The operating budget for Cobourg in 2014 was $20.75M. Another town entity had an operating budget of 50% more than the whole town or about $32M in 2014. This company has become to be know as Holdco but what is “Holdco”?Officially the name is “Town of Cobourg Holdings, Inc” and is 99.9% owned by Town of Cobourg (the other 0.1% is owned by the Town of Cramahe).
Holdco consists of three separate businesses:
Cobourg Networks Inc. (CNI)
Lakefront Utility Services (LUSI)
Lakefront Utilities Inc.
The Mayor says “Lakefront and other pieces of Holdco are private so no requirement to reveal details of their operations” although they are owned by the taxpayers. That is correct; there is no legal requirement to divulge details. We, the owners, deserve to have the full details. Other similar companies such as Toronto Hydro and Peterborough Utilities provide detailed annual reports.
Secrecy leads to many questionable results:
The CTA feels that Cobourg’s taxpayers deserve to know what is going on and should have control of Holdco!