Rattler's financial security blanket back before council
THE Mary Valley Rattler's financial stability is again a topic for debate among Gympie councillors with a letter of comfort for the train on this week's meeting agenda.
It has been 10 months since the last letter given to the Rattler Railway Company, which was revealed in their latest financial report to "unconditionally and irrevocably provide the company with adequate financial support... as to ensure the company's continuity".
A spokeswoman said at the time the letter was to cover 18 months from when it was dated.
At least $150,000 in council support has been secured through the last letter, helping the RRC survive a year in which they recorded a $420,000 loss and a net liability of $335,000.
The report said the train's continuation "is dependant on its ability to achieve the following: the continuing support of Gympie Regional Council; (and) the generation of future profits by the underlying business.
"In the event the above arrangements are not continued, there is uncertainty as to whether the company will continue as a going concern...," the report said.
It was issued last September in the wake of the more than 300 day delay in getting the heritage train back on the tracks.
The council spokeswoman said it had been requested by the Queensland Audit Office as "evidence to support the company's status in order to meet the auditor's obligations under Australian Auditing Standards".
Six councillors voted in support, with Cr Hilary Smerdon the sole opponent.
Cr Daryl Dodt was on leave, and Cr Glen Hartwig was "was not present when the meeting re-commenced" in committee, according to the meeting's minutes.
It was reported at the time he left to attend a personal matter.
The letter is one of four items to be discussed behind closed doors at the meeting.