-------- Your tax dollars at work ---------
WHERE'D THE MONEY GO!?!
Ever wonder? Here's SWSDA's Balance Sheet for the first six months of this fiscal year.... to the end of September. Click on it to enlarge....
A quick look shows that SWSDA has some three-quarters of a million dollars in cash and term deposits, $868,333 in receivables (presumably from governments) and a mortgage payable in monthly installments to SWSDA by Sea Coast Entertainment beginning in 5 or 6 months.... Mortgage principle is worth $1,750,000. plus interest to SWSDA..... Along with odds and sods .... total assets of more than $3,405,000.00
Not bad for an organization that keeps complaining about being broke..... but here's the rub!
Accounts payable jumped some $300,000 in just one month to $901, 767.05 .... for what you ask.... ? ? Good Question!
When added to other project accruals.... for this year, Total Project Accruals are more than $1,500,000! Add Demand loans, repayable grants, the Sound Stage Loan guaranteed by the Municipality of Shelburne, amounts owing to the Province of $475,000 from a mortgage on the Base sold by SWSDA in 2008, money owing to Shelburne County Business Development Centre and an item entitled "Deferred Capital Contributions" and total Liabilities are significant having risen more than$70,000 in September alone.....
Gotta love high finance as practiced by "Former Bankers"..... Hate to think what kind of shape Yarmouth Area Industrial Commission is in!!
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