SINGAPORE POOLS (PTE) LTD (Utilisation of profits)

Mr Yeo Choo Kok asked the Minister for Finance (a) what was the annual profit of the Singapore Pools (Pte) Ltd during the past five years; and (b) whether his Ministry will use part of the profit to subsidize various constituency sports clubs to promote sports and games or to donate to the building funds of new community centres in those constituencies where fund raising is not easy.

Mr Hon Sui Sen: The net profits of Singapore Pools (Pte) Ltd during the past five years were as follows:- FY Profits 71/72 $5,740,543 72/73 $6,873,900 73/74 $7,216,799 74/75 $7,140,818 75/76 $7,444,083

With regard to using the profits of Singapore Pools to finance sports and other activities for the public, it is Government policy and practice to finance Government expenditures out of consolidated revenues.

The provision of sports and recreational amenities is a part of the overall services Government provides to the people of Singapore. The organisation responsible for sports facilities and services is the Singapore Sports Council (SSC) which receives an annual grant from Government to help it finance its activities. The grant extended to SSC comes from monies collected as general revenue (including Singapore Pools) and I consider the present financial arrangements satisfactory. They have not prevented the full development of public sports and recreational activities in Singapore. The SSC itself has been extending financial assistance to various sports and recreation organisations which it feels merit support.

Capital grants are provided by Government for the construction of community centres. These grants are assessed on the overall requirement, and there is therefore no need, and no greater advantage, on more than one source of financing by Government. Community Centres are intended to serve as a focal point for community participation and involvement and partial financing of the construction of community centres by voluntary public contributions should be encouraged as one form of such participation and involvement.