FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 27

Wednesday, December 1, 2004

The Standing Committee on Finance met at 3:32 p.m. this day, in Room 701 La Promenade Building, the Chair, Massimo Pacetti, presiding.

Members of the Committee present: Don H. Bell, Guy Côté, Charles Hubbard, Yvan Loubier, John McKay, Maria Minna, Massimo Pacetti, Brian Pallister, Charlie Penson and Monte Solberg.

Acting Members present: Richard Harris for Rona Ambrose.

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

The Committee proceeded to the consideration of matters related to Committee business.

Pursuant the motion on 48 hour motion notice agreed on Tuesday, October 12, 2004:

Monte Solberg moved, — 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..

After debate, the question was put on the motion and it was agreed to, by a show of hands: YEAS: 6; NAYS: 4.

At 3:57 p.m., the Committee adjourned to the call of the Chair.

Richard Dupuis
Clerk of the Committee

2006/02/07 1:10 p.m.