CityWest announces distribution plans for 1 million dollars, over two years, towards City Budget property tax relief themes

CityWest, the City of Prince Rupert owned telecommunication company is sending its owners some cash towards assisting with the current budget planing. 

That the information relayed through both the CityWest website and a social media message this week.

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As part of the announcement, CityWest Board Chair and former City of Prince Rupert City Manager Robert Long observes how the CityWest Board "is pleased to provide financial support to the City of Prince Rupert in their time of need."

CityWest CEO, Stefan Woloszyn adding how "This is the right thing to do".

Some in the community might also note, that it's also kind of the expected thing to do. 

CityWest normally provides for a distribution payment around the Holiday season, that the time for the big Novelty cheque and much good spirit on giving back to community. 

Former Mayor Lee Brain,  accepting
the CityWest Distribution payment in January of 2022

However,  as we outlined in January, none was delivered as far as anyone knows this year, up until the Monday announcement towards helping out property owners.

So, the late March assistance is sort of a late Christmas present, or early Easter one perhaps. 

The contribution announced Monday however is to be split up over two years to 'provide property tax relief over the next two years for property owners in Prince Rupert.'

 

In January of 2022, which was the time of the last CityWest distribution payment, the return to the city came to 800,000 dollars. Something which should probably be considered a loan repayment on a still significant outstanding balance from the days of the Monarch cable purchase. 

So, unless there is another announcement related to the annual distribution payment, the CityWest contribution from Monday, divided over two years, would actually seem to be a reduction from past distribution payments.

Statement from City of PR Annual Report
For year end December 31 2021

There was no mention of CityWest as part of the Budget presentation from last week. 

The Financial plan delivered by CFO Corinne Bomben which featured the proposed 15.7 percent tax hike did however feature the recently announced  65 Million from the Eby provincial government and funding through the City's other corporate interest, Legacy Inc.

Prince Rupert Mayor Herb Pond is onboard with the CityWest narrative from down Third East. Mr. Pond seems to have also indicated through his statement that the City of Prince Rupert and CityWest will forever be as one.

"We are beyond happy to see CityWest step up to help our citizens. This financial contribution will help every homeowner in Prince Rupert, while we work to make crucial upgrades to our city. CityWest has, and always will be, a key partner to the City of Prince Rupert." -- Herb Pond, Mayor of Prince Rupert.

The CityWest contribution was also noted on the City of Prince Rupert website.

CityWest also observes of the return that the communication company has provided to the City since 2005, though there is no mention of the assistance that the City had directed the other way, a cash provision that set the table for the current business model to evolve.

More notes on the 2023 Budget Process from the City can be reviewed here.

Items of interest related to CityWest can be explored here.

Cross posted from the North Coast Review.