The NWT Opportunities Fund was established as an independent entity. Obviously under the direction and management of the Financial Management Board, but in doing so, a separate entity and accounting for as an independent entity on the public accounts in a separate account. Interest earned by that entity with its loan management and portfolio was reported in that income stated. Under the FMB’s direction, any retained earnings would be invested in that fund but at some point in time would have to be remitted or returned to the GNWT under its economic plan. In the case of 2012-13, the $1.040 million was paid to the GNWT from the NWT Opportunities Fund as part of the earnings it received over time from the interest on one particular loan and interest earned by the overall account by deposit. So it really is two different accounts and to reflect the accounting, you would have to refer to the stand-alone financial statements of the NWT Opportunities Fund. Thank you, Madam Chair.
Peter Vician on Consideration in Committee of the Whole of Bills and Other Matters
In the Legislative Assembly on February 19th, 2013. See this statement in context.
Consideration in Committee of the Whole of Bills and Other Matters
Consideration in Committee of the Whole of Bills and Other Matters
February 18th, 2013
Peter Vician
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