FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 31

Wednesday, December 8, 2004

The Standing Committee on Finance met in camera at 3:37 p.m. this day, in Room 362 East Block, the [chair role], John McKay, presiding.

Members of the Committee present: Rona Ambrose, Don H. Bell, Guy Côté, Charles Hubbard, Yvan Loubier, John McKay, Maria Minna, Massimo Pacetti, Charlie Penson, Monte Solberg and Judy Wasylycia-Leis.

In attendance: Library of Parliament: June Dewetering, Principal ; Alexandre Laurin, Analyst.

Pursuant to Standing Order 83.1, the Committee resumed its pre-budget consultations 2004.

The Chair presented the First Report from the Subcommittee on Agenda and Procedure which read as follows:

REPORT FROM THE SUBCOMMITTEE ON AGENDA AND PROCEDURE

It was agreed to recommend the following:

1- REPORT ON PBC 2004;

That the Report be tabled next week and dissenting and complementary opinions be given to the Clerk of the Committee no later than 17:00, Monday, December 13, 2004.

2- REPORT ON COOPERATIVES;

That the Committee tables a report during next week.

3- STUDY ON A INDEPENDENT FISCAL FORECASTING ADVISE TO PARLIAMENTRIANS;

That the Finance Committee contract with the four specialists in budgetary estimates, one nominated by each political party, to conduct quarterly updates of the estimate for the fiscal balance, with the assistance of officials in the Department of Finance, based on the release of quarterly National Income Accounts, and that the first update be conducted based on the release of the third quarter National Income Accounts at the end of November, 2004 and after the completion of any private sector national updates in the third week of December, 2004, and that the results be reported to the members of the Finance Committee and be made public immediately upon their report; that the Finance Department work with the specialists in budgetary estimates to provide a quarterly update of the base case and run the base case through each model, as is now done in October of each year, and that the results be reported to the members of the Finance Committee and be made public immediately upon their report; To submit to the Liaison Committee a proposed budget to conduct the two next quarterly updates of the estimates for the fiscal balance.

That the Committee will invite the four economists from private sector forecasting organizations hired by the Department of Finance, Senior Officials from the Department of Finance, an expert on the American Congress and an organization like Fraser Institute and C.D. Howe Institute.

4- SUBCOMMITTEE ON FISCAL IMBALANCE;

That the Standing Committee on Finance establish a special subcommittee with the mandate to propose concrete solutions to correct the fiscal imbalance and that this subcommittee comprise at least one member of each political party, excluding the chair, and that it have a researcher and a clerk. This subcommittee will hold hearings on this matter. I twill table its report to the Standing Committee on Finance for adoption and the final report will be tabled in the House of Commons no later than June 2, 2005;

That the subcommittee be composed of Don Bell, Yvan Loubier, Guy Côté, Judy Wasylycia-Leis and Rona Ambrose;

That Yvan Loubier be appointed Chair of the Subcommittee;

That the Subcommittee be granted all of the powers of the Committee pursuant to Standing Order 108(1) except the power to report to the House.