-------- Your tax dollars at work ---------
SOME ... ANSWERS TO EARLIER FINANCIAL QUESTIONS
While this report doesn't answer all of the questions one might have about SWSDA's finances and in fact some of the information might be mis-leading.... it does open the door a smidge.... and actually raises other questions.
For example, the RBC Dominion Securities Investments I believe represent the monies SWSDA was forced to set aside in accordance with the Consent Order flowing from the Fraudulent Conveyance action on the Boys School brought by OPI in 1997 against SWSDA. What isn't clear is why monies that were supposed to have been deposited in a segregated interest bearing bank account or GIC have not accrued any interest since March 31, 2009 according to this statement. It is also unclear why SWSDA has set up an RBC Investment Cash Account with some of these monies from the Boys School in contravention of the requirements of the Consent Order. Also, it is unclear how come the item listing the Shelburne Boys School Accrual is different than the Investments referred to under Assets and why the amount has not changed between March 31, 2009 and July 31, 2009.
According to this statement it appears that taxpayers in our municipalities on July 31st this year were on the hook for some $375,000 ( $165,000) more than at March 31, 2009 through our guarantees of SWSDA's operating line. Add to that the $200,000 we taxpayers have provided in grants that are re-payable by SWSDA and the $84,105 guarantee provided by the Municipal taxpayers of Shelburne and used by SWSDA for the cost overun on the Sound Stage built under Mr. MacDonnell's corporate supervision and we can now see the tip of the iceberg of taxpayer indebtedness that we know about driven by SWSDA's activities.... and we haven't seen the Audited Financial Statements for last year yet .. even though the fiscal year is more than half over. Click on the statement below to enlarge.
11 comments:
A very interesting financial statement, for sure. It is over my head, it is difficult to understand why a particular posting changes from one figure to another. For instance ACCOUNTANTS PAYABLE, why did that change? What account? What reason ?
It is also puzzling why Shelburne council minutes show not one word about SWSDA
Amazing that all these facts are avoided by ones who were elected to take care of such matters !!!
What has happened to common sense ???????
How pretty; I am sorry I don’t know who the audit firm was who did this but from the look of it I would venture a guess they are taking sides. The question at the bottom line is who will sign off on this? The supporting documentation would really be interesting to browse over as well as the auditors comments.
If I ever had shown this to the BOD of a few of the companies I have been involved with there would be so many questions coming my way it would be embarrassing. A balance sheet can and in many cases IS manipulated to reflect certain things but there are a lot of red flags in this one, some of which have been highlighted in the Blog, a lot have not.
As to why no mention from the council; well probably some of them don’t have a clue what they are looking at and as such don’t know the prudent questions to ask, (this is not an implication of bad people just a limited capacity of financial prudence) the remainder?
180
With the numerous well educated people who know what has been and continues to happen with large sums of funds with questionable handling process it appears like an unsolvable problem....
Criminals/ shady characters or (whoever?) most often are caught and made to pay for their wrongful ways with all the paper trails left by fellow or groups who are mentioned. Will this ever end ???? I HOPE ,SOON !
It appears that since our area is not getting treated fairly it must be due to poor communication and not knowing process to get more positive happenings.
Guess we voted wrong people into most positions to do the job.
DO MAJORITY JUST ENJOY LIFE IN SLOW LANE ????
ALL IS TOO QUIET !
Voted the wrong people in the town of Shelburne for sure.
These statements are not audited; they'e internally produced using Simply Accounting software. No accounting firm would lay claim to preparing such ...
When I hear certain SWSDA fellow's name mentioned ,in trusting manner ,by Shelburne councillors it appears they have not learned from past mistakes.
Amalgamation with Lockeport would be a good start for big changes. I like Mayor Huskilson's attitude about improvements and his process for gaining knowledge.He uses input from well informed guests at town meetings.
Here it is October 10 The last posted minutes from Municipality of Shelburne Committee of the Whole July 13, Council July 27
Down in Barrington minutes of Committee of the Whole October 5, council September 28 Barrington is faster than Shelburne
9:46 Yes, it's amazing that neither the town nor municipality have posted their minutes for Aug. and Sept. Maybe Frank's MO of not releasing any info prior to his upcoming court date is part of their MO also???
Have you noticed how MofB minutes are not brief summaries, but record all the ayes and nays, etc. With detailed minutes the taxpayers know where their councillors stand on issues. It is time we requested the same from our councils. - Shirley Fry
Town of Shelburne are always months behind posting their "passive" minutes!
Post a Comment