Thank you, Mr. Chairman. From what I understand from the question of the Member, under our territorial formula financing discussions that are ongoing how would resource revenue sharing be incorporated or if there would be an offset. In past agreements, there would be offsets for economic development. Past agreements talked about economic development incentives, so we would keep a certain percentage before there was a clawback feature on the transfer payments themselves. Again, the details of that are still ongoing. As we proceed, one of the things that has been highly discussed in the provinces and for the territories' side, and I guess we are waiting to see what a decision would be on the equalization and that affects provinces is when they talk about their own-source revenues and that would incorporate resource revenues is how they would get calculated in the own-source basket. At what point would the clawback hit? That was up for discussion. The O'Brien report, as it's been termed, the expert panel that was established by the federal government made some recommendations and those have been highly debated and there has been no agreement across jurisdictions if it should be 100 percent included, 100 percent excluded, or discussion was a possibility of a 50 percent mark. We are waiting to see if that is part of the federal budget coming up. But as we heard the Premier state in his discussions with the Prime Minister, the possibilities of having resource revenue included in the next federal budget are more on the unlikely side. Thank you.
Floyd Roland on Committee Motion 48-15(5) Establishment Of A Boards And Agencies Review Unit, Carried
In the Legislative Assembly on March 7th, 2007. See this statement in context.
Committee Motion 48-15(5) Establishment Of A Boards And Agencies Review Unit, Carried
Item 16: Consideration In Committee Of The Whole Of Bills And Other Matters
March 7th, 2007
Page 1325
See context to find out what was said next.