Statements in Debates
Thank you, Mr. Chairman. I am here today to present Supplementary Appropriation No. 2, 2010-2011 (Infrastructure Expenditures). This document outlines a request for $165,439 million for capital investment expenditures in the 2010-11 fiscal year.
This supplementary appropriation seeks authority to record the work completed on the Deh Cho Bridge Project and to record and use the remaining cash available to complete the project.
This appropriation authority is required as the project will now be recorded directly as a GNWT asset in our financial statements. Up to now, the project has been recorded...
Thank you, Mr. Chairman. Again, as I had stated earlier, there’s a very fundamental question here about what’s being said here in the public forum. Even in committee, if Members, if any Member has information, credible information of deficiencies by people who are ready to put their status on the line, then do that. Let’s deal with the issue. But to continue to wave a flag about and make these comments is very dangerous to the professional credibility of all people.
We have a new project team, Associated Engineering, who is going to take over this and do the audit and provide that information...
The process with the lenders, one, has unfortunately gone the track it has. Where we felt we had some flexibility, we came forward and requested the $15 million in our last sitting. We got that approval and then we were informed by the lenders that they are requesting us to assume the debt. With that in mind, that has now put us into this scenario. When it comes to repayment, the repayment structure is in place. If we want to repay earlier, there is going to be a penalty. We’d have to weigh those.
At some point, as I was speaking earlier to the markets that are out there on real bonds in that...
Thank you, Mr. Chairman. From the projections and the schedule that was attached to the concession agreement, after five years I believe we’d be looking at $155 million.
As this scenario developed and as we went to Members highlighting the concerns that we had, by not taking any action there would be immediate impact on the Government of the Northwest Territories when it comes to our debt wall. By taking the steps we have and getting confirmation from the federal Minister of Finance, Minister Flaherty, to work with us in dealing with this debt around this project short-term relief we’ve been able to work through this scenario where there will not be an immediate impact.
As I was responding earlier to Member Bromley, there would be an impact in a sense of our...
I’ll speak to the first part of that, and Ms. Melhorn can go towards the fiscal strategy that they laid out and presented to Members.
The timelines, as we’ve looked at it, we’re okay in the ’10-11 fiscal year. The ’11-12 year becomes problematic without the relief; ’12-13 becomes an issue, as well. But a five-year relief allows us the flexibility to then get back into a normal pattern, the cash demand is down, there is no impact. But let’s fully recognize that even we, as the 16th Assembly, when we came into office, without accepting any further debt, we we’re talking about tightening our belts...
Thank you, Mr. Speaker. Mr. Speaker, as I stated earlier, through the environmental review process additional information was requested. That information was gathered and supplied to the review board around alternate sites. We go from $70 million to as high as $200 million, depending on the different scenarios that we’ve looked at: across-the-lake, underwater cable and so on. Substantially more expensive than what’s in place today. Without a business case, without a customer at a kilowatt hour, there is no project unless this government itself decides to pay the additional cost for going...
First and foremost the relationship is through the responsible Minister; in this case at this point in time, myself to the chair of the board, meeting with the board to go over the plan that the board has put in place. Other factors that direct the board and its operation are through the legislation that exists and that is the NTPC Act itself, our Hydro Corporation Act, as well as the PUB and its decisions that have been made over the years that dictates the structure of how it would deal with the customer base. Outside of that, we set the direction in the Assembly. In fact, this government...
Thank you. It’s an interesting and timely question as we discuss the Power Corporation and this process going forward. In fact, at one time in the history of the Legislative Assembly the Power Corp, I’m not sure if it was just the chair or the board chair and representatives of the board and potentially a senior manager or so would appear before the Assembly or through a standing committee. I will look, in fact, at initiating that process be re-engaged as we go forward. Thank you.
Thank you, Mr. Speaker. Mr. Speaker, as well, I’d like to recognize the two Pages down from Inuvik: Ms. Caroline Kaufman and, I hope I get this name right, Evodia Mutua, as well. Thank you.