In a recent ad in the local papers, Haldimand County Councillor Fred Morison discussed finances for the new administration building. Although a self-confessed financial expert, Mr. Morison should take a second look at his figures.
The selling price of a house tells you how much you must borrow to pay for it. The cost of the house is your purchase price plus the twenty to twenty-five years of interest you must pay on the loan.
Councillor Morison says the cost of the new administration building is $21 million including everything. Mr. Morison’s calculations do not include twenty years of interest on the money borrowed to pay for the project.
The citizens/ taxpayers of Haldimand County are in fact paying around $1.4 million per year for the next twenty years – hence the rounded figure of $30 million that Morison says is “just plain wrong and misleading”.
I think it is easy to see from these facts who is misleading whom.
John Walker, Cayuga