Floyd Roland

Thank you, Mr. Chairman. Mr. Chairman, yes, when you add this amount that we're accounting for through the supplementary appropriation to the initial amount that was recorded, we're totalling a $6.5 million loss to the GNWT. Thank you.

Yes, I wish to.

Thank you, Mr. Chairman. Mr. Voytilla can give that detail.

Yes, Mr. Chairman, I am prepared to proceed. Shall I start with opening comments?

Thank you, Mr. Chairman. Mr. Chairman, the way this deal has been put forward and agreed to is the amount we are entering into this agreement here is capping the GNWT's liability. The federal government has much more in the area of coming up with their share of the costs of doing remediation there. This is our portion that is over. The drawdown will happen over 10 years, but because the agreement was signed in 2004-05, we have to account in that year the full liability, but over a 10-year period will be drawn down as the site work and service area is done. The federal government will be...

Thank you, Madam Speaker. I move, seconded by the honourable Member for Yellowknife South, that Bill 2, Supplementary Appropriation Act, No. 4, 2004-2005, be read for the second time.

Madam Speaker, this bill makes supplementary appropriations for the Government of the Northwest Territories for the 2004-05 fiscal year. Thank you, Madam Speaker.

Thank you, Mr. Chairman. Mr. Chairman, the work on the federal expert panel has started, as well as the Council of the Federation panel has been announced and their work is starting. The one with the federal government, the expert panel, is from the federal government viewpoint looking at the whole area of equalization formula financing and will report back by late 2005, around December. The Council of the Federation panel which has a slightly more open mandate to look at both at what we call a vertical and horizontal fiscal imbalance, on that side of it they will be reporting back around...

Thank you, Madam Speaker. I move, seconded by the honourable Member for Weledeh, that Bill 10, An Act to Amend the Income Tax Act, be read for the first time. Thank you, Madam Speaker.

Thank you, Madam Speaker. I move, seconded by the honourable Member for Frame Lake, that Bill 8, An Act to Amend the Revolving Funds Act, be read for the second time.

Madam Speaker, this bill amends the Revolving Funds Act to decrease from $5 million to $1 million the maximum fiscal year end debit or credit balance in the petroleum products stabilization fund.

Thank you, Madam Speaker. I move, seconded by the honourable Member for Mackenzie Delta, that Bill 8, An Act to Amend the Revolving Funds Act, be read for the first time. Thank you, Madam Speaker.