transfer of 80 percent of its accumulated surplus into the sinking fund, the town council does not have any reserve funds to cushion the shortfall.</B><BR/><BR/>The compulsory transfer is required under the Town Council Act after the last general election. - CNA /ls<BR/><BR/>*****<BR/><BR/>Also, for reading pleasure,<BR/><BR/>Speech made by Mr Low in parliment (18 July 2005), with regards to the <A HREF="http://www.wp.org.sg/speeches/ltk/20050718_tc_amendment.htm" REL="nofollow">Town Council (Amendment) Bill</A>. <BR/><BR/>Straits Times (11 June 2006) - <A HREF="http://app.mfa.gov.sg/pr/read_content.asp?View,4525," REL="nofollow">Opposition Can Use Surpluses For Upgrading</A><BR/><BR/>We need to understand the different aspects of the town councils' sinking funds and how the town councils use their other funds.<BR/><BR/>Thank you.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-76045054720210778862007-12-06T08:22:00.000+08:002007-12-06T08:22:00.000+08:00Coder: So what you are saying is that the Hougang ...Coder: So what you are saying is that the Hougang Town council is around 15 million dollars in its coffers but it can't use the money.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-79899420476275496582007-12-06T00:28:00.000+08:002007-12-06T00:28:00.000+08:00What's the big deal?Isn't it good to know that we ...What's the big deal?<BR/><BR/>Isn't it good to know that we have enough Sinking fund that to have a negative fund?<BR/><BR/>$1b is not that big a figure if you consider that this fund is for the benefit of over 80% of Singaporeans who own a HDB flat. <BR/><BR/>Universities the whole world over invested their surpluses. Some of the renowned universities have fund managers working exclusively for them.<BR/><BR/>Investing the surpluses is the right thing to do.<BR/><BR/>Just like you invest in your insurances or equities.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-2430095395226138212007-12-05T23:01:00.000+08:002007-12-05T23:01:00.000+08:00Additional reference:TOWN COUNCILS ACT (Chapter 32...Additional reference:<BR/><A HREF="http://statutes.agc.gov.sg/non_version/cgi-bin/cgi_getdata.pl?actno=2000-REVED-329A&doctitle=TOWN%20COUNCILS%20ACT%0a&date=latest&method=part&sl=1&segid=962608310-000003" REL="nofollow">TOWN COUNCILS ACT (Chapter 329A)</A><BR/>(Singapore Statutes Online)<BR/><BR/>With reference to the above hyperlink in the previous comment post. The link displays only one section of the Town Councils Act. The Singapore Statutes Online website uses a frame-based web design layout that has some difficulties in bookmarking.<BR/><BR/>The following link shows the correct way viewing the Act (with frames):<BR/><BR/><A HREF="http://statutes.agc.gov.sg/non_version/cgi-bin/cgi_retrieve.pl?actno=REVED-329A&doctitle=TOWN%20COUNCILS%20ACT%0a&date=latest&method=part&sl=1" REL="nofollow">TOWN COUNCILS ACT (Chapter 329A)</A><BR/><BR/>Maybe, the department has not caught on with the new web design trends or it is left that way for some unknown reasons.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-6628538520916086312007-12-05T18:57:00.000+08:002007-12-05T18:57:00.000+08:00With reference to Hougang Town Council.Hougang Tow...With reference to Hougang Town Council.<BR/><BR/><A HREF="http://www.channelnewsasia.com/stories/singaporelocalnews/view/303678/1/.html" REL="nofollow">Hougang Town Council raises conservancy charges from October</A><BR/>By May Wong, CNA (03 October 2007)<BR/><BR/>In this article, Mr Low highlighted that they had to transfer 80% of accumulated surplus to the sinking funds as required by law (Town Council Act). This created some working cashflow problems for Mr Low.<BR/><BR/>All town councils also have to do the same compulsory 80% transfer of their accumulated surplus, as required by law. I believe that they also faced with difficult operating cashflow problems as seen in some of their annual reports. This happened even when they raised their C&C fees and other charges.<BR/><BR/>The only difference is that all PAP town councils receive <B>government grants</B> to cover the shortfalls.<BR/><BR/>So, can you see what is happening here?<BR/><BR/>Additional reference:<BR/><A HREF="http://statutes.agc.gov.sg/non_version/cgi-bin/cgi_getdata.pl?actno=2000-REVED-329A&doctitle=TOWN%20COUNCILS%20ACT%0a&date=latest&method=part&sl=1&segid=962608310-000003" REL="nofollow">TOWN COUNCILS ACT (Chapter 329A)</A><BR/>(Singapore Statutes Online)Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-39993563241314373602007-12-05T12:29:00.000+08:002007-12-05T12:29:00.000+08:00Mr Wang, Do you know what the rules are for the to...Mr Wang, Do you know what the rules are for the town council members who invest in the stock market? <BR/><BR/>If there are no rules then, council members would be able to influence the stock market for their own personal benefit.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-56314760442845132192007-12-05T11:34:00.000+08:002007-12-05T11:34:00.000+08:00PROPRIETY? Is there any here in SIN?PROPRIETY? Is there any here in SIN?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-24382465921669706602007-12-05T11:04:00.000+08:002007-12-05T11:04:00.000+08:00If I remember correctly, certain use of these tow...If I remember correctly, certain use of these town council funds for the opposition held wards in Potong Pasir and Hougang were not allowed by the Gahmen on the basis that some of the proposals made by the opposition constituencies run counter to the basic functions/regulations laid out for Town Councils. <BR/><BR/>The PAP was practically hawking over the opposition wards' town council funds like a vulture. It appears that they were ever too willing to strike the minute any contravention of these regulations was reported.<BR/><BR/>Now we have the PAP's own town councils appearing to have contravened the original purpose and functions for which these town councils were set up for. How come no sense of urgency to detect any impropriety? <BR/><BR/>Like the NKF scandal, one can never really know what skeletons we can unravel until we have a detailed probe into the finances of each of these town councils. One just has to look at corruption scandals of the Taiwan PPP party to really understand the widespread abuse of its leaders and cronies. Are we sure this is not happening in Singapore when there is no effective watch dog to check our our own leaders and their RELATIVES? <BR/><BR/>Or was it a case of a REALLY BIASED standard for PAP and another DAMNED standard for others?<BR/><BR/>Remember :- <BR/><BR/>1) LKY political propanganda vs Martyn See's political films<BR/>2) PAP Youth vs WP's cycling ban; <BR/>3) Pedra Blanca's vs Foreign Press's engagement of QC <BR/>4) ...........etc, etc.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-36975832747789168272007-12-05T10:14:00.000+08:002007-12-05T10:14:00.000+08:00In the words of a famous lady "this is peanuts". I...In the words of a famous lady "this is peanuts". If the entire machinery was examined the people will die from shock. If politicians had to declare their assets like in other corrupted and undemocratic countries the dead will rise from their grave in shock.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-79944909264774847812007-12-05T10:09:00.000+08:002007-12-05T10:09:00.000+08:00These town councils are just doing what the pap go...These town councils are just doing what the pap government has been doing which is to take more than necessary and then hoard the balances to ensure the future of their selfish needs.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-25157825365416892007-12-05T10:03:00.000+08:002007-12-05T10:03:00.000+08:00If town councils can no longer invest freely in pr...If town councils can no longer invest freely in private corporations, they would invest the money in GLCs. The funds ultimately end up in Temasek. Temasek then gets to invest our money in any manner they wish. It almost sounds like money-laundering to me...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-53349632874478677622007-12-05T00:24:00.000+08:002007-12-05T00:24:00.000+08:00Information on Singapore Town Council Annual Repor...<B>Information on Singapore Town Council Annual Reports</B><BR/>The following information is to highlight the availability of <B>online</B> (electronic version) of annual reports on the <A HREF="http://app.sgdi.gov.sg/listing.asp?agency_subtype=dept&agency_id=0000007289" REL="nofollow">town councils'</A> websites for the financial year of 2005/2006.<BR/><BR/><B>Aljunied Town Council</B> [ <A HREF="http://www.ajtc.org.sg/" REL="nofollow">website</A> ] <BR/>• <A HREF="http://www.ajtc.org.sg/aboutus/media/ATC_AR2006.pdf" REL="nofollow">PDF Link</A><BR/>• <A HREF="http://www.ajtc.org.sg/aboutus/reports.asp" REL="nofollow">Reports for previous years</A><BR/><BR/><B>Ang Mo Kio-Yio Chu Kang Town Council</B> [ <A HREF="http://www.amk-ycktc.org.sg/" REL="nofollow">website</A> ]<BR/>Not available on website.<BR/><BR/><B>Bishan-Toa Payoh Town Council</B> [ <A HREF="http://www.btptc.org.sg/" REL="nofollow">website</A> ]<BR/>• <A HREF="http://www.btptc.org.sg/E%20News/AnnualReport/0506.pdf" REL="nofollow">PDF Link for 2005/2006</A><BR/>• <A HREF="http://www.btptc.org.sg/E%20News/AnnualReport/0405.pdff" REL="nofollow">PDF Link for 2004/2005</A><BR/>• <A HREF="http://www.btptc.org.sg/E%20News/AnnualReport.htm" REL="nofollow">Location of PDFs</A><BR/><BR/><B>East Coast Town Council</B> [ <A HREF="http://www.ectc.org.sg/" REL="nofollow">website</A> ]<BR/>• <A HREF="http://www.ectc.org.sg/pdf/ECTC_AR05-06eng.pdf" REL="nofollow">English</A> (General)<BR/>• <A HREF="http://www.ectc.org.sg/pdf/ECTC_finance.pdf" REL="nofollow">Financial</A> (Accounts)<BR/>Financial report states that their professional fund managers are UOB Asset Management Ltd and DBS Asset Management Ltd.<BR/><BR/><B>Holland-Bukit Panjang Town Council</B> [ <A HREF="http://www.hbptc.org.sg" REL="nofollow">website</A> ]<BR/>• <A HREF="http://www.hbptc.org.sg/pdf/Chairman%20message%20_final_.pdf" REL="nofollow">Chairman's Message</A><BR/>• <A HREF="http://www.hbptc.org.sg/pdf/annual%20report.pdf" REL="nofollow">Annual Report 2005/2006</A> (check out the way the PDF was produced)<BR/>• <A HREF="http://www.hbptc.org.sg/pdf/NoteToAcct%20-%20HBPTC%2031%20Mar%202006_Audited_.pdf" REL="nofollow">AUDITORS’ REPORT</A><BR/><BR/><B>Hong Kah Town Council</B> [ <A HREF="http://www.hktc.org.sg" REL="nofollow">website</A> ]<BR/>They split the <A HREF="http://www.hktc.org.sg/news_ar.htm" REL="nofollow">report</A> by page and by batch.<BR/>• <A HREF="http://www.hktc.org.sg/publications/annual/06/HKAR_path.zip" REL="nofollow">Part I (page 1 to 18)</A> (zipped format)<BR/>• <A HREF="http://www.hktc.org.sg/publications/annual/06/HKAR_p19TO40.zip" REL="nofollow">Part II (page 19 to 40)</A> (zipped format)<BR/>Types of foreign currencies for investments are stated in the report (part II).<BR/><BR/><B>Hougang Town Council</B> [<A HREF="http://www.hougang.org.sg" REL="nofollow">website</A>]<BR/>• <A HREF="http://www.hougang.org.sg/html/HougangTC_AnnualReport2006.pdf" REL="nofollow">Annual Report</A><BR/>• <A HREF="http://www.hougang.org.sg/html/HougangTC_BalanceSheet2006.pdf" REL="nofollow">Balance Sheet</A><BR/>• <A HREF="http://www.hougang.org.sg/html/HougangTC_IncomeExp2006.pdf" REL="nofollow">Income and Expenditure Statement</A><BR/>Observe the accumulated surplus as compared to other town councils. <BR/>Also, take note that they do not have government grants.<BR/><BR/><B>Jalan Besar Town Council</B> [ <A HREF="http://www.jbtc.org.sg" REL="nofollow">website</A> ]<BR/>Not available on website.<BR/><BR/><B>Jurong Town Council</B> [ <A HREF="http://www.jrtc.org.sg" REL="nofollow">website</A> ]<BR/>Not available on website.<BR/><BR/><B>Marine Parade Town Council</B> [ <A HREF="http://www.mptc.org.sg" REL="nofollow">website</A> ]<BR/>Not available on website.<BR/><BR/><B>Pasir Ris-Punggol Town Council</B> [ <A HREF="http://www.prpg-tc.org.sg" REL="nofollow">website</A> ]<BR/>Not available on website.<BR/><BR/><B>Potong Pasir Town Council</B> [ <A HREF="http://www.potongpasirtc.org" REL="nofollow">website</A> ] <BR/>Not available on website.<BR/><BR/><B>Sembawang Town Council</B> [ <A HREF="http://www.sembawangtc.org.sg" REL="nofollow">website</A> ]<BR/>• <A HREF="http://www.sembawangtc.org.sg/annual%20report/Page%201-26.pdf" REL="nofollow">Page 1 - 26</A><BR/>• <A HREF="http://www.sembawangtc.org.sg/annual%20report/Page%2027-44.pdf" REL="nofollow">Page 27 - 44</A><BR/>• <A HREF="http://www.sembawangtc.org.sg/annual%20report/Page%2045-62.pdf" REL="nofollow">Page 45 - 62</A><BR/>• <A HREF="http://www.sembawangtc.org.sg/annualreport.htm" REL="nofollow">Location of the previous FY annual report</A><BR/><BR/><B>Tampines Town Council</B> [ <A HREF="http://www.ttc.org.sg/" REL="nofollow">website</A> ]<BR/>Not available on website.<BR/><BR/><B>Tanjong Pagar Town Council</B> [ <A HREF="http://www.tptc.org.sg/" REL="nofollow">website</A> ]<BR/>• <A HREF="http://www.tptc.org.sg/Issue%20No%2044%20-%20Annual%20Report1_17.pdf" REL="nofollow">Annual Report page 1-17</A><BR/>• <A HREF="http://www.tptc.org.sg/Issue%20No%2044%20-%20Annual%20Report18_34.pdf" REL="nofollow">Annual Report page 18-34</A><BR/><BR/><B>West Coast Town Council</B> [ <A HREF="http://www.wctc.org.sg/" REL="nofollow">website</A> ]<BR/>Not available on website.<BR/><BR/>*****<BR/><BR/><I><B>Note</B>: Please be informed that the above information is provided "as is" and the hyperlinks are accurate at time of posting (5 Dec '07). The printed town council annual reports are probably available via the proper channels. The above information is available on the public domain.</I>Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-23290479537253036202007-12-04T21:57:00.000+08:002007-12-04T21:57:00.000+08:00There are plenty of 'watch dogs' and 'watch dogs' ...There are plenty of 'watch dogs' and 'watch dogs' can be 'formed' anytime when 'needed'. However if the 'watch dogs' are blind and incapable of 'scents', not only will it be a waste of money and time, one maybe offended by the inefficacy and failure.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-34322734479926012352007-12-04T20:46:00.000+08:002007-12-04T20:46:00.000+08:00I believe the furor arises from a differing expect...I believe the furor arises from a differing expectations of what is<BR/> - Your Money <BR/> - Their Money<BR/><BR/>Seriously, is anything that your have not control over really yours?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-46330607522076241902007-12-04T15:53:00.000+08:002007-12-04T15:53:00.000+08:00They have so much money and yet they want to incre...They have so much money and yet they want to increase car park fee, C&C fee,everything goes up never come down,Potong Pasir TC dont have enough $ for upgrading, can government help? Ministers only take care of their coffer, what a lousy countryGary Teohhttps://www.blogger.com/profile/13779389594702448517noreply@blogger.com