It seems like somewhat of a miracle that they would have budgeted investment interest at $1.6 million and it came to exactly even. Is that really true?
Debates of March 22nd, 2004
This is page numbers 113 - 182 of the Hansard for the 15th Assembly, 3rd Session. The original version can be accessed on the Legislative Assembly's website or by contacting the Legislative Assembly Library. The word of the day was chairman.
Topics
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Brendan Bell Yellowknife South
That's not really true. The actuals haven't been reflected for 2003-04 because the year is not over. So by the end of 2003-04, we will have a better sense of exactly what that is, the way we do for 2002-03.
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Sandy Lee Range Lake
So this is interest gained from the loans that the government gives out. None of this money is in the money market or anything.
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Brendan Bell Yellowknife South
Sorry; for the line of credit and the money we borrow from the government to run the BCC. This is the interest that we pay to the government for the borrowing of that money which we, in turn, lend out to clients.
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Sandy Lee Range Lake
If that is the case, then why is this under revenues? I am assuming all these timber permits and hunting and fishing licences, I am taking that as money the government is getting from issuing the licences. So why would the money we pay to the government be under here?
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Brendan Bell Yellowknife South
My understanding is the BCC is paying this interest to Economic Development and Tourism and to the Department of RWED. It could be being paid to FMBS. I suppose it really doesn't matter. It's being paid to the government.
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Sandy Lee Range Lake
Thank you, Mr. Chairman. I know it's getting late and the Minister has been doing really well, but could I just stand this one down and maybe the Minister could provide me with...I won't stand it down because I don't want to hold up the budget, but could I get the Minister to do a one pager on how this money flows and what is the principal amount on which this interest is based and who do we pay it to and where do we get it from?
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Brendan Bell Yellowknife South
We can certainly do that. We will provide that one pager to all committee Members so we have a rationalization of how this money flows.
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Some Hon. Members
Agreed.
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
The Chair David Ramsay
Now we will go back to page 11-7, RWED department summary, operations expense, total operations expense, $85.575 million.
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
Some Hon. Members
Agreed.
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 180
The Chair David Ramsay
We will now go to CAP-24, Resources, Wildlife and Economic Development, then it
goes on to CAP-25, total resource management, resource management and economic development, $1.883 million.
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 181
Some Hon. Members
Agreed.
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 181
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 181
Some Hon. Members
Agreed.
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 181
Committee Motion 3-15(3): To Delete $120,000 From The Financial Management Board Secretariat Budgeting And Evaluation Re Foregone Interest, Defeated
Item 20: Consideration In Committee Of The Whole Of Bills And Other Matters
Page 181
Some Hon. Members
Agreed.