![]() Through responsible financial management strategies such as the Future Fund, the Government of Newfoundland and Labrador is addressing the province’s financial challenges: Under the proposed legislation, money may be withdrawn from the Future Fund to service the public debt or pay an amount required due to an extraordinary circumstance, as described in the backgrounder below. These reports will include annual financial statements of the Future Fund, audited by the Auditor General, and would be tabled in the House of Assembly. The performance of the Future Fund will be transparent to the public, as the trustees will prepare three-year activity plans and annual reports as required by the Transparency and Accountability Act. The Future Fund will be managed by the Department of Finance, with a Board of Trustees to provide oversight. A portion of non-renewable resource royalties received in the previous fiscal year.Īn investment policy will guide the investment of funds in accordance with the Financial Administration Act.Net proceeds of tangible and intangible assets sold for greater than $5 million and,. ![]() Required contributions to the Future Fund would include: A longer-term impact of this legislation, if passed, is to strengthen the financial standing of the province to relieve the debt burden. The intention of the Future Fund is to have a positive impact on the province’s financial position through increased savings and income from long-term investments. These actions are important for all Newfoundlanders and Labradorians, as they will benefit us now and into the future. If passed, this Act will require government to invest revenue from one-time sources and non-renewable resources to strengthen finances, pay down expensive debt and lower the cost of borrowing. Today, the Future Fund Act will receive second reading in the House of Assembly.
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