Thank you, Mr. Chairman. Just a couple of quick comments. I agree with what Mr. Menicoche referred to earlier with regard to the price of fuel and gas. It is a problem in the small communities. In Sachs Harbour, they're paying quite a high number, and in Holman, Paulatuk. Also, I might as well say Tuk, although Tuk is privatized, you know, and the cost is very high. I understand what the Minister indicated to me some time back. Once it's privatized, it's pretty hard to control the

price. But again, it's something that, you know, Tuktoyaktuk is concerned about. I just want to say that I concur with Mr. Menicoche's comments earlier, because I heard the responses from the Minister. I just want to ask him, in regard to the regulations and guidelines, are you going to take the present guidelines, or are you going to develop totally new ones? Thank you.

Thank you, Mr. Pokiak. Mr. Minister.

Thank you, Mr. Chairman. Mr. Chairman, the guidelines for using this instrument would be worked through the Financial Management Board and developed with them to get this in place. So it would be a new set of guidelines for this instrument to work. There's been some work done on it, but we'd have to get approval through the FMB.

Thank you, Mr. Minister. Mr. Pokiak.

Thank you, Mr. Chairman. In regard to the review of the regulations and guidelines, will the FMB present it to us before they put it out? Thank you.

Thank you, Mr. Pokiak. Mr. Minister.

Thank you, Mr. Chairman. Mr. Chairman, I don't see it being a problem sharing that with Members when the regulations are ready to be put in place. Thank you.

Thank you, Mr. Minister. Mr. Pokiak.

Yes, just one last one. Thank you, Mr. Chairman. In regard to fuel swap transactions, can you give me an idea of when you say "when prudent"? I just need an explanation. Thank you.

Thank you, Mr. Pokiak. Mr. Minister.

Thank you, Mr. Chairman. Mr. Chairman, there would be times when we look at the market and the price would either be in a general increase and that would be the time we would look at using this tool to buy fuel or gasoline on future markets, so that if we look at the trend, the trend would show it's going up. If our re-supply is happening in, say, six months' time and the price seems to be going up, we can make a decision to buy at that price for that future time to be delivered. At the same time, we could see the trend would either be levelled off or maybe going down, we would say let's not use this at this time and wait for that. The spot market might be better than it is at the day when you look at making a decision like this. So it's not something that you would do at every time we go for re-supply, but we would be watching the market, the trend. If the prices are continuing to climb and we know we're getting to a heavy time of year for use of products, usually the price of those products climbs accordingly. We would, at that point, look at using this instrument to buy out there and hopefully have a savings when it's delivered. Thank you.

Thank you, Mr. Minister. Mr. Pokiak.

Yes, thank you, Mr. Chairman. Just on page 2, second paragraph, I wonder if the Minister can give us an example of the potential overall delivery costs of fuel products purchased by PPD? Thank you.

Thank you, Mr. Pokiak. Mr. Minister.

Thank you, Mr. Chairman. Mr. Chairman, I guess a simple example would be if we have this in place and know that a one cent per litre increase in the cost of a product would have an overall impact of $250,000 for us, we would have to transfer that increased cost on to the customer in the community. So if we were able to buy in the future, and if there was a savings of five cents or even 10 cents, that would save us passing that kind of increase on to the customers in the communities. Usually the adjustments would be in the few cent range. But as we found out this last cycle we went through re-supplies in communities, we had significant increases in the 10 to 20 cent range in some places because of what the previous year's product was delivered at to the new amount, the new fuel delivered at that time. So if we had this instrument, it would have come in very handy, but, unfortunately, that wasn't in place and this would help us protect against those types of increases. Thank you.

Thank you, Mr. Minister. Mr. Pokiak. Does committee agree that general comments on the bill are concluded?

Okay. No further general comments. We'll go clause-by-clause review of the bill. Thank you. We'll go to clause 1 right away and that's of Bill 13, An Act to Amend the Financial Administration Act. Clause 1.

Clause 2.

Clause 3.

Clause 4.