Dear Editor,
With reference to the “Oval Executives all-in on ROX” (News, Oct. 21) reporting, well done and please keep it coming. I note, the executives did not speak for themselves.
The Oval does not pay rent or financing costs to Richmond. The Oval does not pay property tax on property assessed at $232 million (BC Assessment). This is equivalent to forgiving 116 Richmond homes assessed at $2 million each from property tax obligations.
Oval membership, admissions and program fees totalled $7.6 million in 2015. In 2015 salaries were $7.9 million. Total expenses were $13.7 million. I smell a loss.
Oval revenues were reported to include the city’s $3.8 million contribution and $2.5 million from the 2010 Games Operating Trust (funded by federal deficit spending — same taxpayer).
May I suggest the 50 per cent ownership of VROX Sport Simulation Ltd. by the Oval with five directors (four are Oval executives) be required to report all personal income from VROX. Of the $798,001 VROX expenses reported for 2015, how much went to the four Oval executives serving as directors. (Aran) Kay said no further details are available, as it is a private company. Huh? It’s 50 per cent owned by the Oval, which is a subsidiary of Richmond, and it’s not accountable?
Do Richmond taxpayers smell conflict of interest? Do Richmond residents expect Mayor Brodie and council to provide transparency and responsible fiduciary duty in this matter? I sincerely hope so.
