Tampines Town council annual report stated that they collected $48 million income mainly from Service & Conservancy Charges. 29% of that which amounts to $13.97m went into sinking fund. They have $3.51m of operating surplus. 4% is transferred to town improvement fund and they used only $7.96m (16%)for estate maintenance.
From this data we can gather the Town Council collected more money than is needed for the estate maintenance. No wonder a number of Town Councils lost so much public money during the financial crisis when they invested in toxic investment products. They have so much money to spare that they dare to risk it.
Should not the Service & Conservancy fee be reduced? Should not the whole cost of lift upgrading program be taken up by them instead of making residents pay for part of the cost?
What is most disgusting is that the govt used this program as a carrot during general election. They also sell this to the public as estate improvement program which the govt is supporting. The truth is they are trying to make up for their shortsighted planning which did not cater to an aging population without admitting to their serious mistake.