Roy Ngerng is taking you for a ride – Randall

There is this article by a Randall posted in the TRE with the above title. The author assured everyone that contrary to what Roy Ngerng had written, the money transferred from the Town Council to the Sinking Fund is safe and sound. No need to worry or be frightened, the money will not run away, and will always be there. This is what Randall said,

‘The accumulated surpluses are transferred into the Sinking Fund after every GE to safeguard the money from willful spending by the next MPs who come in, no matter which party they are from. It is to ensure that the Town Council is able to continue doing its duties to the people, even after a change in party.

So where does the Sinking Fund go? If Mr Roy is to be believed, then the PAP makes regular trips to the Town Council counter after every GE to cart away boxes of hard-earned resident’s cash. It cleans out the vaults, leaving Singaporeans and the Town Council bereft every 4 years. Never mind, we’ll just get the peasants to pay. Pay up you swine! You got millions to replace!

The answer (and try not to be too shocked): Nowhere – the Sinking Fund stays with the respective Town Councils itself.’

I must say I feel very assured that the Town Council is safe, very safe if they did not try to invest in any bonds again, just like my CPF savings. They are just transferred to the minimum sums accounts and would be there, would not go away. Oh, just a little refinement, Town Council Sinking Fund does not have Medishielf Life to deduct from your Medisave Minimum Sum Account. Other than this, the minimum sums for Retirement and Medisave Accounts are very safe. Don’t worry, they will be there even after you die as no one can touch them.

Smile, your money in the minimum sums and the money in the Sinking Funds are in good hands.

Kopi Level - Green


Anonymous said...

/// The accumulated surpluses are transferred into the Sinking Fund after every GE to safeguard the money from willful spending by the next MPs who come in, no matter which party they are from. ///

This is PAPig bullshit.
If the PAP Town Council has a surplus, this means that PAP Town Council has been over-charging for their town council fees.
Otherwise where got surplus ... you tell me lah!

PAP wants to remove the surplus into the "sinking fund" so that there will not be an embarrassment of over-collected monies after each PAP Town Council's term of office.

SURPLUS means that you have been paying too much for your town council services.

Chua Chin Leng aka redbean said...

New moral code of the elite.

Anonymous said...

The SURPLUS which is generated from over-charging of town council fees should be returned back to the residents who have been over-charged.

Is the PAP government telling us they can look after our money (in the sinking fund) better than we can (in our own bank account?

Give the PAP government too much money and what happens?
- $2,200 Brompton bikes
- $400 million Youth Olympics
- $1 billion Gardens-By-The-Bay
- free scholarships to foreign students

Anonymous said...

The surcharges would likely to go the way of the reserves, like your CPF savings. Maybe worse, cannot see, cannot know, cannot touch.

Anonymous said...

One channel of recent where The foreign Association has created in Tanjong Pagar Railway Station a club house run by foreigners to hold gatherings which will have a lounge, computer laboratory and even a library, the place is 3000 sq foot, together it will have fitness center, the works.

They charge $4 per annual and sinkies can joint....but who funds it?
To have such a big place at their disposal ?
How much was spent was not known? Or at least I don't, and the big question is who authorised it, are they using the sinking funds, at such amount, it's practically free, why then do we have to still pay, when such place and money is can be given away?

Pinky poo

Anonymous said...

There's a black hole in Sin?

So frightening!

Anonymous said...

Kust receive mail from a friend, in Bukit Panjang area, there is a huge area that was build for the residents, looking at the current rate of biulding using the S$4.3 billion as bench mark, i could easily say it took perhaps 10 million (pls correct me, for i might be using poo as calculation), building such place is of course cool for the residents, never mind the dirt they leave behind after they have used it, but i was told that nearly 300 meters there is yet another construction about to start, knowing this area is a strong hold...but instead of benefiting a portion, should not with times like this a more proper solution like reduce monthly conservative charges or even totally removing it?

Building 2 places and even a excercise track should always be welcome but should not one be enough, especially when the utilisation is only 10%, again, where does the money comes from and again who authorised it, the sinking funds belonging to TC, but who paid those money?
Building and using up space is of couse good but all the ppl that was used was either prc's or indian's....with the exception of 1 or 2, all was ft's, i presume if many of such places is to be build, more ft's will be needed? And who pays?

Pinky poo

Anonymous said...

Sorry, i meant the ppl used to build was from prc or india with some exceptions.

Pinky poo

Anonymous said...

Alamak, i meant just not kust.
So many mistakes! U guys figure out what was written, sorry.

Virgo 49 said...

This club right in front of our block.

leased to LKN and in return sublet to msny dubious companies.

previously maids employment processing office. Already enough of them lounging and sleeping on the void decks.

now club for them. Ah nehs, smelly prawns and those gan png leeches will storm down and made the estate another little india, geylang rolled into one.

Now already hands full with the pimps and prostitues roaming and living in the rented flats.

long live LKY. This is your previously beloved estate which you planted trees practically every year.

Now you live to see it turned into a big BROTHEL

Anonymous said...

A lot of the surcharges ended up in the luxurious houses owned by pap ministers and their family members in several countries mainly in australia and uk.

Anonymous said...

Read in Cyberspace that a Singaporean Politician bought a mansion in France for $50 Millions.

Wonder how true is the claim.