Maybe a couple of percentage out of the total investment portfolio (were used in those investments), so the exposure will not affect the overall investment portfolio or the sinking funds per se. There’s definitely no fear that any of the PAP town councils’ sinking funds will be wiped out. All the supporting PAP town councils’ sinking funds are in safe hands.
Dr Teo Ho Pin, Coordinating Chairman of the 14 PAP Town Councils.
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Lost money? Not enough money in the sinking funds? no problem, increase S&C Charges only what!
I’m not sure if Temasek Holdings and the GIC are making “substantial” losses. They are certainly not “wiped out”.
Can we reserve some space for TCs @ Speakers’ Corner this Sat?
Those “mis-led” investors can perhaps consult Dr Teo – it seems he understood the risk of minibonds….since no protest
Why should TC have so much money in reserve in the first place ? The purpose of a sinking fund is to allow the TC to carry out regular cyclical repairs of the town under its jurisdiction.
Based upon my personal experience, these cyclical repairs are done on average once every 7 years or more, example repainting the HDB blocks, replacing water tanks. etc.
Therefore, the TC’s S&C charges should not be excessive to accumulate unnecessary reserve thereby eating into the disposal income every family living in HDB flats.
The fact that each PAP town councils have so much in reserve that they can invest in higher risk equities and funds shows that we are paying too much in S&C charges.
MP Halimah: “…..we’re VERY CLEAR that these are PUBLIC funds, …The public do not have to WORRY… there will not be enough funds in order to take care of their needs,”
Sorry, words don’t carry much weight for me nowadays.
Care to write it down in black and white – in plain Singapore understandable English?
no fine prints please – thank you.
Er….does Service and Conservancy Charges (SC&C) include free consultation of financial products for residents?
5) Yamasam says:
“………these cyclical repairs are done on average once every 7 years or more, example repainting the HDB blocks…..”
you kidding me- once in 7 years? – my block gets painted every year, even when it rains. It is an ‘RC’ block where the MP would visit numerous times around the year…
So who manages the investment portfolio?
Is this pooled investment portfolio the reason why GRC must stay, despite that GRC not only gerrymanders, but also marginalises the electorateś concerns?
http://www.channelnewsasia.com/stories/singaporelocalnews/view/386016/1/.html
anyone can tell what is the total investment sank in by all TC based on the super duper unbiased news of spore? If you can I buy you icecream, very lickable icecream.
The news gives me an impression that despite this exposure , its not a biggie ?
Sporeans, please disect this news and help me understand more about the investment exposure of TCs in lehman saga.
As there are QUESTIONS after reading this very bombastic news, I believe more information can come to light when all these questions are satisfactorily answered. ‘Live’ TV interview with teo ?
regards
Selamat wong of the ultimate Accountabilos supernova
#9 gemami
Well, then you are getting go value for the S&C you are paying if your block is getting repainted every year.
For everybody else, it is once every 7 years. I have lived in my HDB for 15 years before moving out and I remember there was only repainting twice.
Also, we all know that areas where MPs and other VIPs visit will be maintained very well for show. These areas get additional cleaning, painting, plants, etc. for show.
Anyway, I think it is a waste of resources if your block gets repainted every year.
1. the news gave impression to me that TC exposure is no biggie. So how much is the total exposure?
2. Who funds the investments?
3. Who shall be the person ACCOUNTABLE for the success AND FAILURE of investments? or no one at home? Selamat pagi!
4. Which other things like TC also invested in the minibonds?
5. We need FULL TRANSPARENCY on all investments and the SOURCE OF FUNDING.
Indeed, when you do not have the ANSWERS , we can only QUESTION in order to see the light.
yours truely,
Selamat wong – accountant ultima warrior
Like what the SM said. It’s time to check the accounts of the Town Council. Not just Hougang and Potong Pasir but all of them. Will the TC be informing the people howo much had been lost in their “investment”.
Jurong TC came clean to say the didin’t lose anything. What about the rest?
>>block gets repainted every year
Alamak…why can’t they simply cover the block with those banners of MPs waving, which background keep changing with the occassion.
12) Yamasam: “Anyway, I think it is a waste of resources if your block gets repainted every year”.
Precisely my point.
Just because my MP visits the block (where PCF kindergartens and RC office are housed) on a regular basis, it must look good the whole year round.
For further comparison, may i ask how often does your block gets washed?
Mine gets washed no less that twice a month – sometimes every week, even though the notices indicate once a month.
Neighbouring blocks do not enjoy such privileges.
Makes me wonder, why are they spending so unnecessarily for Halimah Yacob to see during her visits?
More importantly, am I payting extra so that the block looks good to her? How do TCs account for such spendings?
#17 gemami,
If I remember correctly, it is once a month. The washing schedule is posted on the RC notice board.
Similarly, my in-laws place is also once a month. I believe this is the norm for most TCs.
I don’t think you are paying extra but rather every household under your TC is paying for the cost of the frequent washing at those “RC blocks”.
If you feel the frequent washing and repainting is a waste of resources, would you consider writing to the MP and question her about such wasteful spending?
18) Yamasam
You bet I will be writing to the TC. thanks.
One TC has invested collossal sums in Creative Technology shares. Creative is making huge losses and their shares have tumbled 90%. So can this TC still claim that their losses would not affect their financial standing and that they still do not need to increase S&C charges as a result of their bad investment?