The TCC Money Tree?

Recently, TCC-ratepayers gave another $30m-odd to Bay Venues Ltd(BVL) swapping all debt/losses/more for shares. Now TCC says BVL's 'commercially-viable”, 'in surplus”? How can this be?

Currently, TCC-ratepayers provide:- discounted/free-rentals, taken away all loans/interest, little water-rates/rates, TCC have even promised to pay any extras and to keep doing so. That's mega-millions annually from TCC-ratepayers as freebees, they're all ignored. There's no viable business plan/budget and even Audit-NZ keep asking TCC for a letter of Comfort (an unlimited guarantee from all TCC-ratepayers) to prop up BVL.

But wait there's more financial carnage: about $1m/month ($10.4m/pa, near 10% of annual rates) for monthly bills and expenses. It's actually rates but they changed the name to 'Grants” and pretend it's BVL income, then claim there's a profit. So guess what part of BVL has a surplus! Its not: Baypark/Aquatics/ASB-Arena/Elitist Sports, it's only the ever increasing charity.

TCC-ratepayers have been plundered three times in almost as many years totalling over $70m(shifting debt/interest/losses/more to TCC-ratepayers). Then add $10m/pa just to pay bills monthly, the cost then is huge.

This is an unrelenting money hungry financial monster whose demands are a huge burden to all TCC-ratepayers annually. The BVL/TCC legacy is simply losses and debt. One question remains, when will it stop?

Ian L Stevenson - Tauranga

You may also like....

2 comments

Drifting and dreaming again

Posted on 29-07-2015 18:57 | By ROCCO

What's new then. TCC keep changing the names flicking around the financials to confuse the punters ending up with fiscal madness creating debt upon debt scenarios. In the end you can't hide debt and rates and the last Council to its cost found that out the hard way.


Creating debt?

Posted on 03-08-2015 21:26 | By MISS ADVENTURE

Wouldn't this simply add to Tauranga Councils already very large debt mountain that it already has? The shifting of it means little in end result for ratepayers except that the debt is higher than last year.


Leave a Comment


You must be logged in to make a comment.