Estimates Committee flag Tote Board’s $4.2b accumulated reserves

Tote Board said this allowed them to extend funding commitments.

The Estimates Committee has noted the $4.2b accumulated reserves of Tote Board as of 2022, the highest amongst Statutory Boards (SBs) unprotected by the Reserves Protection Framework. 

In response, Tote Board said this allowed them to extend funding commitments, with grants lasting up to five years. It also maintains grant obligations during economic downturns and augments revenue with investment income. 

According to the report, the Estimates Committee acknowledged the Ministry of Finance's explanation regarding the Tote Board’s reserves. 

Nevertheless, the committee urged the government to continue its periodic internal reviews on the surpluses of SBs and appropriately site resources. 

The committee also encouraged the government to improve productivity, streamline processes, and tap into innovative technology where possible to pass on cost savings to the public.