Assets, liabilities and sources of income for Coquitlam city councillors were released this week, but the papers offer scant information about the elected officials' personal financial dealings.
In the documents made available Monday, council members wrote less than in years past about what they own and owe, with some telling The Tri-City News they had re-read the provincial Financial Disclosure Act and decided not to go into specifics but, rather, list only the bare minimum for public consumption.
For example, Coun. Doug Macdonell draws a $53,800 annual income as a city councillor and collects two pensions through the RCMP but, in this year's papers, he did not list his income from the Great West Life Assurance for injuries he sustained as a Mountie; rather, he wrote "retired RCMP."
Coun. Neal Nicholson also tightened up the language on his form by not listing a liability with the Canada Revenue Agency for his business, Neal Nicholson Inc., an accounting firm. "Every self-employed company has an ongoing liability with the agency," he said Monday.
Under the act, councillors don't have to disclose money owed on or the value of their homes, or the amount of debt owed or income sources outside of their elected regional jurisdictions.
Coun. Barrie Lynch gave a little more insight than other councillors, including providing a copy of his mutual funds. "I just put it all out there so no one can go back to me and say, 'You were trying to hide,'" he said.
Lynch gets income as a BC Ambulance paramedic and from RBC Dexia Investor Services (pension), B.R. Lynch Enterprises (as a consultant), Metro Vancouver (as a committee member) and E-Comm (as a director).
Mayor Richard Stewart has two inactive holding companies resulting from the death of his parents, a rental property on LeBleu Street, and reaps salaries as mayor ($119,000 a year, plus a transportation allowance of about $8,000), as owner of Stewart Communications and as a member of the Metro Vancouver board and TransLink mayors council.
Coun. Lou Sekora has been the president of a holding company for 30 years, although he declined to comment on its use.
Coun. Mae Reid draws income as a realtor with Prudential Sterling Realty and as an alternate director on the Metro Vancouver board. She also owns a property in Sumas, Wa.
And Coun. Linda Reimer works as a real estate assistant to her husband and is a council member on the BC College of Teachers while Coun. Selina Robinson has a home-based business called Robinson Ergonomics and is the owner of Selina Robinson Counselling/Consulting. Coun. Brent Asmundson is a bus driver with the Coast Mountain Bus Company.
jwarren@tricitynews.com
Port Coquitlam's elected officials filed their 2010 personal finances for public scrutiny on Monday, though little is revealed in the documents apart from the names of companies from which the mayor and councillors earn a paycheque from or are invested in.
Mayor Greg Moore listed his own company, Livable Region Consulting Inc., as a primary asset and source of income, as well as shares in Kinesys, Appereo Systems, G&F Financial and IP Applications Solutions Corp.
Moore also drew income from his role as director with the Union of B.C. Municipalities and his membership with the TransLink Mayors' Council, and he owns a property in Pitt Meadows.
By far the most extensive assets list was declared by Coun. Mike Forrest, whose income as Port Coquitlam councillor in 2010 was complimented by his income as director and primary stockholder of Forrest Marine, as well as a host of shares in as many as 30 companies, including Husky Energy, Teck Cominco, CN Rail and Suncor Energy.
Coun. Sherry Carroll claimed nothing in the way of assets, income, properties or liabilities while Coun. Glenn Pollock similarly claimed only employment with a Safeway store and shares as a VanCity Credit Union member as income and assets.
Coun. Brad West, also a VanCity member and shareholder, drew income in 2010 as PoCo MLA Mike Farnworth's constituency assistant.
Coun. Darrell Penner's income in 2010 was subsidized by his employment at Meridian Meats and Seafood and International Submarine Engineering, a high-tech submersible vehicle manufacturer.
Finally, Coun. Michael Wright declared shares in ARC Energy Trust, Bank of Nova Scotia, CP Rail, Claymore S&P, Sun Life Financial, Telus, TransCanada Corp and Canadian Utilities Ltd, as well as some preferred shares in American investment funds. Apart from his city hall paycheque, Wright also draws a pension as a Telus retiree.
PORT MOODY COUNCIL
Port Moody city councillors made their personal finances public this week, revealing any assets, real estate holdings or sources of income they may draw from outside of their jobs as city politicians.
But neither specific figures nor even ballpark estimates need be provided on the mandatory end-of-year financial disclosures and no councillor volunteered this information.
Port Moody Mayor Joe Trasolini claimed as income a one-quarter ownership stake in G. Trasolini Contracting and full ownership of Pug Investments Ltd., a holding company he bought in 2004 that owns land along the proposed Evergreen Line route at 3180-3198 St, Johns St.
The mayor also claimed as income payments from directorship roles with the Metro Vancouver board, E-Comm, South Coast B.C. Transportation Authority and West Coast Express.
Apart from his Alderside Road home and his St. Johns Street property, Trasolini also maintains a recreational condo in Puerta Vallarta.
In 2010, Coun. Mike Clay remained on as president and owner of TTS Automation Inc., a precision forging company based in Barrie, Ont., and drew income as a manager at Tero Consulting, a Coquitlam-based IT company.
Coun. Diana Dilworth claimed no assets, liabilities or property ownership on her disclosure statement but did list as extracurricular income her role as operations manager at the Fraser Basin Council, a Vancouver sustainability board.
Sparsest of all, Port Moody Coun. Bob Elliott claimed no assets, liabilities, income or property on his 2010 disclosure.
Coun. Meghan Lahti also claimed no assets or property but did list herself as an employee of Sprott-Shaw Community College.
Coun. Gerry Nuttall listed his two holding companies - Western Pacific Purchasing Ltd. and JJS Investments Ltd. - as assets that don't generate personal revenue, as he listed only his taxpayer-salaried job for income.
And finally, Coun. Karen Rockwell's disclosure revealed no property holdings but a slew of assets - likely investment shares - in companies such as Telus, Canadian Oil Sands, Scotia Bank and Teck Resources. Rockwell also maintains her role as a union representative for the Canadian Office and Professional Employees Union Local 378, from which she draws an undisclosed income.
tcoyne@tricitynews.com
