Thank you, Mr. Chairman. The Standing Committee on Accountability and Oversight reviewed Bill 9, Write-off of Assets and Debts Act, 2004-2005, at its meetings of August 24, 2004, and October 12, 2004. This bill will write off $576,096.10 in assets and debts owed the Government of the Northwest Territories, its agencies and boards.

The committee would like to thank the Minister and his officials for presenting this bill. The bill authorizes the

write-off of debts in accordance with sections 24 and 82 of the Financial Administration Act which requires legislative approval to write off debts of more than $20,000.

Mr. Chairman, no debt or obligation or part of a debt or obligation that is written off shall be remitted, satisfied or forgiven as a result of the write-off. The debt still exists, but is no longer carried as an asset by the government and interest no longer accumulates.

The write-off will not require a new appropriation as the departments have already established an allowance within their budgets once the debt was determined to be uncollectible.

Mr. Chairman, the committee had concerns with the Department of Education, Culture and Employment providing grants to cultural organizations when they had not received a proper accounting of the grant money provided in previous years. The committee will be looking for evidence that this situation will not occur again.

The committee is also pleased to hear that the Minister is looking at providing the names of directors of organizations who default on loans, as part of the schedules attached to the bill. This may help in ensuring that government money is properly accounted for.

Mr. Chairman, following the committee's review, a motion was carried to report Bill 9, Write-off of Assets and Debts Act, 2004-2005, to the Assembly as ready for Committee of the Whole. Individual members of the committee may have comments or questions as we proceed. Thank you, Mr. Chairman.