TOTE board donated $703m ($61m to Charity), $472m surplus, $3b reserves, $1.4b to govt?

April 18, 2013

I refer to the article “Tote Board donates $400M to help build ‘Gardens by the Bay’“. (TR Emeritus, Apr 15)

Annual reports in the library?

Mr Richard Wan, the Editor of TR Emeritus emailed the Tote Board, and I understand that the Tote Board has replied that the government has received a Parliamentary Question on this issue and will be providing a response at the next parliamentary sitting, and that the Board’s annual reports are publicly available at the National Library.

Parliamentary Question filed?

In this connection, I understand that NCMP Mrs Lina Chiam has already filed a Parliamentary Question on this issue.

Put Annual Reports on web site?

I went to the National Library’s Reference Section and found the Tote Board’s 2010 Annual Report (hard copy).

In today’s digital age, may I suggest that its annual reports be made available online on its web site.

$8.1b turnover?

The turnover for 2010 of the Singapore Turf Club and Singapore Pools was $8.1 billion.

Gaming – $1,525 per person?

With a total population of 5.31 million, does it mean that the gaming per person was about $1,525 ($8.1 billion turnover divided by 5.31 million population)?

$1.4b paid to govt.?

Total betting duties paid to the government amounted to $1.4 billion.

Donate more to Charity, less to govt?

Since the Budget surplus was $3.9 billion last year ($36 billion according to IMF standards – “Budget surplus: $3.9b or $36b?”, Mar 24), may I suggest that the Tote Board be encouraged to pay less if not nothing to the government, and donate more to Charity.

Surplus $472m, Reserves $3b?

The surplus of the group was $472 million, and its Capital and Reserves was $3 billion.

Why have so much surplus, reserves?

As I understand that the Tote Board was set up primarily to operate and receive gaming revenue to help the community, why does it need to have so much surplus for the year and accumulated reserves?

$703m total donations ($61 to Charity)?

It made donations totalling $703 million as follows:

Arts and Culture                     $74 million

Charity (Social Service)         $61

Community Development     $401

Education                                  $23

Health                                        $28

Sports                                         $116 million

8.7% of total donations went to Charity?

So, donations to Charity (Social Service)  at $61 million was about 8.7 per cent of the total donations.

Its donations to Charity (Social Service) was $13, $35, $44 and $50 million, in 2006, 2007, 2008 and 2009, respectively.

Leong Sze Hian

 

 

 

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About the Author

Leong
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.