Thank you, Mr. Chairman. Mr. Chairman, the stabilization fund had a limit of $5 million and I'm told it still does. We are looking at making a change to that, but it is $5 million and the idea is plus or minus if the cost of the product goes up significantly that with that stabilization fund there wouldn't be any massive increases or reductions if the price of fuel were to drop. In this case what we found was the petroleum products division was carrying, for quite some time, a very high amount within the stabilization fund. We were actually going to be hitting the ceiling of $5 million, and that would kick in the process of having to make adjustments to the fuel price, to bring more revenue in to offset that. For quite some time, there were a couple of adjustments, but it was felt that that wasn't enough to bring down the impact of the higher costs that were happening, and a request was made to FMB to write off the amount in that stabilization fund. I believe it was $4.1 million, or almost $4.2 million, to write that amount off, and then start from a clean slate, and make some adjustments in the price of the products in the communities to try and keep that closer to the zero base, or to the bottom end instead of carrying a high end. Thank you.
Floyd Roland on Committee Motion 28-15(3) Recommendation That Funding For Remand Unit For South Mackenzie Correctional Centre Be Reinstated, Carried
In the Legislative Assembly on March 7th, 2005. See this statement in context.
Committee Motion 28-15(3) Recommendation That Funding For Remand Unit For South Mackenzie Correctional Centre Be Reinstated, Carried
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
March 7th, 2005
Page 1850
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