Held in the trust's latest complex, the $3.2 million Northstar, the meeting was attended by about 50 people, the largest number for decades.
Despite some critical analysis by retired accountant Tony Brady of the trust's 2010-11 accounts and loss, there were comments and questions from only seven other people.
The latest loss prompted calls in the Oamaru media from Waitaki Citizens and Ratepayers and trust board member Barry Monks for chairman Ali Brosnan and his deputy Pam Spite to resign, which were rejected by Mr Brosnan and Mrs Spite. These calls were not repeated last night to their faces, even though members of Waitaki Citizens and Ratepayers and its chairman, Warren Crawford, were present.
However, Mr Crawford did question the board on some of the trust's operations.
One person supported the trust, saying he was speaking for the "silent majority" and was horrified at comments made by Mr Monks and the ratepayers group.
In turn, Mr Brady was critical of some aspects of the accounts which, he said, could be misleading.
He also questioned why Mr Brosnan was "pleased" to report on the annual accounts. In the past two years, the trust had lost $2 million.
"Lord, what would you have said if there was only a $1 million loss," he said.
Other issues raised included revaluation of trust assets, a reduction in the value of what were community-owned assets and dividends and rebates paid to the trust.
Mr Brosnan said the trust board was working hard to turn the business around and the first three months this year had been "very pleasing". A financial projection provided to the meeting indicated the trust expected a net "book loss" of about $300,000 in the present financial year, but a cash surplus of about $250,000.
Trust general manager Carey Lister said the big focus this year would be on reducing costs. For example, he predicted administration would reduce by about $80,000 by bringing management and accounting back to Oamaru instead of under contract to the Ashburton Licensing Trust.
However, property costs were expected to increase substantially, including insurance of trust premises predicted to rise by an average 250%.
In the last financial year, the trust had a loss of almost $1.5 million, although $916,000 of that was a "book entry" in a write-down of the value of the $3.2 million Northstar complex.
The trust board consists of Mr Brosnan, Mrs Spite, Mr Monks, Peter Garvan and Ken Brown.
