Thank you. Next, Mr. Thompson.
Debates of Oct. 23rd, 2018
This is page numbers 4361 - 4398 of the Hansard for the 18th Assembly, 3rd Session. The original version can be accessed on the Legislative Assembly's website or by contacting the Legislative Assembly Library. The word of the day was going.
Topics
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4387
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Shane Thompson Nahendeh
Thank you, Mr. Chair. I am just trying to get a clear picture of this, here. When we talk about $22 million in cash reserve, can you please explain what that reserve is? Is it cash? Or is this equipment? Or is this product? Or is it a combination of everything? Thank you, Mr. Chair.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Mccormick
Thank you, Mr. Chair. The $22 million is the approximate bank balance for MTS as of today.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Shane Thompson Nahendeh
Thank you, Mr. Chair. Can Mr. McCormick explain the bank balance? Is this a liability? Does this involve the equipment? Is that $22 million in cash? Is that what it is? Or is this assets and product? Thank you, Mr. Chair.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Mccormick
Thank you, Mr. Chair. The $22 million is cash. That is money that was generated through MTS operations over the past two years. Thank you. Mr. Chair.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Shane Thompson Nahendeh
Thank you. Mr. McCormick, I am getting a little confused here. What is the $875 when it is in the revolving fund? Thank you.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Mccormick
Thank you, Mr. Chair. The $870,000 would be the accumulated surplus that is sitting in there. That is the statement of operations or the income statement side and transfers over to the balance sheets. We would have $22 million in cash. We would also have some offsetting liabilities for accounts payable, those sorts of things, and that include the money that would be owed to the GNWT for the original asset purchases that would be netted off of that.
I just want to clarify, as well, that that $870,000 that is currently sitting there does include our contingency as of now for the commitments we have made for the air freight that is going on right at this moment. Thank you, Mr. Chair.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Shane Thompson Nahendeh
Thank you. When the Minister and department is going to be coming to committee to present, will we have the actual bottom line what money we have? When I'm hearing $22 in the bank and $875,000 here, I mean, it sounds like we have $22,875,000 minus liabilities and that. Now, I'm sitting here, trying to understand this. If we look at the liabilities, we look at the assets and depreciation of the equipment and that, our numbers actually go down, if I am understanding this correctly. Can the Minister or Mr. McCormick please clarify? Thank you, Mr. Chair.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Wally Schumann Hay River South
Thank you, Mr. Chair. When we come in front of committee next week, we are going to bring you the most up to date balance sheet that we have because that changes all the time with liabilities and invoicing and stuff. The other thing we have got to make quite clear here is: we are forecasting that we are going to break even this year, even with all the liabilities of flying all the freight in. Thank you, Mr. Chair.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Shane Thompson Nahendeh
Okay. If I understand this correctly, if we didn't have these situations happening, we would have had an extra $3 million from the operations of MTS this year? Thank you, Mr. Chair.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Wally Schumann Hay River South
Thank you, Mr. Chair. Yes, approximately, we would have had an extra $3 million in revenue to the bottom line. Thank you, Mr. Chair.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Shane Thompson Nahendeh
Thank you, Mr. Chair. I thank the Minister for that. I got a little bit of clarification a little bit better there. When we talk about the rebates to the clients that have these vehicles that are not getting shipped in there, it is great that the department is going to give back the rebates, but will the department make a commitment to these same owners that they will charge them the same freight rate this year for next year? Thank you, Mr. Chair.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
Page 4388
Wally Schumann Hay River South
Thank you, Mr. Chair. I guess I have to lay it out maybe a little simpler. We are giving the rebate back for what we are charging people to haul their vehicles in this year, and we are delivering them next year for free. Thank you, Mr. Chair.
Committee Motion 75-18(3): Bill 7: Chartered Professional Accountants Act - Amend the French Version of Subclause 6(11), CARRIED
Consideration In Committee Of The Whole Of Bills And Other Matters
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