It does not work like that. You make an arrangement between two governments for a formula based upon some formula, determining what the level of funding is. Revenue is a part of it, I agree. But once you sign off on the deal, you sign off on the deal and we are close to signing off on a deal right now, when we determine an appropriate floor in the formula that I was discussing with Mr. Martin on January 9. So it is not a question when you go talk to the Finance Minister and say that your revenues, when you are getting 74 to 76 percent of your revenues from the federal government, and then the federal government recognizes some of the difficulties that arise from running a constituency like the Territories. It is more a concern to ensure that there is adequate money within the formula and as the previous Finance Minister did get provision within the new formula arrangement for a 20 percent tax window that would not impact on our formula financing arrangement. Correct? And that is applauded to the previous Finance Minister and of course the able staff like Margaret and Mr. Nielsen. So that is the way it is viewed. It is viewed, if you have not collected "x", we are not going to give "y". Thank you.
John Todd on Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
In the Legislative Assembly on February 10th, 1997. See this statement in context.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
February 9th, 1997
Page 518
John Todd Keewatin Central
See context to find out what was said next.