Tai Po fire relief fund amasses $4.7b as govt outlines strict financial oversight

Following the devastating No. 5 alarm fire at Tai Po's Wang Fuk Court last November, the government announced on Thursday that the dedicated relief fund has reached approximately HK$4.7 billion. 

A recent submission to the Legislative Council by the Home and Youth Affairs Bureau detailed the fund's massive public backing and outlined stringent financial monitoring measures to ensure the proper distribution of financial aid to affected residents.

The government established the relief fund on November 27 of last year to help victims overcome the financial hardships caused by the blaze. 

According to the document submitted today, authorities opened an advance account with a limit exceeding HK$10 million to cover the expenses of relief measures implemented between January and March of this year. 

Notably, this account processed HK$16.8 million in compassionate donations provided by the Beijing Han Hong Love Charity Foundation. 

The broader financial picture of the fund highlights significant community solidarity. 

As of May 31, the initiative had garnered around HK$4.4 billion in external public donations. 

When combined with the government's initial start-up capital of HK$300 million, the total pool of resources available to assist the victims stands at roughly HK$4.7 billion. 

To maintain robust financial management, the government has mandated the creation of independent advance accounts for specific programs or measures under the fund. 

Relevant bureaus and departments are tasked with ensuring that all disbursed funds strictly remain within the budgets approved by the fund's steering committee and are recorded accurately. 

Officials emphasized the implementation of comprehensive internal controls, which encompass the appropriate segregation of duties, strict authorization of payments based on established financial limits, independent reviews of all transactions, and the rapid addressing of any administrative errors or irregularities. 

Furthermore, all involved departments are required to maintain transparent, accurate, and comprehensive accounting and procurement records. They must also ensure that the respective advance accounts are settled promptly once a specific relief measure concludes. 

The administration reaffirmed its commitment to taking all necessary steps to guarantee the proper use of the donated funds and pledged to submit regular progress reports regarding these accounts to the Finance Committee of the Legislative Council.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓