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Reason for difference in amounts disbursed in ComCare Fund Annual Report FY2019 and Financial Statement in Annual Report

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Reason for difference in amounts disbursed in ComCare Fund Annual Report FY2019 and Financial Statement in Annual Report

For
Parliamentary Questions
Topics
ministry updates
Published On
02 Feb 2021

Ms Hazel Poa: To ask the Minister for Social and Family Development (a) what is the reason for the difference between the disbursed amount of $151.42 million found on page 12 of the ComCare Fund Annual Report FY2019 and that of $68.8 million listed in the Financial Statement found on page 13 of the Annual Report; and (b) whether the Financial Statement is for FYE March 2020 instead of 2019.

Answer

            The Community Care Endowment Fund (ComCare Fund) was launched by Prime Minister Lee Hsien Loong in 2005 as a sustainable source of funds to provide social assistance to low-income Singaporeans. The interest income generated from the ComCare Fund is used to fund ComCare programmes. The Ministry of Social and Family Development (MSF) publishes annual reports to provide an account of the utilisation of the ComCare Fund in the preceding financial year (FY).

2          The Financial Statement in the ComCare Fund Annual Report for FY2019 presents the state of affairs of the Fund as at 31 March 2020. During FY2019 (i.e. 1 April 2019 to 31 March 2020), $151.4 million was disbursed under the various ComCare programmes. Out of this, around $68.8 million was funded by the ComCare Fund’s interest income. The remaining $82.6 million was covered by MSF’s budget.

 

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