Monday 20 January 2014

The Fox is guarding the Hen House!

We've been asking for a while now about why we do not see input from Mr. John Ford on any financial matters being brought before Council.  One would think that a General Manager of Financial Services would have some input into these matters.  At a cost of $112,935.69 per year for his salary shouldn't his input be mandatory?

In Norfolk County's recent Budget debate it should be noted that Mr. Ford's presentation to Council is not available for Public viewing.  We like to call this selective transparency.

http://www.norfolkcounty.ca/government/financial-information-taxes-rates/financial-information/budget-information/tax-budgets/2014-tax-budgets/ 



It turns out that Mr. Ford was personally fined $500,000 for his part in the RIM Park Financial Scandal that rocked the City of Waterloo in 2003.


Waterloo City Staff told council the deal with MFP Financial Services Ltd. of Mississauga was for $48.3 million at 4.7 per cent for a total payout of $112.9 million over 31 years. In fact, the deal turned out to be for $59 million at 9.2 per cent for a total payout of $227.7 million.  A mere $114.8-million miscalculation.


The payments started in March 2002 at $74,746 a month an increased steadily. Currently, the City pays $396,205 a month. The payments are scheduled to increase in stages to $647,442 a month in the final year of the deal—2031.  Ouch.

According to and article in "The Record" Chief Financial Officer John Ford never ran the numbers to verify the deal and Councillors approved the financing.  He resigned from his position.

http://www.therecord.com/news-story/2583684-costs-now-nearing-5-million-in-waterloo-s-rim-park-lawsuits/

http://www.therecord.com/news-story/4165098-rim-park-inquiry-report-10-years-later/

http://caj.ca/wp-content/uploads/2010/mediamag/summer2002/award-mitchener.html

http://www.zoominfo.com/p/John-Ford/136175085

John Ford Photo - Simcoe Reformer

Kandy Webb, General Manager, Employee & Business Services is paid a handsome $132,278.41 per year and is in charge of Staff.  How did Mr. John Ford's resume end up on Council's desk?  Did any one call his previous employer for a reference?  Perhaps Norfolk County needs to include a google search in their hiring practice?

According to the Robert Half 2013 Salary survey a Chief Financial Officer at a private firm with sales of $100-$250-million would earn an average salary of $139,000-$194,250 per year.  The Director of Accounting, Mr. Paul Hettinga for the City of Waterloo made the Sunshine List with his $108,873.84 salary in 2012.

If you were in charge of a $170,000,000 operation would you hire a Mark Carney (Former Bank of Canada) or a Bernie Ebbers (Co-Founder of WorldCom) to manage your finances?  Norfolk County chose the latter.

Are we the Citizen's of Norfolk County to believe that we are getting a deal for such a hard working fellow?

In a recent article on the Simcoe Reformer, a reporter states "This includes gambling that OPP services this year won’t cost as much as estimated. Norfolk begins each year with an estimate of policing costs. This is followed 12 months later by a year-end reconciliation. The county has found that the estimate is usually substantially higher than the actual bill."

Shouldn't you estimate on the high side so you can cover the costs and be ready for surprises?


It's not like we don't know the starting number for what the OPP are asking for.

We do know that Norfolk County is in financial trouble when you compare the previous financial statements.
Hiding the truth does not help in confronting the greater issue.

Norfolk County currently does not have a Casino in the area.  Perhaps this has changed and it's now located at 50 Colbourne Street South at the City Hall location!  In all fairness to Waterloo, their Council members simply did not know what would happen because of the lack of due diligence on John Ford's part.  Our Administration DOES KNOW and chooses to gamble on the future.  Maybe the County is looking for a fall-boy with a history for which to pin their financial woes.

You can always ask the Mayor for some financial planning advise.

Will any of this gambling come back to bite us later?  We can only assume yes, but the true cost won't be  known until later.

Don't roll the dice if you can't pay the price.



No comments:

Post a Comment