Wednesday, January 30, 2008

LEDC balloon sinking…

…as Council begins to deliberate next week on the London Economic Development Corp. (LEDC) request for a $355,000 increase to its $1.86 million budget, which was approved last week by Board of Control without even having seen a budget from the agency. Apparently, not having a budget is a strategic plan for receiving Board of Control's approval. Responding to questions about the agency's proposal to duplicate existing services as a downtown realtor, chief executive Peter White divulged only that "We have some ideas about what we can do with this program," and continued that the LEDC isn't certain how $200,000 for the program would be spent.

To date we count only four councillors expressing doubts about the budget increase, so the LEDC still has a better-than-even chance of meeting the same passive approval from Council as it did from Board of Control.

See also this comment from a previous post:

If anyone remembers when the LEDC was first created it was stated that the it would only be temporarily funded by the Taxpayers .... eventually the " Private Sector " would fully fund it. Back then the LEDC used to disclose it's employees in the $100,000 as legistlated provincially. Mysteriously they stopped reporting this because the City changed their status to a " Purchasing Contract ".

Being a " Purchasing Contract " the City is supposed to tender this according to the Municipal Act ...... How do they get away with this crime ? And how amny LEDC employees have exceeded the $100,000 mark ?

Someone should call the cops.


Anonymous said...

No doubt under their creative bookeeping, they have the LEDC under jobs created by the city of London.

It is pretty sad, a task force was formed to find out why London sucks, and they end up sucking money for nothing out of the taxpayer.

NIAC said...

I leave the LEDC threads alone here, for the most part.

From past experience, I have nothing good to say about the LEDC. No, it won't help anyone to know what it is, and it isn't "juicy".

Unknown said...

Gonna throw this one out there -
Is there a watchdog on the LEDC?

Anonymous said...

Don't give them any ideas on how to waste more taxpayer money.

They can police themselves, watching each other rip off the taxpayer.