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17-08-2015, 09:40 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
SINGAPORE: The Aljunied-Hougang-Punggol East Town Council (AHPETC) run by the Workers' Party on Monday (Aug 17) said it would be able to fulfil its sinking fund obligations for FY14/15 if Service and Conservancy Charge (S&CC) operating grants withheld by the Ministry of National Development (MND) are given to the town council.
In a statement posted on its website, AHPETC took issue with what Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said in Parliament Monday about the management of its accounts.
DPM Tharman had said: "Even if you take into account MND's grant, which MND is willing to discuss with you, and you have part of the MND grant that goes into the sinking fund, another part which goes into the operating fund, the amount that is owed to the sinking fund from the operating fund would not be solved by MND grant."
"This is incorrect," AHPETC said in response to Mr Tharman's statement.
AHPETC said that despite the MND withholding the annual operating grant for FY 14/15 from the town council since April 2014, it has made three quarterly transfers for FY 14/15, from its operating funds to sinking funds totaling S$13.24 million.
The total amount of monies to be transferred to Sinking Funds for FY 14/15 is S$20.05 million, it said, meaning AHPETC would still have to transfer S$6.81 million. According to court papers filed by the MND in the High Court in March 2015, the MND has withheld for FY 14/15 total operating grants of $7.2 million.
AHPETC said it has also made all necessary Sinking Fund transfers for the preceding years for FY 11/12, FY 12/13 and FY 13/14.
Mr Tharman said in Parliament that the "whole house of AHPETC's finances is unsafe, with many structural defects".
On Sunday, AHPETC vice-chairman Png Eng Huat said the town council is working to close its accounts by the end of this month.
- CNA/ly
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?213061-Will-Workers-Party-SINK-with-its-lapses&goto=newpost).
SINGAPORE: The Aljunied-Hougang-Punggol East Town Council (AHPETC) run by the Workers' Party on Monday (Aug 17) said it would be able to fulfil its sinking fund obligations for FY14/15 if Service and Conservancy Charge (S&CC) operating grants withheld by the Ministry of National Development (MND) are given to the town council.
In a statement posted on its website, AHPETC took issue with what Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said in Parliament Monday about the management of its accounts.
DPM Tharman had said: "Even if you take into account MND's grant, which MND is willing to discuss with you, and you have part of the MND grant that goes into the sinking fund, another part which goes into the operating fund, the amount that is owed to the sinking fund from the operating fund would not be solved by MND grant."
"This is incorrect," AHPETC said in response to Mr Tharman's statement.
AHPETC said that despite the MND withholding the annual operating grant for FY 14/15 from the town council since April 2014, it has made three quarterly transfers for FY 14/15, from its operating funds to sinking funds totaling S$13.24 million.
The total amount of monies to be transferred to Sinking Funds for FY 14/15 is S$20.05 million, it said, meaning AHPETC would still have to transfer S$6.81 million. According to court papers filed by the MND in the High Court in March 2015, the MND has withheld for FY 14/15 total operating grants of $7.2 million.
AHPETC said it has also made all necessary Sinking Fund transfers for the preceding years for FY 11/12, FY 12/13 and FY 13/14.
Mr Tharman said in Parliament that the "whole house of AHPETC's finances is unsafe, with many structural defects".
On Sunday, AHPETC vice-chairman Png Eng Huat said the town council is working to close its accounts by the end of this month.
- CNA/ly
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?213061-Will-Workers-Party-SINK-with-its-lapses&goto=newpost).