Mr. Chairman, there are a number of items that have caused this problem. We originally had expected to be in a cash deficit position of some $19 million at this particular stage of the game. Unfortunately, there were some 1992-93 adjustments made by the federal government to our grant payments which totalled some $25 million. There was an adjustment to current year's income tax payments of $10 million. As I mentioned in the opening statement, supplementary appropriations No. 1 and No. 2 were net $25 million, so that hurt our borrowing or increased our deficit position, therefore, increased our need to borrow. So those are a number of things that happened. With regard to the federal issues, income tax and grant payments, these are fairly normal things that move back and forth, depending on prior years, et cetera, and, unfortunately, this year, Mr. Chairman, they have been against us. In other years they have been on the positive side, but today, I have to report to the House that they have been against us this year. Thank you, Mr. Chairman.
John Pollard on Bill 14: An Act To Amend The Borrowing Authorization Act
In the Legislative Assembly on March 17th, 1994. See this statement in context.
Bill 14: An Act To Amend The Borrowing Authorization Act
Item 18: Consideration In Committee Of The Whole Of Bills And Other Matters
March 16th, 1994
Page 667
John Pollard Hay River
See context to find out what was said next.