News

Mayor says $73.5 million debt created at WBW's request

FRASER Coast Mayor Gerard O'Connell says a $73.5 million debt created between Wide Bay Water and the council was done at WBW's request.

WBW board member Geoff Skerritt wrote to the Queensland Audit Office this week calling for the Auditor-General to review the debt.

Mr Skerritt said it was created to guarantee an income from WBW for the council, even when WBW could not pay a dividend.

The debt, approved by the former council in May 2011, meant cancelling 73.5 million in WBW shares held by Fraser Coast Council and the creation of $73.5 million in debt as a result.

Cr O'Connell said the loan was signed off by both the Department of Local Government and Queensland Treasury officials.

"Out of respect for the Fraser Coast and particularly the staff of Wide Bay Water, I do not propose to comment further on this issue," he said.

Readers can now vote in a Chronicle poll on the future of Wide Bay Water.

As of 3pm on Wednesday after more than 100 votes, 77% of people wanted WBW to remain a local government-owned corporation.

The remaining 23% of voters wanted the council to continue to turn it into a commercial business unit (CBU).

The council will not be able to turn WBW into a CBU for a further two-and-a-half years to avoid paying $65 million in stamp duty.

Topics:  debt, fraser coast regional council, gerard o'connell, mayor, wide bay water




The biggest drug bust 'in living memory': police

A multi-million dollar drug bust sets the record

Who would steal a seven-year-old's motorbike?

Generic police sign  
Photo Contributed

The bike is green and the back guard of the bike is broken.

Ranger visited kangaroo mob day before toddler got attacked

Kangaroos in a paddock on Dougan St, Point Vernon.

"This mob has never shown any problems or signs of aggression."

Latest deals and offers

Britney Spears 'almost drowned' in Hawaii

Britney Spears has revealed she 'almost drowned' while on holiday

Doco reveals real story behind Black Hawk Down

Former Black Hawk pilot Mike Durant shares his story, which helped to inspire the movie Black Hawk Down, in the TV series No Man Left Behind.

FORMER pilot recounts ordeal which inspired a Hollywood movie.

What's on the big screen this week

Toby Kebbell and Jack Huston in a scene from the movie Ben-Hur.

AN OLD classic returns to the big screen with a new young star.

Bachelor Richie gives bacon-loving Noni the boot

Noni Janur features on this season of The Bachelor.

TOOWOOMBA swimwear designer still single but focusing on her career.

Zumbo's Just Desserts serves up magical dishes

Gigi Falanga, left, joins hosts Adriano Zumbo and Rachel Khoo on the TV series Zumbo's Just Desserts.

ADRIANO Zumbo’s decadent creations have become prime-time viewing.

Sir Cliff Richard feels 'best' after sex abuse allegations

Sir Cliff Richard is 'back' to his best after sex abuse claims

ISLAND FOR SALE: Cheap Fraser Coast island drops price again

Suna Island in the Great Sandy Strait will be auctioned by Ray White Hervey Bay on Saturday morning.

This is the cheapest island you will find for sale in Australia

How a family home can fit on a 250sq m block

This is what you can build on 250m2.

Here's the floor plan of a home built on 250sq m

$100m plan for Curtis Island 'world class' luxury resort

$100 million resort: Top views at Turtle Street at Curtis Island.

"At the moment we think it meets all the town planning approvals.”

Coast building approvals at seven-year high: report

The the 2015/16 Development Indicators Annual Highlights Report documents local development activity that took place during the last financial year.

New report shows increasing development on the Sunshine Coast

Top honours for Mackay and Whitsunday builders

The Kerrisdale Gardens property from Paynter Dixon Queensland which won them Project of the Year.

Mackay and Whitsunday builders awarded top honours last night.