|Mayor Lee Brain receives replica|
cheque from CityWest's
Providing for their distribution payment for 2014 to their only shareholder.
In a media release from Monday, CityWest detailed some of the key events of the year, Including the closure of the cellular network that CityWest once operated, as well as investments that have expanded the CityWest brand to communities across the Northwest.
Calling 2014 a "good year" though one seemingly with a few challenges, CityWest CEO Don Holkestad commented on the nature of the Increased revenues from the current portfolio of services, which allowed for the distribution of the 400,000 dollars to the City.
The amount delivered on Friday, is an increase from what CityWest had originally forecast for the year, though that is not a new development.
Earlier this year, during the Budget discussions of April, CityWest had revised its anticipated distribution to the $400,000 level, a distribution which originally had been listed as a 250,000 dollar allocation.
In recent years, dwindling distribution payments have made for some concern at City Hall, as less than expected financial contributions provided for Budget challenges for the City's Financial department and its Budget considerations.
Along that theme of declining revenue streams, while today's announcement is no doubt welcome at City Hall, it should be noted, that the 400,000 dollar cheque delivered on Friday, is still significantly less than what CityWest once delivered to its only shareholder on an annual basis.
The City recently announced significant changes to the CityWest corporate structure, installing three Senior Members of City Staff to the Board of Directors of the city owned corporation.
You can review more on CityWest from our archive page.