Is the service and conservancy fee hike linked to failed Town Council investments?

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http://www.todayonline.com/Voices/EDC120802-0000038/Higher-SCC-linked-to-failed-investments

From Dave Yap

I refer to the report "7 town councils to raise fees" (July 28). Residents who will have to pay higher service and conservancy charges (S&CC) from next month may be annoyed, especially with the cost of living already rising.

Some of these town councils had racked up losses in structured products linked to United States investment bank Lehman Brothers. If the funds had been placed in safer fixed deposits, would it have been necessary to raise fees now?

While risky investments have higher returns, it is preposterous to use surplus funds for this purpose. The money is primarily meant for the upkeep of housing estates.