Thank you, Mr. Chairman. I am here to introduce Bill 2, Supplementary Appropriation Act, No. 4, 2004-2005. This bill requests authority for additional appropriations of $20.520 million for operations expenditures for departmental over-expenditures in the 2004-05 fiscal year.
The request is being made to comply with the authorization process for over-expenditure of appropriations as provided for in the Financial Administration Act. Details of the over-expenditures are as follows:
- $620,000 for the Department of the Executive, Financial Management Board Secretariat, that represents the over-expenditure caused by accruing an additional $3.5 million loss allowance on the loan guarantee agreement with Sirius Diamonds NWT Ltd. and Sirius Diamonds Ltd., and,
- $19.9 million for the Department of Resources, Wildlife and Economic Development that represents the over-expenditure caused by accruing a $23.75 million liability pursuant to the cooperation agreement between the GNWT and the Government of Canada respecting the Giant Mine remediation project.
I am prepared to review the details of the supplementary appropriation document.
Thank you, Mr. Chairman.