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« Coalition for Better Broadcasting | Main | Capital Value on in Hamilton »
Monday
Jun232014

South Waikato Secures Its Future

The South Waikato District Council has moved to establish a $20m economic development trust fund with the proceeds of its Power Corporation shares - from the same share distribution that our Council saw fit to pour into the Eastern Seaboard Waste-water Plants - what a waste!

There may be intent down South to protect their assets in the event of any Government mandatred amalgamation - putting the funds into the trust should prevent any centralised outfit getting its hands on the funds, but it nevertheless highlights what a short-sighted policy was adopted here in the face of huge cost over-runs on the  East. 

Through the process of 'Internal Borrowing' that our Council is now endeavouring to hide, the funds that were settled on the entire community have in fact only been made available to benefit one section of the community. That situation is made worse by the intention to allow the 'loan' to remain as a perpetually unpaid 'loan,' and now to provide nomenclature that disguises its origins, and its status.

This is nothing short of chicanery.

 

 

 

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Reader Comments (1)

Great idea SWDC! Dont let Ben Day manage any grant process and you should be safe!

June 25, 2014 | Unregistered Commenterintetested

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