Secrecy About WDI

In discussion #227 I mentioned an important document and the passing of a Shareholder Direction regarding Geosands (WDI).

We still do not know the outcome of this vote as the minutes have not been released and mysteriously… the recording was stopped so we have no record of the discussions surrounding the direction.

What we do know is that if Geosands wanted to spend in excess of $100,000 prior to this direction, they had to go to the shareholder. (That’s Us, the people of Wasaga Beach and that permission would be asked in open council- thereby making it public.).

Mayor Brian Smith is our Council Representative on the Geosands Board. He is paid separately for sitting on that board on top of his Mayoral Salary. Remember in past years, he boasted about his fiduciary duty?

The motion he delivered to Council asks them to up the spending limit covered by the direction to be increased to $1,000,000.00.

What this means is that if for instance, WDI were asked to perhaps do some major infrastructure work at Beach One and those works had a value of $867,896.00, they would previously have had to come ask permission of Council (the shareholder). That shareholder might say NO, because they felt those. It’s were the responsibility of a developer. But Now, they can just quietly make the decision, include it in the financial report the following year and simply… not face any public scrutiny.

They make their own rules and they are allowed to. They have a four year mandate. Nothing we can do about it.

I wonder how many times a year they can spend that $1,000,000.00 limit? Did I mention they cannot complete the Beach One plan without raising funds? Lots and lots of funds!

So… if you are not playing by their beat, regardless of Council thoughts… you are gone, replaced by whoever the board wants.

Sounds like a very dangerous pair of directions to me.