Financial Statements For DMTS/Mobility Are Out

The numbers are in regarding the sale of Dryden Mobility and DMTS.
Financial Advisor Paul Heayn says the city received about 4.3-million-dollars for DMTS, which isn’t too bad because they were able to make 338-thousand dollars.
While the DMTS side may be in the black, Heayn says the mobility side is in the red.
City Manager Joe van Koeverden stresses that these numbers are still in the draft form, and will be published in future financial statements through the city.
Meanwhile, Heayn says the city lost 12 million dollars from Dryden Mobility. He adds it includes 2.8-million just in operations, and there was a write off about 8.8-million in the actual towers and equipment that was previously in place.
He adds Tbaytel had no use for the equipment because they were the wrong technology and needed to be replaced.
After they combine Dryden Mobility and DMTS, Heayn says it will probably be about 12-million dollars which they have no assets for.
Most of the debt is in the form of a debenture that the province holds.
The city will be paying about 1.5-million-dollars each year until 2020 to pay that amount off.