Almost half of the debt accumulated by the wholly owned municipal subsidiary at the helm of Squamish’s oceanfront development was incurred during a three-year period.
This week the District of Squamish released an analysis of the Squamish Oceanfront Development Corp.’s expenditures. Prepared by the district’s auditor, BDO Dunwoody, the document examines the corporation’s costs from 2005 to ’13 — breaking down approximately $11.4 million of debt.
“These expenditures were authorized by the boards that sat at the time,” Joanne Greenlees, district general manager of financial services, told officials at a council meeting on Tuesday (June 17). “The report does not value the appropriateness of the expenditures.”
Between 2009 and 2011, the SODC spent approximately $6.2 million. During that time the corporation was creating a business plan and gathering public input to formulate the Oceanfront Sub-Area Plan, a guiding policy outlining property use on the 59-acre peninsula.
The year 2011 topped all spending years. An estimated $2.5 million was dished out as the District of Squamish adopted the Sub-Area Plan and amended the Official Community Plan. An environmental approval process for the proposed Oceanfront park was initiated, as well as a rezoning application.
Over the eight-year timeframe, environmental clean-up of the former industrial site topped the SODC bills, Greenlees said. Just under $3 million was spent on remediation. That was followed by land use planning, at just under $2 million. Service and debt interest is the third largest expense at approximately $1.5 million.
The report included a list of consultants and supplies that were paid more than $7,500. The largest lump sum went to environmental consultants Hemmera. The SODC handed Hemmera a little more than $1 million for land remediation consulting.
Squamish Mayor Rob Kirkham said he was pleased to release the information to the public.
The document can be found online at www.squamish.ca in the June 17 council package.
