Instead of S$280,000 deficit as claimed by WP Low TK, Punggol East had a surplus

[Scrooball (clone)]

http://www.channelnewsasia.com/news...2015/latest/punggol-east-in-good/2105570.html


Punggol East in ‘good financial health’ when handed over to WP: Zainal Sapari

Instead of a S$280,000 deficit as claimed by WP chief Low Thia Khiang, Punggol East had an actual net surplus of S$21,363 at the point of takeover if taking into account a S$303,372 reimbursement claimable from the CIPC fund, PAP’s Zainal Sapari says.

SINGAPORE: The Punggol East constituency was in “good financial health” when it was handed over to the Workers’ Party (WP) in April 2013, the People’s Action Party (PAP) candidate for Pasir Ris-Punggol GRC Zainal Sapari said on Sunday (Sep 6).

During a rally in Punggol on Saturday night, WP chief Low Thia Khiang accused the PAP of misleading voters. Holding up a printout of the Pasir Ris-Punggol Town Council’s accounts for April 2013, Mr Low said the accounts showed a deficit of S$280,000 when it was handed over to the WP after the by-election. The PAP had said earlier that the accounts had a surplus.

In a Facebook post on Sunday, Mr Zainal provided a breakdown of the accounts, in which he stated there was in fact an accumulated routine fund surplus of $804,945 for Punggol East as of Mar 31, 2012 – the last full-year audited accounts before the by-election.

“After an election, if there is a change of party, the TCs (Town Councils) Act requires that 100 per cent of routine fund surplus must be transferred to the Sinking Fund with the exception of town improvement projects committed at that point of time,” Mr Zainal wrote.

A total of S$782,563 was set aside for committed town improvement projects, and the balance was transferred to the sinking fund, he said.

“At the handover to AHPETC on Apr 30, 2013, although there was a deficit in the accumulated routine fund of S$282,009, the same set of accounts also showed an amount of S$303,372 claimable as reimbursement from the CPIC (Community Improvement Projects Committee) fund, which Pasir Ris-Punggol Town Council had already secured for Punggol East SMC.”

The reimbursement was made known to WP at the point of takeover, which would give an actual net surplus of S$21,363, Mr Zainal said.

 

[Scrooball (clone)]

Low TK should be charged in court for talking cock!

 

[Scrooball (clone)]

Low TK the teochew gangster has been watching Jerry Maguire recently.

 

[xpo2015]

Transferred to sinking funds that means its gone already lah! Did the town council get single a cent? No!

This is how your PAP has become!

Always playing with words! Residents get nothing!

 

[Scrooball (clone)]

Transferred to sinking funds that means its gone already lah! Did the town council get single a cent? No!

Talk cock! For so many years, u didn't raise this question, suddenly u realize got $280,000 in the red meh?

Oh just like how your wife tell u that your son of 10 years old is not yours?! CHEEBYE THEORY!

 

[greenies]

We have to look at IRAS statement, which is a real balance sheet.
Shifting of funds here there is not our concern.
What Pappies saying is similar to "My business is in black if my expenses are not included (alternatively, if they pay me back of $$$ owed to me)."

 

[cunnilaubu]

LTK was responding to CC's and TEH's claimed that there were close to $1m of surplus at the handover and said PE had subsidised AHPETC with that money.
Now ZS, who was the person certifying the last PAP accounts before the handover claims the surplus was $21K.
There is a difference of $900K. So LTK is right to question both CC and TEH "where is the money?".

 

[zhihau]

LTK was responding to CC's and TEH's claimed that there were close to $1m of surplus at the handover and said PE had subsidised AHPETC with that money.
Now ZS, who was the person certifying the last PAP accounts before the handover claims the surplus was $21K.
There is a difference of $900K. So LTK is right to question both CC and TEH "where is the money?".

Wow!!! 1 million in surplus? Is it in the sinking fund?

 

[sirus]

James Lim Message from WP and Don't get Sideline with all the Non-sense of PAP Talk..... We Agree 101% agreed

Note: IF this PAP and 60.1% voter want to be the Main and Only Capable Political Party to ONLY Rule Singapore ...may as well GRC the Damn island ...BUT don't forget to replace the Singapore Pledge from "Democratic Society to AUTHORITARIAN Society"

The recent AHPETC saga confused people what GE is about & who we choose to vote is NOT to manage the town !!
We are voting for MPs to speak for their voters in parliament for a betterment in their life and future. Why do we even have Town Council ..? HDB was supposed to manage the towns initially.
But who changed it ? And why ? (All thanks to the 1 party govt).
If the responsibility of managing the town goes back to HDB or MND since we bought the flats from them and not from any Political Party or MP, then there will not be such an issue today.
Only 1 agency managing all the HDB town.
The MPs should focus on helping the residents to solve their problems or making their life better. Understand their problems or concern and represent them to speak in the parliament. Lastly, the purpose for voting the opposition is NOT to change the government, but to have more check & balance in parliament when new policies are introduced. And if any of policies are not 100% beneficial to the people, we have a fair vote in the parliament to pass or not to pass the policy. And not let the MPs support every govt policy for the sake of supporting their own party instead of for the interest of the people.

If come a day when GST becomes 20% or HDB flats @1mil or COE @200K or bus fare @$5 & etc... and nobody say NO in the parliament, thanks to 1 party parliament & their supporters. Who suffers ? Our kids & future generations.
Vote wisely..!

 

[Unrepented]

Lets demand Mr Tharman who is financially trained in the PAP to come out and make a statement that the claim of having a surplus, is correct.:o

Wow!!! 1 million in surplus? Is it in the sinking fund?

 

[virus]

LTK was responding to CC's and TEH's claimed that there were close to $1m of surplus at the handover and said PE had subsidised AHPETC with that money.
Now ZS, who was the person certifying the last PAP accounts before the handover claims the surplus was $21K.
There is a difference of $900K. So LTK is right to question both CC and TEH "where is the money?".

$21K must state if there are leftover invoices or not. got any accrued debt not settled or any payment not collected.

 

[bigboss]

“At the handover to AHPETC on Apr 30, 2013, although there was a deficit in the accumulated routine fund of S$282,009, the same set of accounts also showed an amount of S$303,372 claimable as reimbursement from the CPIC (Community Improvement Projects Committee) fund, which Pasir Ris-Punggol Town Council had already secured for Punggol East SMC.”

Any amount claimable is not an actual amount in possession. If there is a deficit shown in the books, it is just what it is ... a deficit. The pappies as usual wanted to wriggle a way out of a bad situation.

 

[Scrooball (clone)]

That's like saying your company cheated u of your pay because u didn't bother to go withdraw money from the atm. U expect the boss to hand deliver your pay to your Cheebye house!

 

[bigboss]

If come a day when GST becomes 20% or HDB flats @1mil or COE @200K or bus fare @$5 & etc... and nobody say NO in the parliament, thanks to 1 party parliament & their supporters. Who suffers ? Our kids & future generations. Vote wisely..!

One party rule is bad in any country except socialist countries like China, North Korea where power is concentrated in the hands of the Communist Party and the military. Time for sinkies to elect more oppo parties into Parliament to disable the pappies from running the country like their private enterprise.

 

[Black Swan]

I wonder why the PAP would want to obfuscate a matter as simple as an accounting issue. Just publish the audited FS for the last 5 accounting periods, before and after WP takeover. At the same time publish the accounts of the other town councils as compared to AHPETC. Let the electorate make their own conclusion.

 

[bigboss]

That's like saying your company cheated u of your pay because u didn't bother to go withdraw money from the atm. U expect the boss to hand deliver your pay to your Cheebye house!

A claim is subject to approval. You may claim it but it does not mean you will get it. As for the deficit, it remains where it is shown. Similarly, why grants for the oppos held TC are not released?

 

[zhihau]

Any amount claimable is not an actual amount in possession. If there is a deficit shown in the books, it is just what it is ... a deficit. The pappies as usual wanted to wriggle a way out of a bad situation.

LTK must show that claims are made but funds are not disbursed. This will send all 28 WP candidates into Parliament.

 

[Scrooball (clone)]

A claim is subject to approval. You may claim it but it does not mean you will get it. As for the deficit, it remains where it is shown. Similarly, why grants for the oppos held TC are not released?

If u fail your exam, do u expect your school to give u a scholarship? Must be what a retarded oppo supporter expects!

 

[JohnTan]

Low Thia Khiang caught talking cock! Be prepared to apologize or get sued!

 

[Unrepented]

No need so complicated....

Take for example,

1. You are a bizman.

2. Your salesmen racked in high sales to poor credit customers = High revenue, High receivables.

3. You have high sales in your profit and loss statement, but still make a loss (deficit) because of high cost.

4. Your cashflow is POSITIVE for the same financial period.....but inflow of funds from bank loans.

This type of company die or not?

But if someone tell you we did not make a deficit because we have a lot of receivables, therefore no deficit.

Point is these figures cannot be added together to claim that there is no deficit.

But then again, non profit organisation accounting has its own accounting treatment, that is different from Trading companies, etc.

Regardless............a deficit is a deficit....its an outflow of resources.

$21K must state if there are leftover invoices or not. got any accrued debt not settled or any payment not collected.