22 Jul 2008
In this time of record inflation, rising costs and record fuel prices, why aren't the Town Councils, especially the PAP-run ones, doing anything to help residents cope?The PAP town councils together have more than $1 billion in their sinking funds, with millions invested in shares and corporate bonds, as reported in the media recently.
The Hong Kah Town Council, for example, "has about $150 million in its sinking fund, with one-third invested in government bonds returning 2 to 3 per cent. Another third is in short-term fixed deposits with returns of 1.5 to 3 per cent, with the rest handled by fund managers." (Straits Times, Dec 2, 2007)
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