Regarding last week's story about the $6m TECT funding of the Event Centre.
The TECT 2009 – 2010 Annual report stated the $6m had been approved for the Tauranga City Council, but Tauranga City Venues Ltd claim in a footnote in their 2010-2011 annual report they received 'a gross distribution of $5,573,240 from TECT”.
This sum does not appear anywhere in their accounts but that didn't stop them from loaning $3,898m to 'Tauranga City Council (TECT Funding)”. What happened to the missing $1,675,240m?
The Council will be repaying the loan which raises the question; where did the money come from to pay the contractors who built the Event Centre and what will TCVL do with their returned loan which was given by TECT solely to help pay for the centre?

Perry Harlen, Mount Maunganui.