Quote:
Originally Posted by Monctoncore
Technically there aren't any cost over run, since the plaza upgrades are still within the original budget, the only thing is the plaza is costing more, which takes a bite out of the contingency fund.
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I say this as a firm supporter of upgrading the plaza in front of the events centre
but, as one who has considerable personal and professional managerial experience of dealing with budgets and accountants, there are three types of falsehoods - lies, damned lies and budgetary reports.
You can slice and dice accounting statements and budgetary reports many ways, and a skilled accountant can make a deficit appear like a surplus depending on the rules applied. Governments (especially governments anticipating an election ) are very good at this.
The contingency fund is mostly a sham. It was only to be used in the events of cost overruns. Naturally city council has chosen to use it instead for frills and are treating it as a pre budgeted slush fund to finance these enhancements.
Now, I am an advocate for making the events centre as nice a facility as possible but it is important to call a spade a spade, and this is money that tax payers will ultimately be responsible for, one way of another. Your property tax bill is at risk!!
Hopefully there will be new development announcements in the immediate area in the next couple of years, and that these developments will increase the city's tax base. If this happens, and if the developments are tied in some way to the events centre, then the city will come out even. If not, then everyones tax rate will go up.
Again, I emphatically state that I am in favour of these enhancements, I just think people should be aware of what may happen..........