CITY OF PICKERING & TOWN OF AJAX IN FINANCIAL TROUBLE ?

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ASK YOURSELF, “WHY ELSE WHOULD MAYORS, KEVIN ASHE & SHAUN COLLIER JOIN FORCES TO SELL PICKERING’S & AJAX’S, SHARES IN ELEXICON TO RAISE CAPITAL?” The Elexicon Corporation is owned 100% by five Municipal shareholders, Pickering 27.9%, Ajax 21.8%, Whitby 32%, Belleville 9% and Clarington 9.3%. In most cases when people look to sell their assets it is usually because they need money for one reason or another. When a government body sells an asset it’s usually to balance the budget.. NOTE: According to the Municipal Act, 2001, municipalities are required to plan for balanced cash operating budgets every year, can only issue long-term debt for capital projects and may not commit more than 25% of total own-source revenue to service long-term debt and other long term obligations. Pickering Mayor Kevin Ashe and Ajax Mayor Shaun Collier, want to sell their city’s shares, Why? Pickering received $1.7 million from Elexicon for 2023, and Ajax received $1.3 million for 2023. These Dividends will increase year after year as more and more homes are being built and the ownership value will also increase. Hmmm ….. are Strong Mayors Ashe and Collier getting concerned about balancing their budgets this year as required by the Municipal Act? At the beginning of 2024,Mayor Ashe used his Strong Mayor Powers to prepare & propose the City of Pickering’s 2024 budget without Council’s participation, as did Mayor Collier for Ajax. Both Ajax Mayor Collier and Pickering Mayor Ashe said in a joint statement July 3, 2024 “they are weighing the sale of their holdings at a time they believe could yield top value and have hired a firm to prepare the groundwork for disposing of shares. Together, we have retained Borden Ladner Gervais LLP to undertake a confidential non-binding Request for Proposal (RFP) to explore the potential sale of our municipally owned holdings in Elexicon Corporation” Hmmm ….. We’ve all seen what happens when governments sell off public assets. It’s like putting a Band-Aid on a hole in a dam, it works for a moment then you’re drowning. 1 - look back to 2017, to balance the budget, Premier Kathleen Wynne paid consultants $6.5 m to study the potential of selling Hydro One and then sold Hydro One shares for only $6 million, costing Ontario taxpayers future revenue of $1.8 billion because they would no longer receive revenue since they no longer owned Hydro One, and yes, you guest it, hydro costs went up. 2 - in 1999 Premier Mike Harris sold a 99 year lease for the less then 2 year old hwy 407 to a Spanish company for a profit of $1.6 b over the $1.5 b taxpayers paid d to construct the hwy. Two years later when more drivers were using the 407 it was sold for $6.3 b a fraction of what it would be worth later, and you guest it, tolls increased rising over 300% in the following15 years. Hmmm ….. With Ashe and Collier having Strong Mayor Powers, in spite of what they may tell you, they didn’t hire a firm to explore the potential sale not to sell your shares. Ashe & Collier are spending your money, to see about selling, your shares in Elexicon without your say. Hmmm ….. Who would they sell to? The Municipalities of Clarington, Bellville and Whitby would have first choice. If those municiplalities don’t buy or only buy part, then the private sector can. PICKERING & AJAX CONSTITUENTS DON’T WAIT, contact all your councillors in writing and have them all reply in writing, committing to ban together and immediately over-ride the Strong Mayor powers, if & when, be it now or later, that the Mayors Ashe and Collier sell your shares in Elexicon. Selling Your City & Town’s Assets will only Raise Your Taxes & Increase Your Household Bills