You can turn to page 5-7, department summary. We will defer that until we conclude detail, so we can turn to page 5-8, information item, infrastructure investment summary. Agreed?

We are moving on to page 5-9, information item, revenue summary. Mr. Bromley.

Thank you, Mr. Chairman. I am mystified, probably not unexpectedly, with finances by the corporate income tax. It is projected to be extremely low, something like one-third or less of last year. Giving that our underground mining is in full swing in the diamond mine, diamond prices are at a record high, exploration has rebounded in something like 300 percent or more since the last fiscal years, compared to the previous one, I am sure there is an explanation for this. Why are we projecting such a low corporate income tax revenue for 2011-12? Once again, are they treated even better than people allowing to adjust their corporate declaration of corporate taxes and income to lower their taxes looking ahead and not behind, something like that? Thank you.

Minister Miltenberger.

Mr. Chairman, there are two main reasons these numbers are built on the 2009 tax year when we were in the midst of the significant economic downturn. The Member is correct; they have an ability to reach back three years, as well, when they are doing their taxes to work out the most advantageous arrangement to themselves. Thank you.

Mr. Chairman, thanks to the Minister for that confirmation. I think we have often commented on the volatility of our corporate income tax and the difficulty it poses for us. I suppose it would be too much to ask to deal with it and do in those rules and regulations that allow them to manipulate their income in order to have income tax minimized and create this sort of volatility. Thanks.

Mr. Chairman, we work closely with the federal government in terms of estimating and the targets that are set and we have a standard approach that is agreed to by jurisdictions across the country for the benefit of consistency and certainty. Thank you.

I guess our high volatility is certainly consistent over the years. I recognize, though, that there is probably not much we can do about this unless we ever get serious about corporate financial regulations on Wall Street, so I won’t go any further on that one.

I do want to note, though, Mr. Chairman, that I recognize we have lost $3.5 million in revenue last year and this fiscal year as we give up the power

subsidy dividend that we always collected to the Power Corporation. It is just a note. I will leave it at that. Thank you, Mr. Chairman.

More of a comment. We are on page 5-9, information item, revenue summary.

We are moving on to page 5-10, information item, active position summary.

We are moving on to page 5-12, deputy minister’s office. Mr. Bromley.

Thank you, Mr. Chairman. I am just wondering. The GNWT’s share of the cost of operation of the corporation, $38.9 million, is that because the corporation does not take in sufficient to cover its costs?

Ms. Melhorn.

Mr. Chairman, I am just wondering; as I noted on the previous page, we have gifted the corporation with $7 million and I don’t see any reflection in GNWT share of the cost of operation of the corporation. I wonder if the Minister could explain that discrepancy. Thank you.

Mr. Minister.

Mr. Chairman, this particular item I believe it says it is in relation to the Housing Corporation, not the Power Corporation.

Mr. Chairman, that explains it. Thank you, Mr. Chairman.

We are on page 5-13, activity summary, deputy minister’s office, operations expenditure summary, $66.122 million.

We are moving on to page 5-14, activity summary, deputy minister’s office, grants and contributions, contributions, $61.175 million.