Hopefully I am not breaching any etiquette but since Mayor Pond has chosen to join HTMF, it occurred to me that starting a thread of questions that the Mayor and his council could address in a cost effective and public manner would be welcomed by all citizens of Prince Rupert.
To this end, I would like to contribute my post which appears to have gone off topic in another thread that concerns the recent controversy surrounding the city’s hiring and contracting out practices.
Welcome to HTMF Herb and by all means donâ€™t apologize for providing your perspective, opinions and defenses. Open and transparent politics is what youâ€™ve always paid lip service to, so we are glad to see youâ€™re putting your money where your mouth is.
An interesting analysis of my feelings regarding my service to the City but what I really resent is the mismanagement of CityWest under your administration(s) and the secrecy in which the City and CityWest operates.
To be specific, what I resent is that the planned negative impact on the Cityâ€™s cash flow was never made clear to the City of Prince Rupert at the outset and the actual impact that has occurred since the acquisition of Skeena Cable has been significant;
Since you were first elected, the impact on my residential taxes and feeâ€™s is as follows;
In short since you became Mayor, my taxes have gone up 48% as compared to an inflation rate of 15% and our deteriorating water, sewer and road infrastructure has not been addressed in any significant way!
If this appalling performance was limited to your financial mismanagement, those more charitable may overlook this, however on the social front the same appalling failure of leadership is apparent as reported under the following headline by the Northern View;
Crime stats show many 10-year highs in Prince Rupert
bclocalnews.com/bc_north/the … 67064.html
Actually Herb, Iâ€™ve asked you and Mr. Howie to release the value of CityWest as determined by the truly independent valuation that was ordered while I was on the board but received after I left. The market value of CityWest by itself has no real value to competitors unless CityWest is for sale.
Turning to the information that is available to the public, I invite HTMFâ€™rs to compare the disclosure available to anyone interested in Rogers to the disclosure available to the citizens of Prince Rupert regarding their asset.
Rogerâ€™s Investorâ€™s Relations
your.rogers.com/investorrelation … erview.asp
CityWest Investor Relations
Those who look deeper will find that in 2005 and 2006, the basic financial statements for all companies in the CityWest group were posted while in 2007 only the financial statements for the mothership were posted. Most public companies and I include CityWest in this definition also post quarterly statements of performance but CityWest does not provide this nor does it provide any Board or Management commentary.
So with the foregoing in mind Herb, here are a couple of questions for you Herb to allow the public to form their own opinions based on facts;
What is the current market value of CityWest as determined by the last independent study completed? In other word, what would the city receive net from the sale of CityWest?
Who completed it and on what date?
What is the current compensation paid to the Chair and Directors of CityWest?
What was the original level of dividends that was planned for when Mr. Kumar under your leadership had the first Business plan prepared for CityWest to incorporate and seek bank financing to acquire Skeena Cable?
Who did the original valuation of the Skeena Cable acquisition and what compensation did this firm or individual receive for the valuation and any other services that were completed in the year Skeena Cable was purchased?
In closing Herb, I am glad to see you have subsequently changed your mind about never posting here again and I look forward to your answers to the foregoing questions.