"DISSIPATED: GOTTEN RID OF; WASTED, DISPERSED"

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SWSDA WORKING ON MORTGAGES ?

In November 2007 ... SWSDA's CEO submitted a sworn Affidavit to the Supreme Court of Nova Scotia. In the Affidavit he claimed that SWSDA had, between July and November 2007, "dissipated" more than a quarter of a million dollars that was left in the Maintenance Fund after the Boys School was sold in June as well as the $550,000 received from the sale.

As a result of this declaration by SWSDA .... the parties to the Fraudulent Conveyance case agreed that SWSDA was to replace the Boys School's "dissipated funds" (the unspent portion of the $625,000 Maintenance Fund + $550,000 + interest going back a number of years) by using the proceeds from the sale of the Former Naval Base when it was sold and the Court so ordered SWSDA to set aside these funds.

Fast forward  more than a year later to March 2008 when the Base was sold....

It would appear... that SWSDA received less than a million in cash from the sale of the Base and $716,000 of that was set aside to satisfy the court order. In addition, SWSDA quickly moved $150,000 to pay off a loan held by the Yarmouth Area Industrial Commission. The RDA now holds a mortgage on the Base of $1.75 million which it has been trying to sell off at a discount to others including the Provincial Government so that it can get its hands on a more liquid form of asset.... cash! (Now Mr. Anderson's briefing of the SWSDA Board at their May meeting about SEACOAST and their prospects makes sense!!!)

Now we hear on the grapevine ... that even the disappearing government of Rodney MacDonald wouldn't bite that poison fruit in its final six months in power... but ever peristent Mr. Anderson .... we understand is pitching municipal members of his Board of Directors and the new provincial government to reconsider and take the mortgage off his hands and give him cash.

I guess holding a mortgage for $1.75 million whose terms provide for delayed payment is like having a gold credit card where you've exceeded both the total and daily credit limit.....is it burning a hole in Mr. Anderson's pocket? Seems that way!

Additions To Blog

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You may have noticed some additions to this blog today. On the left hand side of the blog there is now a clickable link to two other blogs (one is a new blog called Shelburne Development that I am launching today ) and Timothy Gillespie's ever- popular and recently resuscitated Shelburne County Today. Adding this makes it easier for readers to move from one to the other.

I have also added a survey question tool that you can monitor as folks vote.... should be interesting.

Hope you enjoy it.

Who's Counting!?!

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FYI......... As of midnight last night this blog, started in mid-May has logged 59,896 page views
and 10,551 visits.

I invite you to add your thoughts to mine and those of other readers by providing your comments or thoughts. This blog is about the issues surrounding RDA Accountability in the past and in the future. Our ability to be informed about the past and present is essential for us to prepare and enhance our ability to manage the future.

Please take a moment and share your thoughts with our readers.

Proposed RDA Workshop Discussion

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Dear Reader.... Please go to http://www.shelburnecitizendrivendevelopment.blogspot.com/ for this discussion....

ACCOUNTABILITY ... IN CAPITAL LETTERS!

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THREE MONTHS LATER

In the Minutes of the May 27 meeting ow SWSDA a number of questions were asked.... some reportedly answered and/or discussed by the Board with others to be answered later. Below is a list of those reportedly clarified, answered and/or discussed with Board members.

1. "Status of operating funds from ACOA and Economic Development Requirement to register under the RDA act to receive operational funding (in progress) "

Question: Can any of those in attendance tell the great unwashed public what they were told and what discussion if any ensued respecting operational funding and the requirement for SWSDA to register under the RDA Act?

2. "... status provided for several projects ..."

Question: Can any of those in attendance tell the public what they were told and what discussion if any ensued respecting the status of any and all projects currently being managed by SWSDA and in particular what was the Status of Shelburne County projects?

3. "... $716,858 invested from the sale of the Shelburne Youth Centre ..."

Question: Can any of those in attendance tell the us what they were told and what discussion if any ensued respecting the status of the funds invested from the sale of the Shelburne Youth Centre and in particular where has the money been invested, what interest rates are being paid and what interest has accrued to the investment since it was made, when was it made, and how was the amount to be invested determined?

4. "Process for hiring consultants explained... "

Question: Can any of those in attendance tell us what they were told and what discussion if any ensued respecting the process for hiring consultants and where a written copy of that process can be found?

5. "Clarification provided on mortgage outstanding for sale of Shelburne Park and repayment terms ..."

Question: Can any of those in attendance tell us what they were told and what discussion if any ensued respecting the mortgage outstanding for the sale of Shelburne Park and repayment terms?

6. " Discussion of travel expense process... "

Question: Can any of those in attendance tell us what they were told and what discussion if any ensued respecting SWSDA's travel expense process and where a written copy describing this process can be found, as well as a description of the process for attribution of travel expenses to various core and project budgets?

BTW: At the May meeting it was reported that the "Request for financial info on Shelburne Park will require clearance from solicitors as a court case is pending."

If that information has been provided to Board members would one of those in attendance please provide a copy. On the other hand, if it has not been provided, Board members should insist on this information before they accept the new financial statements at the September meeting of the Board and the AGM.

** (In attendance at the meeting were the following people....
Voting... Rod Rose, Phil LeBlanc, Phil Mooney, Heather MacDonald (alternate for Municipality of Yarmouth) Rachel Pictou (representing the Acadia First Nation), Sherman Embree, Elizabeth Acker, Cecil Brannon, Alonzo Townsend (alternate for Town of Lockeport), Louise Halliday
Non-voting... Doris Swaine (alternate for Municipality of Shelburne), Elizabeth Rhuland (alternate for Town of Shelburne), Donna LeBlanc-Messenger (alternate for Municipality of Barrington), Robert Maillet, Calvin Butler, Bryan Smith ( special assistant to Richard Hurlburt), Stéphane Cyr, Pat Melanson, Clyde DeViller, Michelle Blinn, Frank Anderson and David Warner.)