Aljunied’s surplus transferred to sinking fund when PAP lost to WP?

I refer to the article “Lim on arrears: What’d happen if WP were in charge of SG?” (TR Emeritus, Nov 16).

It states that “Mr Lim said that the WP-run town council’s (AHPETC) swing from an operating surplus to a deficit in the short span of 3 years is worrying. “It begs many questions,” he told reporters who were present.

Aljunied had operating surplus of $3.3 million in 2010

The Aljunied Town Council had an operating surplus of $3.3 million in the 2010 financial year, when it was under PAP. In contrast, AHPETC had a deficit of $734,000 in the 2012 financial year.”

100% of accumulated surplus transferred to sinking fund when PAP lost to WP? 

– As a resident of Aljunied, I am curious as to why  was there no mention that under Section 34 of the Town Council Act, when a different party takes over a town council after an election – 100% of the accumulated operating surplus has to be transferred to the sinking fund.

Residents deprived of funds?

This in effect, deprives the residents of the surplus for operating expenditure in the future.

A first world Parliament?

Why would any Parliament pass such legislation on town councils?

How much was transferred when WP won?

So, what was the amount  of accumulated surplus that was transferred to the sinking fund, when the Workers’ Party won Aljunied in the last elections?

From surplus to sinking fund?

Aren’t the remarks arguably, somewhat misleading, as it may give the impression that the AHPETC had squandered the operating surplus of $3.3 million after it took over the town council, when in fact – was it transferred to the sinking fund?

Leong Sze Hian
P.S. Come with your family and friends to the 5th Return Our CPF protest on 29 November 4 pm at Speakers’ Corner

About the Author

Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.