MOE thinking frugal

Front page news in the ST, ‘Funding cuts of top independent schools in
Spore’. The MOE is cutting funds to the top 6 independent schools and on
top of that it is telling them to moderate fund raising activities for
campus upgrading. The schools have been told to switch classroom
ventilation from air conditioners to fans.
 
This is definitely a costing cutting measure. The question is why?