Let's take a look at how WP depletes the funds at AHPETC.
Note: the graph shows the period when AHPETC RECEIVED FULL GOVERNMENT GRANTS.
Despite having a healthy surplus and despite receiving full grants, they ran the town council into deficit.
So don't be deceived by some who argue that the town council is in deficit because of grants withheld from them.
Then of course there is the other explanation that alternative sites have put forth to explain why AHPETC in in deficit: they had to transfer the accumulated surplus from the previous town council into the sinking fund.
First, WP is made up of many lawyers. Many of their friends are also lawyers. Do you think they know the Town Councils Act less than the alternative sites? Would WP be keeping silent if having to transfer accumulated surplus to sinking fund is unique to them?
Under the Town Councils Act, if there is no change of electoral boundaries and no change in political party, 80% of accumulated surplus will be transferred to the sinking fund.
If there is a change in political party and no change in electoral boundaries, 100% of the surplus will be transferred to the sinking fund.
If there is a change in political party AND a change in electoral boundaries as well, only 80% will be transferred to the sinking fund.
Aljunied GRC falls into this category in 2011. There was a change in electoral boundaries as well as a change in political party. Hence 80% of the accumulated surplus was transferred to the sinking fund. THIS is the same situation in all the PAP-run town councils. Please note that this money transferred to the sinking fund is not locked away and out of reach. It can be used for long term maintenance such as the painting of blocks.
And none of the PAP-run town councils run into a deficit.
You can read all about it here: http://bit.ly/1KFISrS
Then of course there is the other explanation that alternative sites have put forth to explain why AHPETC in in deficit: they had to transfer the accumulated surplus from the previous town council into the sinking fund.
First, WP is made up of many lawyers. Many of their friends are also lawyers. Do you think they know the Town Councils Act less than the alternative sites? Would WP be keeping silent if having to transfer accumulated surplus to sinking fund is unique to them?
Under the Town Councils Act, if there is no change of electoral boundaries and no change in political party, 80% of accumulated surplus will be transferred to the sinking fund.
If there is a change in political party and no change in electoral boundaries, 100% of the surplus will be transferred to the sinking fund.
If there is a change in political party AND a change in electoral boundaries as well, only 80% will be transferred to the sinking fund.
Aljunied GRC falls into this category in 2011. There was a change in electoral boundaries as well as a change in political party. Hence 80% of the accumulated surplus was transferred to the sinking fund. THIS is the same situation in all the PAP-run town councils. Please note that this money transferred to the sinking fund is not locked away and out of reach. It can be used for long term maintenance such as the painting of blocks.
And none of the PAP-run town councils run into a deficit.
You can read all about it here: http://bit.ly/1KFISrS
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