There’s an interesting article about Citywest on North Coast Review, which reports that Citywest wanted to clear up “some misinformation” that they believe exists in the community:
“With CityWest officials advising Council that there is “no amount of funding that comes from the City of Prince Rupert to fund CityWest”. CityWest officials explaining to council that the company “is a totally self funded organization”.” < northcoastreview.blogspot.ca/201 … prise.html >
That statement by Citywest is misleading.
Citywest’s operations are self funded, ie the City does not pay them a subsidy; it expects a return on its’ investment. But Citywest is funded by the City to the tune of $28.5 million in loans and equity, and $23.5 million by arms-length lenders (those are Dec 31, 2011 numbers, which are the most current available). If Citywest was debt free and financed entirely from re-invested profits it could say that the company was “totally self funded”. But that’s not the situation.
There really should be an independent review of Citywest finances, with a report to the council and public.
By the way, I’ve been to question periods at City hall. It’s actually a very constraining format with little time or opportunity for back and forth. Public discussion and reporting are more likely to shine a spotlight on these issues and prompt the council members to pay attention and state their thoughts, as the recent Black Press article illustrates. I particularly liked these comments:
“I am furious. I can barely speak about CityWest. To be introducing this information at this time when we had a large problem on our laps, it’s now almost doubled… If I didn’t have my nice clothes on and we weren’t in council I would have some much stronger words for CityWest,” said Councillor Joy Thorkelson.
“My head is spinning, as I am sure everyone’s is… I am looking at it, but I am not sure where to go with it. I am stunned is what I am,” said Councillor Gina Garon.
< thenorthernview.com/news/204219871.html >
I wonder what Councillor Thorkelson would have done if she wasn’t wearing her “nice clothes”? Would she have “laid the boots” to them?