Financial year
s 43
43. The financial year of the Agency begins on 1 April of each year and ends on 31 March of the succeeding year.
SkillsFuture Singapore Agency Act 2016 PART 6 — FINANCIAL PROVISIONS
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Revenue and property of Agency
s 44
44.—(1) The funds and property of the Agency include —(a) all moneys paid to the Agency by way of grants, subsidies, donations, gifts and contributions for purposes of the Agency; (b) all moneys paid to, and all other moneys and property lawfully received by, the Agency for purposes of the Agency; (ba) all moneys recovered by the Agency pursuant to an order of a court under section 57D or 58, that relate to the whole or the proportion of an incentive, a grant or a loan out of moneys not in the Skills Development Fund;[Act 3 of 2023 wef 15/06/2023] (c) all fees and charges payable to the Agency under this Act or any other Act administered by the Agency; (d) all moneys, dividends, royalties, interest or income received from any transaction made pursuant to the powers conferred on the Agency under this Act or any other Act administered by the Agency; (e) all moneys borrowed by the Agency under this Act; (f) the Skills Development Fund; and (g) all accumulations of income derived from any property or money mentioned in paragraphs (a) to (f). (2) The Skills Development Fund must be managed and administered by the Agency separately from the other funds and property of the Agency.
Bank accounts
s 45
45.—(1) The Agency must open and maintain one or more accounts with such bank or banks as the Agency thinks fit. (2) Every such account may only be operated by a person who is authorised to do so by the Agency.
Financial accounts and records
s 46
46. The Agency must —(a) keep proper accounts and records of its transactions and affairs; and (b) do all things necessary to ensure that —(i) all payments out of its moneys are correctly made and properly authorised; and (ii) adequate control is maintained over the funds and property and assets of, or in the custody of, the Agency and over the expenditure incurred by the Agency.
Estimates for Skills Development Fund
s 47
47.—(1) In addition to the requirements of the Public Sector (Governance) Act 2018, the Agency must, in every financial year, prepare or cause to be prepared, and must adopt annual estimates of income and expenditure for the Skills Development Fund for the ensuing financial year in accordance with the Skills Development Levy Act 1979.[5/2018] (2) Supplementary estimates for the Skills Development Fund may be adopted by the Agency where necessary.[5/2018] (3) A copy of all annual estimates and supplementary estimates mentioned in subsections (1) and (2) must, upon their adoption by the Agency, be sent as soon as possible to the Minister.[5/2018]
Power of investment
s 48
48. The Agency may invest its moneys (except the Skills Development Fund) in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.
Issue of shares, etc.
s 49
49. As a consequence of —(a) the vesting of any property, rights or liabilities in the Agency under this Act; or (b) any capital injection or other investment by the Government in the Agency in accordance with any other written law, the Agency must issue such shares or other securities to the Minister for Finance as that Minister may direct.
Borrowing power
s 50
50.—(1) The Agency cannot borrow for the performance of its functions under this Act or any other Act administered by the Agency except in accordance with this section. (2) Subject to subsection (3), the Agency may raise loans by —(a) mortgage, overdraft or other means, with or without security; (b) charge, whether legal or equitable, on any property vested in the Agency or on any other revenue receivable by the Agency under this Act or any other written law; or (c) the creation and issue of debentures, bonds or any other instrument as the Minister may approve. (3) The Agency may raise loans —(a) from the Government; or (b) with the approval of the Minister, from another source, whether within or outside Singapore. (4) For the purposes of this section, the power to raise loans includes the power to make any financial agreement whereby credit facilities are granted to the Agency for the purchase of goods, materials or things.
Skills Development Fund to be audited separately
s 56
56. The provisions of Part 5 of the Public Sector (Governance) Act 2018 do not affect the requirements in sections 20 and 21 of, and the First Schedule to, the Skills Development Levy Act 1979 insofar as the requirements apply in relation to the Skills Development Fund.[5/2018]
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