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times - with even MPs urging the Government to relent on its long-held belief that the money should be strictly for dire emergencies.
Replying, Mr Goh said that, as it is, half of the investment income from the reserves is spent by the current Government. It therefore should not dip into the reserves.
This principal sum is needed to generate income for the future, when there will be a greater need for funds as the population ages.
He reminded Singaporeans that if the Government had not built up the reserves during the years of growth, the country would now be in 'deep trouble'.
It must continue to safeguard and grow the reserves as Singapore has no oil or other natural resources to turn into ready cash.
'At the moment, it's not critical that we need to use more and more of the income. We are already using half the income which we earn from the reserves,' he said.
'In future, we have to look at how we can use those earnings but not to the extent of eroding the real value of the reserves.'
Under the law, half the income earned from investing the reserves becomes part of the Government's revenue. It can spend this sum without seeking the President's permission.
The other half is locked away at the end of each term of government and goes to build up the principal sum of the reserves.
Another participant asked the Government to spend less. Wasn't too much money being lavished on schools, he wondered.
Mr Goh admitted he was surprised at the plush facilities in some junior colleges and institutes of technical education.
'I would agree that in the good years, we did slacken in terms of discipline in spending,' he said.
But not anymore, he pledged. Indeed, calls from the public to cut back frills has resulted in the Government setting up a Cut Waste Panel.
At the two-hour dialogue in Victoria School, residents raised other issues, including how to help the poor and make people more self-reliant. Resident S.A. Lee said the Government should reduce its role, but gradually. Singaporeans, she said, had not 'reached 21.'