# Town Councils’ FY2023 Financial Statements and FY2023 Town Council Management Report (TCMR) – Governance Report - **Source:** Ministry of National Development - **Published:** 2024-12-11T04:00:00.000Z - **Author:** Ministry of National Development - **Original:** https://www.mnd.gov.sg/newsroom/press-releases/view/town-councils--fy2023-financial-statements--and-fy2023-town-council-management-report-(tcmr)----governance-report - **Topics:** Government & Policy, Investment & Capital Markets ## Featured rationale Improved finances supported by higher S&CC and temporary government funding may preserve spending on estate upgrades, connectivity improvements and future lift replacements. ## AI summary All 17 Town Councils received unqualified FY2023 financial statements, while 16 achieved “Green” governance ratings and Bishan-Toa Payoh was rated “Amber”. ## Original article Presentation of Town Councils’ FY2023 Financial Statements to Parliament The Ministry of National Development (MND) has presented the FY2023 audited financial statements of the 17 Town Councils (TCs) to Parliament and the TCs will be publishing them on their websites. All TCs had unqualified financial statements for FY2023.[1] For FY2023, the TCs generally reported improved financial positions, mainly due to the increased Service & Conservancy Charges (S&CC), as well as the one-off Special Funding Support package (SFS) that the Government gave to TCs that made adjustments to their S&CC. The SFS package served as a temporary measure to buffer TCs and residents from the full impact of the sharp and steep operational cost increases that arose due to external factors in 2022 and 2023 and enable the TCs to manage their operations sustainably. Without the SFS, more TCs would have incurred operating deficits for FY2023. These measures, coupled with TCs’ ongoing efforts to raise productivity and improve cost-efficiency, have been necessary to help TCs cope with cost pressures, particularly in the areas of cleaning, maintenance and general administration. Maintaining a financially sustainable footing has enabled TCs to continue setting aside funds for town improvement projects that benefit residents, such as constructing sheltered linkways and disability-friendly ramps to improve connectivity within their towns, upgrading estate infrastructure, and building more activity areas, e.g. fitness corners and playgrounds. Additionally, some TCs have also topped up their Lift Replacement Funds, to save up for upcoming lift replacement works. The Government will continue to monitor the TCs’ financial positions and is committed to work with TCs to ensure their long-term financial sustainability. Results of the FY2023 TCMR Governance Report The annual TCMR is published in two reports: (a) an operational report on Estate Cleanliness, Estate Maintenance, Lift Performance and S&CC Arrears Management indicators in the mid-year period; and (b) a governance report on Corporate Governance (CG), in the year-end period. MND had earlier released the FY2023 TCMR Operational Report covering TCs’ results for the four operational indicators on 27 June 2024. For the governance report, MND has since completed the review of the TCs’ audited financial statements, their auditors’ reports, as well as checks on TCs’ declarations of compliance with the Town Councils Act and Rules. For FY2023, 16 TCs were banded “Green” and Bishan-Toa Payoh TC (BTPTC) was banded “Amber” for its CG indicator. Three TCs, namely Ang Mo Kio TC, Marine Parade TC and Marsiling-Yew Tee TC, each had one low severity observation of non-compliance with the Town Councils Act. These were cases of administrative oversight that have since been rectified. As each of these TCs scored less than one point (i.e. 0.5 points) for their CG scoring, the TCs were banded “Green” (see Annex for the CG banding table). BTPTC had three instances of the same type of non-compliance with the Town Councils Act, which were cases of administrative oversight that have since been rectified. This was considered as a medium severity observation as there were multiple instances of the same type of non-compliance. The TC scored one point for its CG scoring, thus receiving an “Amber” band. Details can be found in the full report. Enquiries Members of the public can refer to the TCs’ FY2023 financial statements on the respective TCs’ websites. The FY2023 TCMR Governance Report and TCs’ CG declarations can be found here. [1] This indicates that their auditors have concluded that their financial statements presented a true and fair view of their financial position and performance in all material aspects. Annex TCMR Corporate Governance Banding Table Governance Indicator Green Amber Red Corporate Governance < 1 point[1] 1 to < 2 points ≥ 2 points [1] Points are assigned based on severity of the observations. For instance, an observation which constitutes an offence under the Town Councils Act will be considered high severity while a first-time administrative oversight that has been rectified will be considered low severity. ## Chinese translation > Translation model: grok_cli ### 市镇理事会2023财年财务报表及2023财年市镇理事会管理报告（TCMR）——治理报告 向国会呈交市镇理事会2023财年财务报表 国家发展部（MND）已向国会呈交17个市镇理事会（TC）2023财年经审计的财务报表，各市镇理事会将在其网站上予以公布。 所有市镇理事会2023财年的财务报表均获无保留意见。[1] 2023财年，市镇理事会整体财务状况有所改善，主要得益于服务与杂费（S&CC）上调，以及政府向调整S&CC的市镇理事会发放的一次性特别资助配套（SFS）。该SFS配套作为临时措施，用以缓冲市镇理事会及居民因2022年及2023年外部因素导致运营成本急剧大幅上升所带来的全面冲击，并使市镇理事会能够以可持续方式管理运营。若无SFS，更多市镇理事会在2023财年将出现营运赤字。 这些措施，加上市镇理事会持续提高生产力、改善成本效益的努力，对于帮助市镇理事会应对成本压力——尤其是清洁、维修及一般行政领域——是必要的。维持财务可持续基础，使市镇理事会能够继续为惠及居民的市镇改善项目预留资金，例如兴建有盖连接通道及便利残障人士的坡道以改善市镇内连通性、提升组屋区基础设施，以及增建更多活动空间（如健身角和游乐场）。此外，部分市镇理事会也已向电梯更换基金注资，为即将进行的电梯更换工程储备资金。 政府将继续监察市镇理事会的财务状况，并致力于与市镇理事会合作，确保其长期财务可持续性。 2023财年TCMR治理报告结果 年度TCMR分两份报告发布：（a）年中发布的运营报告，涵盖组屋区清洁、组屋区维修、电梯表现及S&CC欠费管理指标；以及（b）年底发布的公司治理（CG）治理报告。 国家发展部较早前已于2024年6月27日发布2023财年TCMR运营报告，涵盖市镇理事会在四项运营指标上的成绩。 就治理报告而言，国家发展部已完成对市镇理事会经审计财务报表、审计师报告的审阅，以及对其遵守《市镇理事会法令》与规则声明的核查。2023财年，16个市镇理事会在公司治理指标上获评为“绿色”等级，碧山—大巴窑市镇理事会（BTPTC）获评为“琥珀色”等级。 三个市镇理事会——即宏茂桥市镇理事会、马林百列市镇理事会及兀兰—油池市镇理事会——各有一项严重程度较低、未遵守《市镇理事会法令》的观察事项。这些属行政疏忽个案，现已纠正。由于这些市镇理事会的公司治理评分均低于1分（即0.5分），因此获评为“绿色”等级（见附件中的公司治理分等级表）。 碧山—大巴窑市镇理事会有三起同类型未遵守《市镇理事会法令》的情况，属行政疏忽个案，现已纠正。由于存在多起同类型不合规情况，此项被认定为中等严重程度观察事项。该市镇理事会的公司治理评分为1分，因而获得“琥珀色”等级。 详情见完整报告。 查询 公众可在各市镇理事会网站查阅其2023财年财务报表。2023财年TCMR治理报告及各市镇理事会的公司治理声明可在此处查阅。 [1] 这表示审计师已断定，其财务报表在所有重大方面真实公允地反映了其财务状况及表现。 附件 TCMR公司治理分等级表 治理指标 绿色 琥珀色 红色 公司治理 < 1分[1] 1至< 2分 ≥ 2分 [1] 分数按观察事项的严重程度评定。例如，构成《市镇理事会法令》下罪行的观察事项将被视为高严重程度，而已纠正的首次行政疏忽则被视为低严重程度。