# Town Councils’ FY2024 Financial Statements and FY2024 Town Council Management Report (TCMR) – Governance Report

- **Source:** Ministry of National Development
- **Published:** 2025-12-18T04:00:00.000Z
- **Author:** Ministry of National Development
- **Original:** https://www.mnd.gov.sg/newsroom/press-releases/view/town-councils-fy2024-financial-statements-and-fy2024-town-council-management-report-tcmr-governance-report
- **Topics:** Government & Policy, Sustainability & PropTech

## Featured rationale

Sustainable Town Council finances may support continued neighbourhood improvements, helping preserve estate quality and potentially reinforcing resident confidence in public-housing management.

## AI summary

All 17 pre-GE2025 Town Councils had unqualified FY2024 financial statements and generally reported surpluses, with 16 rated “Green” and Ang Mo Kio “Amber” for governance.

## Original article

Presentation of Town Councils’ FY2024 Financial Statements to Parliament

The Ministry of National Development (MND) has presented the FY2024 audited financial statements of the 17 pre-General Election (GE) 2025 Town Councils (TCs)1, covering the period from April 2024 to March 2025, to Parliament. The TCs will be publishing the financial statements on their websites.

2. All TCs had unqualified financial statements2 and generally reported surpluses for FY2024. By maintaining a sustainable financial position, TCs can continue to carry out more town improvement projects that benefit residents. The Government will continue to monitor the TCs’ financial positions and work with TCs to ensure their long-term financial sustainability.

Results of the FY2024 TCMR Governance Report

3. 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.

4. MND earlier released the FY2024 TCMR Operational Report covering TCs’ results for the four operational indicators on 13 June 2025.

5. 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 FY2024, 16 pre-GE2025 TCs were banded “Green” and one was banded “Amber” for its CG indicator.

a. Three TCs, namely Nee Soon TC, Pasir Ris-Punggol TC and Sengkang 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).

b. Ang Mo Kio TC had two low-severity observations of non-compliance with the Town Councils Act and Town Councils Financial Rules. Both cases were due to administrative oversight that have since been rectified. The TC scored a total of one point for its CG scoring, thus receiving an “Amber” band.

6. Details can be found in the full report on the MND website.

Enquiries

7. Members of the public can refer to the TCs’ FY2024 financial statements on the respective TCs’ websites. The FY2024 TCMR Governance Report and TCs’ CG declarations can be found here.

1 This refers to the 17 TCs in existence prior to GE2025 on 3 May 2025.
2 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.

Issued by: Ministry of National Development
Date: 18 December 2025

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 (2 points) while a first-time administrative oversight that has been rectified will be considered low severity (0.5 points).

## Chinese translation

> Translation model: grok_cli

### 市镇理事会2024财政年度财务报表及2024财政年度市镇理事会管理报告（TCMR）——管治报告

向国会提呈市镇理事会2024财政年度财务报表

国家发展部（MND）已向国会提呈2025年大选（GE）前既有的17个市镇理事会（TCs）1的2024财政年度经审计财务报表，涵盖2024年4月至2025年3月期间。各市镇理事会将在其网站上公布财务报表。

2. 所有市镇理事会的财务报表均获无保留意见2，并在2024财政年度普遍录得盈余。通过维持可持续的财务状况，市镇理事会可继续开展更多惠及居民的市镇改善项目。政府将继续监察市镇理事会的财务状况，并与各市镇理事会合作，确保其长期财务可持续性。

2024财政年度TCMR管治报告结果

3. 年度TCMR分两份报告发布：（a）年中期间关于组屋区清洁、组屋区维修保养、电梯表现及杂费与服务费（S&CC）欠款管理指标的运营报告；以及（b）年终期间关于公司治理（CG）的管治报告。

4. 国家发展部较早前已于2025年6月13日发布2024财政年度TCMR运营报告，涵盖市镇理事会在四项运营指标上的成绩。

5. 就管治报告而言，国家发展部已完成对市镇理事会经审计财务报表、其审计师报告，以及对市镇理事会是否符合《市镇理事会法令》与规则所作声明的审核。就2024财政年度，16个大选前（GE2025前）市镇理事会的公司治理指标获评为“绿色”级别，一个获评为“琥珀色”级别。

a. 义顺市镇理事会、巴西立—榜鹅市镇理事会及盛港市镇理事会各有一项与《市镇理事会法令》不符的低严重程度观察结果。这些属行政疏忽个案，现已纠正。由于这些市镇理事会各自的公司治理评分均少于1分（即0.5分），因此获评为“绿色”级别（公司治理评级表见附件）。

b. 宏茂桥市镇理事会有两项与《市镇理事会法令》及《市镇理事会财务规则》不符的低严重程度观察结果。两宗个案均因行政疏忽所致，现已纠正。该市镇理事会的公司治理评分合计为1分，因此获评“琥珀色”级别。

6. 详情载于国家发展部网站上的完整报告。

查询

7. 公众可在各市镇理事会网站查阅其2024财政年度财务报表。2024财政年度TCMR管治报告及市镇理事会公司治理声明可在此查阅。

1 指2025年5月3日GE2025之前既有的17个市镇理事会。
2 表示其审计师已认定，其财务报表在所有重大方面真实而公允地反映了其财务状况及业绩。

发布机构：国家发展部
日期：2025年12月18日

附件

TCMR公司治理评级表

管治指标

绿色

琥珀色

红色

公司治理

< 1分 [1]

1至 < 2分

≥ 2分

[1] 分数按观察结果的严重程度评定。例如，构成《市镇理事会法令》下罪行的观察结果将被视为高严重程度（2分），而首次发生并已纠正的行政疏忽则被视为低严重程度（0.5分）。