September 29th, 2023Rex a ‘$5.647 million loss’: council reports

The buying and selling of The Rex building in Daylesford resulted in a cash loss for the project of $5.647 million, Hepburn Shire Council reports show.
The building was bought in 2016 for $6.345 million and sold for $3.735 million in 2021. The total expenditure on the project was $9.382 million. The sale proceeds were used to repay the $1.5 million
loan associated with the purchase, and the remaining balance of $2.1 million was used to create a reserve to assist with funding Birch Ward community facilities and council staff accommodation.
The Local has contacted the Local Government Inspectorate to ask if the report into the Hepburn Shire Council and the purchase of The Rex building in Daylesford was going to be released soon.
A spokesperson replied via email. “Thank you for your enquiry. Unfortunately, we are unable to share any information at this time.” The investigation into the issue started over four years ago.