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SWSDA PROJECT REPORT

When SWSDA talks about all the projects they have organized and are running for us, do you know what they are talking about? Well you should.

They account for millions of dollars each year being spent in the name of development for our communities. Take a look at the latest project report for SWSDA and tell me what you see.

For example, does anyone know why the C@P summer students for 2008 are listed on this 2009/2010 report?

Does anyone know.... what the Community Access Society does, why their budget for this year is $55,000 and why they've spent 50% mmore than the entire year's budget after only six months?

And, why C@P projects .... are listed under Business & Investment services?

And do you realize dear reader .... that if you remove the C@P expenses from this category that SWSDA's total Business & Investment portfolio projects for nine municipalities in three counties is less than $80,000!

Oh.... and I haven't begun to ask questions about this Shelburne SoundStage/Park project with a budget of $75,000, no funding identified and no explanation!

SWSDA & The Role of Municipalities

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MAKING THE RDA ACCOUNTABLE

The Right Honourable Justice Hood in Her Decision about SWSDA says....

"I conclude that SWSDA is 'under the authority of' the participating municipalities."

For some time now I have argued that municipal councils had a special responsibility to monitor, direct and control SWSDA through the representatives of the Municipality that they appointed to the SWSDA Board.

Let me suggest to you that municipalities have failed in this essential duty of sound governance.

Further.... let me suggest to you that after all of its investigative work, the Ombudsman's office will agree.!

In part, I believe that this failure is caused by ..... the manner in which Board members have been misled into believing that certain information about the inner workings of SWSDA was best kept away from elected municipal councils. I recall Pat Nickerson, Paulette Scott and Raymond Davis claiming that they couldn't share information about SWSDA Board meetings because "they were confidential."

As a result, I believe the pattern shows that:

-  the CEO kept secrets from the Board,

- the Executive of SWSDA kept secrets from the full members of SWSDA,

- the Board members and Mr. Anderson kept information secret from Municipal Councils.....

Resulting in .... the public being kept in the dark and decisions being made on behalf of the municipalities and taxpayers without input from elected officials who are responsible and asked to be accountable to the public.

All this dear Reader to suggest that when municipal representatives get a copy of the the Consultative Report from the Ombudsman's Office, they should ensure that their Councils are consulted about its content before the SWSDA Board  and municipal representatives on the Board respond to the Ombudsman.... which I understand they have to do before January 6, 2010.

What do you think?

CAN YOU SPELL EMBARGO?

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OMBUDSMAN'S REPORT & FINDINGS

SUBMITTED TO GOVERNMENT AND

SWSDA BOARD MEMBERS

Department of Economic and Rural Development and SWSDA Board have 30 days from receipt of the Ombudsman's report to respond before the public will get to see the report.

Want to understand the process? Take a look at the Act.....

http://shelburnecitizendrivendevelopment.blogspot.com/2009/12/ombudsman-act.html

SWSDA Financials as at September 30

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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!!

Abra Kadabra - Its Just a Book Entry!

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Today's Financial News

Today we are told by ACOA that Core Operational Funding for 2009-2012 has been approved for SWSDA. Here are the numbers... are you sitting down?!?

ACOA Funding  $489,047.00

Total Project Cost $2,370,000.00

Does enyone know what that means?

If you do, send us a note, provide a comment...

I note in the same announcement that the

 Guysborough RDA's funding is in the same ball park...

and they only cover one county with 9,000 people!

And then there is all this talk about how SWSDA needs more liquidity for bridge financing of the projects it manages for us all....

I don't know... but.... when I look at their latest financial report for projects here are the numbers I see....

Total Project Revenues to September 30, 2009

$1,482,498.00

Total Project Expenses to September 30, 2009

$990,068.00

Gee.... am I missing something?

Are project revenues really $492,430 more than Expenses?

So why does SWSDA need a Guarantee from the Province of $500,000?

Certainly not project financing.....??

DO YOU THINK?