Things that make you wonder, huh?
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There are stories in the community about Jack selling everything including city west…
Anyone heard anything… Selling City West would be awful…
Not that I agree that it should or should not be sold, would want more info on that idea.
But why exactly would it be “awful”, perhaps it might be something that the city can’t afford in its present financial state, or perhaps an offer comes up that makes sense to take it out of the city’s ownership.
anyways, a little more detail on the awful aspect of it, offers us up a chance to have a conversation on the idea…
It makes good money does it not…
Any feed back on this is helpful…
I may be miss informed… fill me in
Well I have no background on fiscal proprieties of CityWest, but this helpful link from Wilf Rimmer will give some background and thoughts on citywest
Good advise: Sell it or lose it!
A more helpful link for someone actually interested in how CityWest is doing is this:
princerupert.ca/images/edito … ber_10.mp3
It’s a presentation by a few CityWest board members at the regular Council meeting.
Now now that kind of snarky attitude is going to get you flamed all over again
Heh–if someone is interested in a few thousand words to learn Wilf Rimmer’s opinion on the matter, by all means–he’s very knowledgable regarding telecommunications.
If someone is intrested in actual numbers, however–new customers, success now that Roger’s is in town, etc–the report might be more helpful.
Well, invested 47.47 minutes listening to the City West board presentation to the City (thank you eccentric for the link).
There was no financial information presented! A presentation by the CFO Marguerite (very competent lady) would have been most useful.
Yes, City West is “well run-good team-cohesive unit-lots of experience”. However does that provide the “legs” to survive in this high cost and evolving industry? Of concern is the comment “lowered our revenues” resulting from strategic partnerships. Northwestel etc only sign up to share revenue.
Keeping up to date in this business absorbs lots of cash. What was the level of required new equipment investment to fit in with the new strategic partnerships? How is CityWest performing against plan (which plan?/what were the “adjustments to business plan”?), and will the city have to inject cash into CityWest to keep the company liquid in a down turn (competition/economy etc). Can the company fund its operations and required capital investments from cash generated internally (legs)?
Cash repays a $30 million plus debt, not accolades.
Just a few simple observations…
Jack has a solid background when it comes to investments etc. If it doesn’t make money shoudl we/can we afford to cover the losses? I think the City needs to take a long hard look at its current stae of investments property and otherwise and try and make sense of it all. I am sure that Anna and Gina will be front and center with all this info isnt that what their platforms were about no hiding of information etc.
Jack and the new council will have some growing pains and adjustments as they take their seats in council, I really don’t think his plan is to sell everything off though!
The council under Herb Pond did not trust the citizens of Prince Rupert to make up their own mind with actual numbers. The citizens were mislead when CityTel was incorporated as CityWest and we continue to be kept in the dark. Prior to Howie taking over on the board, CityWest used to publish statements for all companies in the group which is essential to understand where the company is making money and where it may be exposed.
I’ve sent an FOI request for the actual financial statements for the subsidiaries and also interim results as we used to get. Somehow under Herbert’s leadership, the bureacracy has decided CityWest is actually a private company and will not release the financial statements.
This is nothwitstanding practically all crown corporations and other companies owned by the public usually provide quarterly statements and real commentary to the public owners. Pretty power point presentations without current and full financial disclosure is just icing.
As the other former director has pointed out here, it’s actual bottom line numbers and reinvestment in the business that counts not dressy presentations. Since we only have a few more weeks to put up with HP Sauce, I’ll wait until the new council is in place to request the financials once again.
What will Anna Ashley and Gina Garon say about that?..lol
Your comments are helpful to get the picture of what is happening…
Herb never believed in openess regarding citywest I hope Jack sees it differnt.
This private owned thing I never clearly understood…
Glad HP is almost over… bye Herb!!
The incorporation of City West makes me a little nervous especially when I read the comments from Rimmer and Volney regarding the priorities of an incorporated company. Most importantly, in my opinion, CityWest has to be able to provide revenue to the municipality. It’s a bonus that it provides employment as well but as it is a municipally owned corporation, if it cannot provide signifigant revenue then the city has no business in owning it. By no means do I wish my friends at CityWest to be out of work, I speak only from the perspective of revenue to the city.