8 REGIONAL GENERAL COUNCIL - NTUC

For the year 2011, the budget estimates was made at the exchange rate of US$1 =
S$1.35 and on receiving the affiliation fees, the average rates of exchange was
approximately between US$1 = 1.30 to 1.25 during the year.
ITUC General Fund Contribution – The ITUC allocated from the ITUC General Fund
Contributions to the ITUC-AP Administrative Budget for the year 2011 in an amount of
Euros 716,230 converted and fixed at a rate of Euros 1 = S$1.73 = S$1,242,659.00
representing a 0.26% decrease as compared to the year 2010.
Expenditure
The overall expenditure for the year 2011 was S$1,827,586.24 as against the revised
budget estimates of S$1,860,000.00.
There were no major expenditure exceeded the budget estimates during the year except
for the followings:
1. Constitutional & Other Meeting Expenses – the excess of expenses arise from the
saved on the provision for 2 nd Regional Conference expenses.
2. Difference in Exchange & Bank Charges – included therein, an amount of
S$3,934.30 arises from the exchange loss on remittance received from the ITUC-ISF
Fund absorbed by ITUC-AP.
3. Children Education Allowance – under-provision due to increase in tuition fee during
the year 2011.
Affiliation Fees Position as at 31 st December 2011 – A statement showing the paying
membership, affiliation fees received and arrears of affiliation fees payable during the
year 2011 is enclosed – please refer to Annexure A (8RGC/10-1b) from the audited
Financial Statement.
In addition, Annexure B (8RGC/10-1c) shows the affiliated organisations which are still
in arrears in payment of affiliation fees as at 31 st December 2011.
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