-------- 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.
