News

Surviving WBW director writes to the Queensland Audit Office

Wide Bay Water board director Geoff Skerritt.
Wide Bay Water board director Geoff Skerritt. Hannah Busch

WIDE Bay Water director Geoff Skerritt has written to the Queensland Audit Office about a $73.5 million debt transferred to WBW two years ago.

Mr Skerritt revealed the audit approach in a fiery open letter to Fraser Coast Council chief executive officer Lisa Desmond.

He said the debt was created in 2011 to ensure the council received a regular interest payment from WBW even if the corporation did not make a profit.

The Chronicle understands WBW has paid an average of $10.5. million to the council each year for least two years, including about $6.4 million a year in interest.

Mr Skerritt said WBW had to pay the council 8.61% interest for five years.

"The dividend from WBW is always going to fluctuate," he said.

"To put us into debt to guarantee an income is obscene. Wide Bay Water got nothing out of it."

Mr Skeritt is one of three directors still in office from a board of six appointed in late March.

The three survivors have been asked to sign new letters of appointment.

Fraser Coast Mayor Gerard O'Connell said the council had only recently met the Auditor-General, and the council and WBW accounts were reviewed each year.

He said there had never been an issue raised over the loan.

"It was a debt equity situation," he said.

No response was available from Ms Desmond on Tuesday night.

Should Wide Bay Water remain a local government-owned corporation or should council continue with its push to make it a commercial business unit?

This poll ended on 18 August 2013.

WBW should remain a local government-owned corporation - 36%

Council should make it a commercial business unit - 63%

This is not a scientific poll. The results reflect only the opinions of those who chose to participate.

Topics:  debt mayor wide bay water



How to survive a bushfire in your car

IT SOUNDS like a nightmare, but it can happen.

Eight reasons to join the RFS

SPREAD across 93% of Queensland, the Rural Fire Service has about 36,000 volunteers. And you could be one of them.

What if my insurer gives me grief?

CLAIMING your insurance cover after a natural disaster can go one of two ways. It can be a breeze, or like pulling teeth.

Olds Engineering staff recreate the SS Dicky's bell

Taking home the replica SS Dicky bells were  Louise Bauer, SS Dicky Taskforce community representative Colin White and Sunshine Coast Council deputy mayor Tim Dwyer,  Olds Engineering employees Peter Olds and (front) Lachlan Hansen.

Olds Engineering staff recreate the SS Dicky's bell.

Heat's Mooney set for Women's Big Bash opener

COFFS HARBOUR, AUSTRALIA - NOVEMBER 29:  Beth Mooney of Australia bats during the women's one day international match between Australia and South Africa on November 29, 2016 in Coffs Harbour, Australia.  (Photo by Mark Kolbe/Getty Images)

The Heat's opening game will be streamed live.

Rain could halt Australs' run to A-grade cricket final

Cricket Maryborough - Past Grammers versus Brothers Shamrocks - Shamrock's Wayne Smith.

Australs need to win big to make the decider.

Local Partners

Justin Timberlake stuns students with secret class

Justin Timberlake stunned high school students in Sydney

Carrie Fisher says Ford will be bugged by affair confession

Carrie Fisher is sure Harrison Ford is annoyed at her

Dakota Fanning rekindles romance with childhood sweetheart

Dakota Fanning rekindles romance with ex

Jennifer Lawrence apologises to the people of Hawaii

Jennifer Lawrence sorry for 'offensive' story

Cruz Beckham's single a 'one-off'

He is not planning to launch a full-time music career yet.

Louis Tomlinson's mother dies aged 42

Louis Tomlinson's mother has died.

Essential to get new Maroochydore CBD fundamentals right

LOOKING AHEAD: The central business district at Maroochydore is planned to be the heart of the Sunshine Coast.

SunCentral reports good progress on 53ha Sunshine Coast city heart

'Crucial' farm land eyed by defence department

Lawson Geddes moving the Brangus cattle to higher ground - which is the land the Defence Department is interested taking for the Shoalwater Bay expansion.

"You can't have one without the other.”

Former Shark Show for sale for $1.3 million

Vic Hislop at the old Shark Show.

TALK about a jaws-dropping real estate opportunity.

There's a whole lot of luxury in this home

The Endeavour Foundation's latest prize home in Mountain Creek.

WHEN it comes to desirable homes, it's hard to go past a prize home.

Ipswich City Properties asset portfolio retains its value

Ipswich City Council Administration Building, South Street, Ipswich. Photo: Claudia Baxter / The Queensland Times

New website launched by Ipswich City Council

Ready to SELL your property?

Post Your Ad Here!