The Singapore Budget Statement shows only revenues that the Government is allowed to spend under Singapore’s Constitution.

Land sales revenue is excluded as it is not available for budgetary spending by the Government.

• Under the Constitution, State land and revenues from land sales form part of Singapore’s Past Reserves, which are invested.
  
  
  • This avoids a situation where the Government of the day sells land just so that they can meet their expenditure needs, and ensures that the Government plans its long-term budget prudently.
    
    
• Singaporeans do benefit from these land sale revenues that are invested. Up to 50% of net investment returns on our Reserves can be included in the Budget for spending. This amount is reflected in the Budget Statement as Net Investment Returns Contribution.
  

The land sales revenue figures are presented annually to Parliament in the Revenue and Expenditure Estimates, and are publicly available.

The figures are also included in the Singapore Government report to the International Monetary Fund (IMF) based on their prescribed presentation format. The IMF format includes all revenues, even those that are not available for spending under our Constitution.

Watch this video for more information about our reserves:

Sources:

• MOF’s Government Budget FAQ
• Singapore Budget
• IMF’s data on Singapore Government Operations