The latest from Bay Venues (BVL) reports that everything is wonderful and more than what could be expected. Whatever leeches out via TCC into the public realm somehow is always better than any previously created expectations.
Any time Bay Venues reviews/reports something about itself to TCC, their numbers become magically wonderful, exceeding all expectations, and then hands are out for more TCC ratepayers' money.
Mount Hot Pools makes millions that self-justifies spending millions on upgrades. The Adams Centre for High Performance's maximum profits were small (with a perfect storm/no rent) yet even that has been massively exceeded.
These ad-hoc results are truly amazing to behold. Sadly for TCC ratepayers, the truth can only be found by following the money. Adding up TCC/BVL glossy numbers and comparing to actual, there is a gap and it's huge. No one at TCC yet has reconciled these: annual audited report and what's reported any other time?
It gets worse: BVL fell well-short of its own budget by $4 million (20 per cent) – that's really bad! Annual reported loss revealed $8.2m ($7.8m). Ratepayers throw millions more at BVL for: bills/losses $2m/pa, depreciation reserves required annually of some $5.6m, total losses actually are then some $16 million/pa.
The gap between BVL's dreams and the TCC ratepayers' money gone just gets bigger every year.
I Stevenson, Tauranga (Abridged).