Liability side of balance sheet

Letters

The Aug. 17, 2011 letter from Mr. Parliament in relation to the boat launch fails to mention the district paid $915,000 for the property, making the project cost $2.75 million, not $1.84 million. The cost to the district is $1.55 million, not $635 thousand, leaving aside the lost tax revenue from the property.

The letter implies that there will be free slip space for non-profits/others, which is not the case, and states that there will be fuel service, which is no doubt quite a surprise to SNC Lavalin, who inexplicably missed it in the environmental assessment, and the contractor, who doesn’t appear to have installed it.

It asserts that the facility will be free to the public, although the first line of the Performance and Progress Measures in the business case submitted in support of funding states that the measurement of success will be an increase in launch fees.

Another objective is: “Encourage physical activity and outdoor lifestyle through water sports; ie. kayaking, sailing, canoeing, fishing.” The performance measure is, “Dedicated use of the boat launch for water sports groups,” an apparent exclusion of charter operators that would appear to explain why the parking design is practically useless for anything bigger than a car-topper, and with a 5’ draught on my sailboat, I doubt I’ll be putting in there much.

A partnership means an equity position, not a long-term liability. With both  EPCOR and the convention center “partnerships” Sooke’s position is on the liability side of the partnership balance sheet.

Terrance Martin

Sooke