We need assurances on CBD pool costs
BASED on Ipswich City Council's financial statements for 2014/15 and 2013/14, Ipswich City Properties, ICP, has accumulated losses of $43 million. Presumably these losses are being funded by the sole shareholder, Ipswich City Council.
It has been announced (QT 26/2) that the development of a CBD lagoon "can be done through Ipswich City Properties" at a cost of "$12 million to 15 million" for the preferred option.
This announcement is accompanied by a rather vague statement by ICP chairman and Ipswich City councillor Paul Tully that "this development will be done at no cost to the ratepayer".
Surely the residents of Ipswich are entitled to get an unequivocal assurance that the cost of this development by ICP will not add to their current accumulated losses and that Ipswich City Council will not be funding the development by way of increased equity or lending to Ipswich City Properties.
This will allow them to make an informed decision about the wisdom of the proposed CBD lagoon before the upcoming election.
Although ICP is a private company, surely the directors, Crs Paul Tully, Andrew Antoniolli, Paul Pisasale and CEO Jim Lindsay can authorise one of their number to make such a statement.
KEN ALDERTON, One Mile
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