Daylighting Sawmill River - Page 7

Colin May · #**121** Posted **Jul 31, 2015, 3:35 PM**

The HRWC Board has 8 members; 3 are councillors, one is Mayor and one is the CAO and the other 3 are citizens. http://www.halifax.ca/hrwc/HWBoardofCommissioners.php
Navigate the link to find the financial statements.

The underfunding of the pensions for HRWC employees is a greater problem than for other HRM employees, not sure why but age profile may be a reason.

Members of council do not receive remuneration for being members of an HRM agency or board. Monies that they are entitled to receive fron any ABC go directly to pay the cost of the office supporting councillors. The board and senior staff remuneration is a CUPE red herring.
CUPE misled its members on the issue of pensions, attempted to mislead the media and the public and cost their members 9 weeks pay.

Keith P. · #**122** Posted **Jul 31, 2015, 4:42 PM**

Quote:

Originally Posted by Colin May

The HRWC Board has 8 members; 3 are councillors, one is Mayor and one is the CAO and the other 3 are citizens. http://www.halifax.ca/hrwc/HWBoardofCommissioners.php
Navigate the link to find the financial statements.

The underfunding of the pensions for HRWC employees is a greater problem than for other HRM employees, not sure why but age profile may be a reason.

Members of council do not receive remuneration for being members of an HRM agency or board. Monies that they are entitled to receive fron any ABC go directly to pay the cost of the office supporting councillors. The board and senior staff remuneration is a CUPE red herring.
CUPE misled its members on the issue of pensions, attempted to mislead the media and the public and cost their members 9 weeks pay.

Yes, exactly.

My experience with these boards is that you get expenses paid and if you're lucky, coffee, a sandwich and cookie or square at the meeting. They do not compensate like corporate boards.

OldDartmouthMark · #**123** Posted **Apr 18, 2016, 1:30 PM**

From the Chronicle Herald:

Interesting things happening above, below surface of Canal Greenway project

http://thechronicleherald.ca/thenovascot...-below-surface-of-canal-greenway-project

Keith P. · #**124** Posted **Apr 18, 2016, 2:24 PM**

"Tax dollars going down the drain" jokes almost write themselves with this.

OldDartmouthMark · #**125** Posted **Apr 18, 2016, 3:12 PM**

Quote:

Originally Posted by Keith P.

"Tax dollars going down the drain" jokes almost write themselves with this.

Chuckling at your comment, but you have to admit it's pretty cool...

Colin May · #**126** Posted **Apr 18, 2016, 3:42 PM**

http://www.halifax.ca/hrwc/_assets/documents/BoardPackageNICFeb.pdf
pages 21-26

And water consumption is down 5%
And the HRWC pension plan is about to cost more.
And the HRM pension plan has a $197,000,000 going concern deficit as of December 31 2014

OldDartmouthMark · #**127** Posted **Apr 18, 2016, 4:14 PM**

Thanks Colin.

The part of the document that to me is most pertinent to this thread is as follows:

Quote:

Concurrent to the finalization of the preliminary design report there was a submission to HRM Harbour East Community Council requesting information from HRM staff with respect to the concept of "daylighting" the system. To daylight this system, in the context of recreating a naturalized stream, would require the system to be routed through HRM lands. This resulted in a HRM staff presentation at Regional Council on October 20, 2015. This concluded that no further consideration of this request was required and that the HRM lands were to be utilized for the Canal Greenway project. This removed any remaining uncertainty with respect to the routing of the stormwater system.

Colin May · #**128** Posted **Apr 18, 2016, 4:43 PM**

Quote:

Originally Posted by OldDartmouthMark

Thanks Colin.

The part of the document that to me is most pertinent to this thread is as follows:

Glad that you read it.
I emailed HRWC asking them to put up several months of minutes and they did so.
A lot of material at HRM and boards & committees goes unnoticed and in my experience staff respond very quickly to a request for documents and information.
In other minutes HRWC the board discuss funding from the Build Canada fund for projects in 2016 and beyond.
Reports & Minutes : http://www.halifax.ca/hrwc/_assets/BoardReports201415.php - not searchable

JET · #**129** Posted **Apr 18, 2016, 6:58 PM**

Quote:

Originally Posted by Keith P.

Yes, exactly.

My experience with these boards is that you get expenses paid and if you're lucky, coffee, a sandwich and cookie or square at the meeting. They do not compensate like corporate boards.

And that's the way it should be, you can have a cookie OR a square, not both, and only one.
Queen's Lunch square would be my choice.

Keith P. · #**130** Posted **Apr 18, 2016, 8:57 PM**

Quote:

Originally Posted by Colin May

http://www.halifax.ca/hrwc/_assets/documents/BoardPackageNICFeb.pdf
pages 21-26

And water consumption is down 5%
And the HRWC pension plan is about to cost more.
And the HRM pension plan has a $197,000,000 going concern deficit as of December 31 2014

Interesting material, thank you.

Some observations:

Why is HWC paying 5.5% interest on long-term debentures? That seems rather high.

The Board receives a ridiculous level of detail in their meeting packages. That should be pared back significantly. They do not need to know all of that minutiae.

Interesting to see that Jim Spurr landed there. He was a govt lawyer who was involved in the divestiture of NSP in the 1990s. To the surprise of some but not others, he then landed at NSP not long after and was there for some time until he either was cut loose or departed. I thought he was living happily from his NSP riches in retirement but obviously not.

While their pension plan may be in a going concern deficit (a rather absurd concept when applied to organizations like this that have no danger of going broke), I would very much like my RRSPs to be matching the returns they are getting. That is a level of performance over time that most mutual fund investors would kill for.

Colin May · #**131** Posted **Apr 19, 2016, 2:27 AM**

Quote:

Originally Posted by Keith P.

Interesting material, thank you.

Some observations:

Why is HWC paying 5.5% interest on long-term debentures? That seems rather high.

The Board receives a ridiculous level of detail in their meeting packages. That should be pared back significantly. They do not need to know all of that minutiae.

Interesting to see that Jim Spurr landed there. He was a govt lawyer who was involved in the divestiture of NSP in the 1990s. To the surprise of some but not others, he then landed at NSP not long after and was there for some time until he either was cut loose or departed. I thought he was living happily from his NSP riches in retirement but obviously not.

While their pension plan may be in a going concern deficit (a rather absurd concept when applied to organizations like this that have no danger of going broke), I would very much like my RRSPs to be matching the returns they are getting. That is a level of performance over time that most mutual fund investors would kill for.

HRWC borrows through MFC and I'll take a look at the borrowing. I think it was a long bond with a balloon payment at termination to be payed by a new issue.
In the 80's and 90s I was a big advocate for bonds, the joke in the office was me going around saying to people who knew nothing about investing : 'Buy bonds'; and I read numerous books and then took and passed the securities course. Of all the brokers I knew only one, Mr DeMont, who had any knowledge of Berkshire Hathaway & Warren Buffett.

The solvency deficit is much bigger at $714,000,000. see here :
http://www.hrmpensionplan.ca/files/HRM_Val_12_31_2014_-_Final_unsigned_for_website.pdf page 3 Executive Summary

I believe they should be required to follow the same rules as the private sector, such treatment would ensure greater discipline at the bargaining table and remove the advantage gained by the public sector in attracting skilled people.
My return in my RRSP/LIRA over 23 years is 9% net of fees.
My advice to young people is very simple : Open a TFSA and buy TD,BNS, & RBC and join the dividend investment plan. Repeat every year and retire at 60 a very wealthy person. And read 'Snowball'.

OldDartmouthMark · #**132** Posted **Apr 19, 2016, 1:55 PM**

Quote:

Originally Posted by Colin May

Glad that you read it.
I emailed HRWC asking them to put up several months of minutes and they did so.
A lot of material at HRM and boards & committees goes unnoticed and in my experience staff respond very quickly to a request for documents and information.
In other minutes HRWC the board discuss funding from the Build Canada fund for projects in 2016 and beyond.
Reports & Minutes : http://www.halifax.ca/hrwc/_assets/BoardReports201415.php - not searchable

Again, very interesting. Thanks!