Town Councils’ FY2024 Financial Statements and FY2024 Town Council Management Report (TCMR) – Governance Report
Sustainable Town Council finances may support continued neighbourhood improvements, helping preserve estate quality and potentially reinforcing resident confidence in public-housing management.
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.
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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).