Disclosing this in a Facebook post on Wednesday, Dr Tan said the Council of Presidential Advisers had considered the proposed Budget and recommended that he assent to the Supply Bill, on the basis that the Budget is unlikely to draw on past reserves.
Get the full story from The Straits Times.
Read President Tony Tan's Facebook post here:
The Singapore Budget 2014 was debated over a two-week period in Parliament which concluded on 13 March 2014. At the end of the debate, Parliament passed the Supply Bill to authorise the Government expenditures proposed in the Budget. The Bill has been submitted to me for assent as required under the Constitution.
This is a prudent and responsible Budget. The Government will be setting aside $8 billion from its Current Reserves to fund the special measures proposed for members of our pioneer generation beyond the next few years. The pioneer generation has stood by Singapore through the difficult early years of our independence, and it is only right that we take care of their healthcare needs in their old age.
In accordance with the Constitution, the Council of Presidential Advisers has considered the proposed Budget and recommended that I assent to the Supply Bill on the basis that the Budget is unlikely to draw on the Government's Past Reserves. The Ministry of Finance had also given me a detailed briefing on Budget 2014. I have therefore exercised the President's discretionary power provided for under the Constitution to give my assent to the Supply Bill.