http://www.stuff.co.nz/sport/other-sports/63969278/americas-cup-wooed-to-bermuda-with-a-98m-package.html

- a US$15m event fee to the America’s Cup Events Authority

- a US$25m underwrite to cover any sponsorship shortfall by ACEA.

- $14m for site preparation and infrastructure for docks and America’s Cup village

- US$11m (NZ$14m) operation expenses for the America’s Cup village.

- $12m to cover transport costs, security, emergency services, insurances and legal bills.

Duh. It isn’t short-term, it’s the epitome of long-term because while it’s unpopular in the short-run it will improve education in the long-run.

$14 million of tax payers money may not be close to $77 million but it’s still $14 million we will have to make back just to break even.$14 million could have been put into much safer and quicker return investments but hey since PLP mismanaged our money it gives permission to mismanage it also or at least a deflection. Both parties are like pointing finger children who cant grasp the concepts of the difference between an asset and liability.

Yes I do understand that the staff are renting homes , but who owns these homes , what real estate agents are benefitting ? I bet if you dare scratch that surface , a much clearer picture would emerge as to who is eating really well in Bermuda of off the initial 14 million dollar investment !

I personally would like to know about the 800 million so that the issue can be dealt with and offending parties are held accountable.

I would ALSO like to know about what is happening NOW so that no one reaps in a few years about THIS.

EVERYTIME some one questions current events there’s someone to say what about what happened before……but that’s EXACTLY WHY people are more leery now about government spending.

I can not understand why this outstanding 800 million dollars isn’t being looked into more throughly considering the way people go on and on about it.

And is the 24 million spent on Port Royal in addition to the 800 million?

Thank you PLP.

Though….if we ploughed millions upon millions into education in 20 years time I would not have to explain this to you. So perhaps you have a point….on the top of your head.

$26,000 per kid in public vs. $20,000 per kid private.

Hmmmmm…..

It really is amazing. People say they want to the government to create jobs. Well, you do that by creating economic activity. Stimulating the economy. It happens several ways in Bermuda. One way is by employing a thousand or so civil servants we don’t need. One other way is by encouraging business and investment here, like the AC.

Most of the $14m has been spent in our own economy. Employing us. And if it generates anywhere near the $250m of economic activity that was estimated, then it will have been very worthwhile in terms of jobs and, by the looks of it, longer term infrastructure improvement.

I don’t believe for one minute that you don’t already know this.

Public educaton is an essential public service that must be delivered with the utmost fidelity at all times. It, specifically any funds required to ensure its proper delivery, should never be compromised on, never.

Simply because it won’t play a part in a short-term economic solution isn’t sufficient rationale to have AC funding take any kind of priority over it.

So really comparing AC spending to education isn’t really apples to apples.

That’s about 1/3 less than it cost the PLP to build a swimming pool.
Or about 40% less than it cost the PLP to returf a golf course.
Or about 70% less than it cost the PLP to build some ugly condos that no one wants to live in.

Some of the numbers provided don’t give enough detail to determine what it really means – such as ACBDA grant of $1,771,246. What is the breakdown for that amount? How has that money been spent and on what? Who is being hired and consulting outside of ACBDA and for what services?

Was the $5 million dollar payment to ACEA raised through the efforts of ACBDA. How is the raising of additional sponsor funds against our commitments being tracked in Bermuda? Are we on target, below, ahead and who is involved in spearheading these activities?

What collateral expenses are being generated through ACBDA and AC35 that are outside of this update, like WEDCo, Works and Engineering and BELCO related expenses?

How much in additional expenditure is related to the court costs associated with the South Basin decision? How much is this current court mandated Environmental Impact Assessment costing the taxpayers?

Please help us understand the big picture of how the expenditure of our public purse is being tracked and managed against budget and the decisions being made.