RE3106 - Financial management

Key elements
1. Large sum of money
2. Statutory requirements
3. Budgetary control
4. Subject to Audit
5. Public Accountability
  1. Custodian of public funds
  2. Annual Report
Source of Income
1. Service and conservancy charges (S&CC)
  1. Absorption of GST on S&CC
  2. GST subventions
  3. Decided by each individual TCs
  4. Different rate ~ Different types of properties
  5. Due & Payable
    1. By Law
    2. Interest and penalty charges for late PMT
2. Operating grant (15%)
Usage
1. Operating Fund (65-70%)
2. Sinking Fund (30 - 35%)
3. Cost-saving measures
  1. efficient lighting
    1. LED lighting
  2. Solar panel
  3. re-use roof slabs
    1. save 2.13 mil in a re-roofing program
4. Cost increase
  1. Lift cost
    1. Running & Maintainign
  2. Horticultura maintenance cost
Arrear
1. Reasons
  1. Economic condition
  2. Medical condition
2. S&CC & arrear
  1. One of the benchmark inTCMR
3. Unpaid charges
  1. Written demand
    1. 30 days of due date
    2. Failure to pay within 14 days
      1. Guilty of Offence
      2. Small Claim Tribunal
4. Recovery of Charges
  1. After 90 days, charges/interest constitute a charge on the flat
  2. Right to enter flat
    1. Estimate value of movable properties
      1. Liable for seizing
  3. Penalties and admin charges for late PMT
    1. payable
      1. Under contract for service provision
5. Arrear Management Process
  1. 12% of cases
  2. 25% amounts
  3. S&CC rebates
    1. $80 mil
Bugeting
1. Annual estimates
  1. by department - property type
  2. Items
    1. Establishment list
    2. Income & Expenses
    3. Improvement work in Sinking funds
    4. Explanation
      1. New subhead
      2. Appreciable differences
      3. Usage of sinking funds
2. Sinking Fund
  1. accumulated overtime
  2. Fund cyclical works
    1. Major Repairs
  3. Inflow from surplus
    1. Same party - 80%
    2. Different party - 100%
3. Expenditure not relating specifically to any property type
  1. Admin overhead, tree planting
    1. Equivalent dwelling units (EDUs)
Accoutability
1. Offences
  1. Misusing Council Funds
  2. Contravening council LUP rules
  3. Wilfully withholding information
    1. From auditor
    2. W/o reasonable cause
2. Audit
  1. Financial transactions
    1. Accouting
    2. Recording
    3. Reporting
  2. Adequacy of internal controls
  3. Compliance
    1. corporate policies
    2. statutory procedures
  4. Types
    1. Internal
    2. External
      1. Professional auditor
        performance within the mngmt standard error = 1%
      2. Appointed by minister in consultation with Auditor-General
Tender
1. Request for tender (RFT)
2. Fair competition
  1. No bribery
  2. No nepotism
3. Cap
  1. <$10000
  2. Urgent <$1000
4. Types of contracts
  1. Building & Estate Maintenance
  2. M & E
  3. Conservancy & Cleaning Works
  4. Grass cutting & horticulture
  5. Estate supplies
Investment
1. List of the approved
  1. Securities
  2. Trustee
2. What type?
3. Criteria

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RE3106 - Financial management

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