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11 · Friday, March 26, 2010 OAKVILLE BEAVER · www.oakvillebeaver.com Cash could ease tax burden Walter Used To Eat Continued from page 3 Burkett. Oakville Hydro's board of directors will make recommendations on what to do with the money from Rogers at its annual general meeting, which is an in camera session of Oakville council in June, said Burkett. Therefore, council won't know the dividend the Town can expect to receive from Oakville Hydro before it decides on HHS's request for funding. "Bollocks on that," Knoll said of the timing. "The board of directors (of Oakville Hydro) serves at the pleasure of council and council serves the public. And the public's made it clear they want a hospital. "I do believe this (Rogers money) has to be part of the decision matrix." Oakville Mayor Rob Burton said the public is free to provide suggestions on what to do with the Blink sale proceeds at the April 6 and 19 meetings. However, he said council's decision April 19 is simply whether the municipality will give money to HHS and if so, up to what amount. How the municipality would fund its share ­ whether through taxes, reserves or selling assets ­ is a decision that will be made in the future. If council agrees to provide HHS with money, the Town isn't required to hand over any money until the new hospital is substantially completed, expected in 2015. Therefore, Burton said, the decision on how the municipality will cover its share is legally the responsibility of the Oakville council in place in 2015. "Until then, council has a plan for putting the Town's share of the proceeds from the sale of Blink Communications to work to increase significantly the Town's non-tax revenue," stated Burton in an e-mail. "That income could support at least in part a possible Town debenture to fund a donation to the hospital, if council wanted to do so. The Blink sale proceeds are being finalized to be reported in June, but I estimate the Town will be able to receive a substantial special dividend, north of $40 million or so." Whatever council decides to do with the $130 million from Rogers, the dollar amount will provide a major financial boost to the Town, whose entire operating budget this year is only $204 million. Toronto Hydro sold its telecom subsidiary to Cogeco for $200 million in 2008 and planned to use $75 million to ease a backlog in needed repairs to its public housing stock. Cogeco bought Burlington Hydro's FibreWired Burlington for $12.6 million on June 30, 2008 and The City of Burlington received an extra $8 million dividend from Burlington Hydro that year, almost $6 million of which was directed to the City's Performing Arts Centre. In 2008, Milton Hydro sold its telecom subsidiary to Blink for just under $5 million. The Town received a dividend of $2 million from Milton Hydro in 2009 and will get a $1.5 million dividend this year. Frozen Dinners Alone Now he enjoys a varied menu and great company. ealtime was mostly a chore for Walter. Living alone, he would simply choose what was easiest to prepare and eat it in front of the TV. Nutrition was rarely a consideration. M At Chartwell, the chef changes the menu daily, so Walter not only gets to choose from a variety of balanced meals, but he enjoys them with a side-dish of laughter and conversation. Free Events: Thursday April 1 ­ 6:30 p.m. A night in Vegas - Charity Casino night Friday April 9 Bridge Luncheon - 11:30 Lunch, 12:30 Bridge Wednesday April 14 ­ 7:00 p.m. Senior Star 2009 D.V.D release wine and cheese party Saturday April 24 ­ 11:00 a.m. Brunch and Open House To find out more call Chartwell Classic Oakville at 905-257-0095 or visit www.chartwellreit.ca the retirement option of choice