Thank you, Madam Chair. As I said earlier, I’ll start off by saying we generally start off the fiscal year in a surplus position, and the issue we’re dealing with here with respect to the $25 million corporate income tax repayment we need to make to the Government of Canada for an overpayment we received three years ago, is really literally like a one hour problem. On April 1st we will get a tranche of money from the Government of Canada with respect to our Territorial Formula Financing Grant, and we’ll be in good stead, but throughout the year, particularly this year is a good example where we’ve had some expenditures that we have not anticipated for such as the forest fire season or the low water. Additional to that, we also, depending on the cash burn rate of the government on a program and service level, may incur some short-term borrowing. As long as the departments have an appropriation from the Assembly for those budgets they can spend that, but it’s not like we pick and choose what goes into short-term debt. Long-term debt is something that we actually make a considered decision upon and it is usually brought forward to the Legislature. But short-term debt is what is undertaken to, sort of, keep the business of government going, much like an operating line of credit is, and like I say, on April 1st at 12:01, we will be back in a surplus position.
Mr. Aumond on Consideration in Committee of the Whole of Bills and Other Matters
In the Legislative Assembly on February 25th, 2015. 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 24th, 2015
Aumond
See context to find out what was said next.