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November
10, 2003
On November 5,
2003, the Yukon Government tabled an amendment
to the Taxpayer Protection Act (TPA) in the
Legislature. The amendment would see
the government move to an accrual based accounting
model. Simply put, it would allow government
to book its fixed assets and depreciate them
over the life of the asset. This change
is consistent with recommendations from the
Auditor General and the Canadian Institute
of Chartered Accountants.
The Yukon
Chamber of Commerce is supportive in principle
of this amendment to the TPA. It's
a financial model that supports more "business-like" long
term capital planning and private-public
partnerships. The leverage effect of
the proposed changes can be a real enabler
to the economy. “Used wisely,
it has the potential to greatly enhance the
economy and build lasting, much needed infrastructure” says
Vice-Chair at Large Ron Daub, “It cannot
be stated strongly enough that government
will need to exercise fiscal prudence and
transparency to ensure accountability.”
“A
key aspect the Yukon Chamber expects from
government is that key financial indicators/targets
be put in place to provide the public certainty
that YTG maintain a healthy balance sheet
in the years to come. The Yukon has
been stifled by a lack of infrastructure
up until now. By amending the Taxpayer
Protection Act, government could undertake
larger or multiple capital projects, based
on long-term planning” says Chair of
the Board, Paul Goguen.
The Chamber
of Commerce will be diligent about bringing
concerns regarding debt load and fiscal prudence
to the government in order that this and
future governments are held accountable for
their spending given this ability to increase
the amount of debt they are able to finance.
Used wisely,
this proposed change to the Taxpayer Protection
Act can be a vital step towards improved
economic growth and to a better standard
of living in the Yukon.
– 30 –
For more information,
contact:
Paul
Goguen, Chair of the Board
Yukon Chamber of Commerce
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Sandy Babcock, President
Yukon Chamber of Commerce
(867) 667-2000 |
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