Thank you, Madam Chair. I will have President Young elaborate on that response. Thank you, Madam Chair.
Debates of Dec. 1st, 2021
This is page numbers 3221 - 3266 of the Hansard for the 19th Assembly, 2nd 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 units.
Topics
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Young
Thank you, Madam Chair. And I do believe, and Vice-President Martin may correct me, that it does have do with the corporate structure and the way that we do accounting for federal contributions, third party contributions like that, and they're recorded under fund 3 instead of fund 2 for capital, I believe. But if possible, if I could defer to Vice-President Martin who is the financial expert on the way that this accounting is done. Thank you, Madam Chair.
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Martin
Yeah, thank you, Madam Chair. So as mentioned, we have $50.5 million of federal dollars supporting our $93, $94 million of capital delivery this year. We've received $25.5 million of that in March 2021, right at the end of the fiscal year last year, which was reflected in our carryovers, that carryover number that we referred to earlier, right at the end of the year.
So the Housing Corporation, we obviously prepare our annual audited financial statements each year, and that was recognized as revenue in 2021. It's still part of our capital delivery, though. It's in our work in progress, and we're delivering those projects this year into next year.
We also received an additional $25 million. We just finalized that agreement in August this year. And that funding is going to be recognized as revenue in the Housing Corp this year for -- in our audited financial statements. And that $50.5 million right now is assigned to capital projects that will be fully delivered by 2023-2024. Thank you, Madam Chair.
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Kevin O'Reilly Frame Lake
Thanks, Madam Chair. Yeah, if I thought I was confused before about the Housing Corporation, that one really -- any ways, look, you guys got to find a different way to present this stuff; sorry. If it takes a schedule or a note or something, you got to find a better way to present the financial information 'cause I think -- I think it would benefit yourselves. You might get fewer questions in Committee of the Whole. You might get fewer Member's statements on the floor, oral questions for your Minister. You guys got to find a better way to present this. Sorry. And with all due respect, I know I'm supposed to be addressing you, Madam Chair, but I think it would be much more helpful if the Housing Corp could find a much better way to present this than what I see here.
And I'm just going to go on to the next item. I think I heard that there's a 20-year -- some sort of 20-year assessment or capital plan that the Housing Corp has developed. Can we please get a copy of that? And I guess that's a question for the Minister. Thanks, Madam Chair.
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Kevin O'Reilly Frame Lake
If you want to call me a Minister, I'll take it. Thanks, Madam Chair.
The -- so next question, is there any calculation of, like, deferred maintenance for the Housing Corp, and what is that figure and what does it mean? Thanks, Madam Chair.
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Martin
Thank you, Madam Chair. The deferred maintenance figure is in reference to that infrastructure deficit figure that we alluded to earlier, which takes into account the investment needed to complete scheduled M and I major renovations over the next 20-year outlook. Thank you, Madam Chair.
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Martin
That figure could potentially be up to $1 billion. Thank you, Madam Chair.
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Kevin O'Reilly Frame Lake
Thanks, Madam Chair. I don't if I should laugh or cry.
Okay, clearly we're not spending enough on housing. I think I made the point. I really look forward to seeing this 20-year capital plan that's going to cost a billion dollars.
So I think I heard a commitment, though, as well to the Member for Kam Lake that there was going to be some kind of a -- an outline or a rough plan for getting our housing out of core need. Is that what I heard? Thanks, Madam Chair.
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