SINGAPORE: The S$ 4.2 billion ( US$ 3.1 billion ) in reserves accumulated by the Tote Board as at the end of the 2022 financial year enable it to make long-term funding commitments, said the Ministry of Finance ( MOF ) in response to a committee examining the government’s budget.  ,
According to the Estimates Committee’s fourth report released on Tuesday ( Nov 5 ), the Tote Board’s reserves were the highest among statutory boards not protected by the Reserves Protection Framework, which covers certain statutory boards under Singapore’s Constitution.  ,  ,
The Quotes Committee is tasked to review what markets, changes in company, performance or operational reforms may be effected in the administration’s budget.  ,
The MOF defines the Tote Board as a legal body.  ,  ,
Statutory sheets that are not subject to the Resources Protection Framework  usually have an accumulated deficit for both working capital needs and capital investment.  ,
Before requesting funding from the government, they are expected to even look into how to use their surplus first.  ,
According to MOF, The Tote Board’s reserves help keep its ability to offer grants that help the most underprivileged members of society, according to MOF.  ,
” In particular, the reserves enabled ( the ) Tote Board to offer longer-duration funding commitments with grant awards of up to five years” . ,
Additionally, they made sure that the legal board could continue to honor grant commitments in times of financial uncertainty or greater sociable need, supplementing revenue with investment income, according to the ministry.  ,
Singapore Pools and Singapore Turf Club’s deficits are also collected by the Tote Board, who also collect game access taxes.
According to its site, this wealth is channelled to support causes in the community.  ,
The Tote Board’s give commitments as a percentage of its reserves had increased over the past ten times, according to MOF, in response to the committee’s inquiry about whether the Tote Board’s resources were in line with its goals and operating cash flow.  ,
This was due to “growing cash demands to improve our cultural compact”, said the government.  ,
The legal board offers eight offers, including , the Enhanced Fund-Raising Programme, which provides up to S$ 250, 000 per generosity for fund-raising jobs.
The Arts Grant, which seeks to develop a lively arts society in institutions, is also provided by it.
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According to the review, the Quotes Committee acknowledged the MOF’s argument regarding the Tote Board’s resources.  ,
Additionally, it urged the government to keep conducting interior internal audits to track down any surpluses on statutory boards and make sure that resources were used correctly and were “right-placed” when performing their duties.  ,
In 2022, MOF conducted its most recent assessment of all legal board surpluses.  ,
Also, the committee noted that close to 90 % of the 49 legal board listed in the Schedule of the Statutory Companies have contributed to the Consolidated Fund within the last ten years.  ,
The state instructs the legislatures to transfer funds to the Consolidated Fund in order to stop their surpluses from growing excessively.  ,
The Quotes Committee “urged the authorities to examine whether there was opportunity to reduce the costs and costs paid by the people to each of the legal boards” in light of the deficits contributed to the Consolidated Fund.  ,