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Tuesday, June 11, 2019

Asset Sale Money Not Being Used For Inquiry

Collingwood | by Catherine Thompson  
Collingwood council is not dipping into money the town made from the sale of a couple of its assets to fund the Judicial Inquiry.

Collingwood council is not dipping into money the town made from the sale of a couple of its assets to fund the Judicial Inquiry.

At last night's (Monday) meeting, council voted unanimously to instead instruct staff to look at taking the extra money needed from reserves.

A staff report shows total costs for the inquiry could be close to or over four million dollars.

This year's budget includes 1.5 million for the inquiry.

Town staff had recommend that council authorize an increase in the 2019 budget for three million dollars more for the Collingwood Judicial Inquiry and allow staff to use asset sale proceeds from the electric utility sale and airport sale to fund the inquiry.

But last night councillors agreed that they didn't want to use any of the asset sale money especially since they promised to ask the public what they think should be done with that roughly 19 million dollars.

The inquiry is looking into the sale of half of the town's electric utility, Collus, to PowerStream in 2012.

The hearing process has been taking longer than originally thought and that's why costs are mounting.

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