NO DEMOCRATIC VOTE ALLOWED - WATER ISSUES
These figures are on the UW web site and are taken from the 2015-16 annual report pages 34,35 and 79.
INTEREST PAYMENTS. Unity Water is in debt to the three councils by $1,160,652.000. There is also some small borrowings from Treasury.
In 15-16 UW paid the three councils interest of $ 62,211,000. Average interest rate would therefore appear to be 5.36%pa.
DIVIDENDS - In 15-16 UW paid “participation returns” = dividends to the three councils of $43,865,000.
In addition UW pays notional tax on its profits, this is also paid to
the councils and was $26,924,000.
So total dividends to the three councils was $70,789,000
DIVIDENDS PLUS INTERST To the three Councils: $133.000.000
RETAINED EARNINGS For 15-16 retained $92,445,000
POSSIBLE SAVINGS - If UW ceased making profits and the debt to the councils was written off [which is not so stupid seeing that we customers are paying interest to ourselves on assets that we owned in the first place and if UW stopped accumulating retained earning [obviously to inflate the attractiveness of the business to potential buyers] then there would be a saving of $225,445,000 and charges could be dropped by 34.66%!
And that’s before making some economies in executive and board salaries and before sharing the property register and billing functions with the councils.
HOW SAD THAT WE ARE UNABLE TO VOTE ON OUR WATER ASSETS!
HOW SAD THAT JIM SOORLEY ALSO MANAGES OUR STATE OWNED ELECTRICITY BOARD!!