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Colwood's financial woes


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#1 victorian fan

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Posted 20 August 2010 - 03:24 PM

TIMES COLONIST AUGUST 20, 2010

It's been a rough few years for Colwood council -- and for taxpayers in the municipality. Taxes have soared, up 25 per cent in the last two years. The municipality's effort to change the way it collected money for sewage services was ruled illegal by the B.C. Supreme Court.

The big developments that council hoped would bring more tax revenue have stalled -- in one case leaving a giant pit on Wale Road in the municipality's heart.

And councillors have engaged in some nasty bickering that does not inspire confidence.



Read more: http://www.timescolo...l#ixzz0xBw3WJY5

#2 yodsaker

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Posted 20 August 2010 - 06:31 PM

Got that right, a rough few years for taxpayers over there. Never mind, no heads will roll.

#3 gumgum

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Posted 20 August 2010 - 06:47 PM

Suckers!....oh wait a minute.

#4 sebberry

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Posted 20 August 2010 - 07:27 PM

On the bright side, they do know how to fix a bridge ;)

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#5 spanky123

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Posted 21 August 2010 - 10:12 AM

The TC editorial raises a vey good point which is being overlooked by many people. KPMG signed off on Colwood's financial statements while the problems were occuring and now they are the ones who are effectively investigating their own work.

I don't know all of the details, but I have been through a few audits in my time and I can't see how problems like people authorizing their own expenditures and receivables not being properly accounted for gets past even a rookie auditor.

KMPG is also the auditor for Langford and they haven't even submitted financial statements yet even though they are now nearly 2 months overdue.

There are not a lot of firms in Victoria who will do audits any more so KPMG does a lot of work here, but my guess is that when the corporate name starts being bantered about by media editorial staff alongside words such as irregularities and police investigation then the highly paid help in Toronto will take notice.

#6 victorian fan

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Posted 21 August 2010 - 02:29 PM

Colwood is working to find solutions

By Mayor David Saunders, Times Colonist August 21, 2010

Re: "Colwood's financial woes," Aug. 20.



Read more: http://www.timescolo...l#ixzz0xHYOOL1j

#7 spanky123

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Posted 21 August 2010 - 03:42 PM

Colwood is working to find solutions

By Mayor David Saunders, Times Colonist August 21, 2010




Read more: http://www.timescolo...l#ixzz0xHYOOL1j


Ass covering at its best!

#8 davek

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Posted 21 August 2010 - 09:46 PM

I hope the pro-amalgamation crowd realizes that this demonstrates one of the benefits of divided and limited government. Small, decentralized governments help prevent and control bad practices and the damage they cause, while good practices and ideas can easily be adopted by adjacent municipalities.

Imagine if an amalgamated Victoria had been run the way Colwood has been! Think about that the next time someone starts complaining about 'fiefdoms'.

#9 jdsony

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Posted 23 August 2010 - 10:06 AM

Both Colwood and Langford have tried to cash in on the development boom and both have been burned in return. With growth comes more services & maintenance which leads to higher costs and required continuous growth and/or higher taxes. Both municipalities have been banking on perceived development not guaranteed development which means failed projects = lost potential revenue.

 



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