Thank you, Mr. Chairman. The Standing Committee on Accountability and Oversight reviewed Bill 3, Forgiveness of Debts Act on September 29, 2000. The committee would like to thank the Minister responsible for Finance and his officials for presenting the bill. This bill authorizes the forgiveness of debts in accordance with the Financial Administration Act. Section 25 of the Financial Administration Act requires an act with a forgiveness of any debt or obligation owed to the government that exceeds $1,000. This Act will forgive $264,529.71. When a debt is forgiven, the government has decided that the collection of the debt is not possible and no further action will be taken to recover the debt. Many accounts are forgiven as a result of bankruptcies and negotiated settlements. Forgiven debts do not require new appropriation. Allowances for doubtful accounts were charged to an appropriation when it was determined when collection was unlikely.
Mr. Chairman, following the committee's review, a motion was carried to report Bill 3, Forgiveness of Debts Act, 2000-2001 to the Assembly as ready for committee of the whole. Additional comments or questions from Members may be posed as we proceed. Thank you, Mr. Chairman.