Seeking a little 411 on the subject of Citywest forgiveable debt

When council does get down to work this evening, perhaps they could turn their attention toward pages 33 and 34 of the official agenda for tonight’s deliberations.

An interesting bit of number crunching takes place on these pages, as the city audit pages outline an intriguing explanation of fiscal accounting for CityWest. In among all the numbers and financial mumble jumble that is part and parcel of thses statements is one line that will be raising the radar of those that are interested in the financials at the city owned phone, cable and internet provider…

(from  the blog a town called podunk, click on the link below to see the entire article … 4695110303 )-

Guessing somewhere along the line, an appraisal of the company’s assets revealed that the assets (and Company value) were carried at too high a valuation on the Company balance sheet, and that the $45 million note owing to the City (for transfer of the assets) needs to be reduced by $20 million.

Reduce liabilities by $20 million = reduce assets by $20 million.

Recall a founding Director asking that a copy of the appraisal be made public.

What’s a $ million here or there between friends, specially in Prince Rupert…lol

Be more concerned about “Goodwill” on the balance sheet asset side.

Just my speculation…