Government of Newfoundland News

Today, Churence Rogers, Member of Parliament for Bonavista—Burin—Trinity, on behalf of the Honourable Dominic LeBlanc, Minister of Intergovernmental Affairs, Infrastructure and Communities; Lori Moss, Deputy Mayor of the Town of Gambo, and Woodrow Mullett, Chair of the Trails Committee for the Smallwood Era Development Corporation, announced a combined total of over $1.3 million to upgrade Pine Tree Road, as well as $10,000 in funding for a strategic development plan to improve the active transportation nature trail network in Gambo.

Upgrades to Pine Tree Road will improve the quality of the road and provide an efficient drainage system for the Town by re-paving, installing a curb, gutter, sidewalk, and storm sewer, and replacing 37 water services.

An additional $10,000 in funding from the Government of Canada will support the creation of a strategic development plan to improve, renew and maintain Gambo’s nature trails for walking, hiking, snowshoeing, and skiing. The project will leverage the expertise of the Grand Concourse Authority, an organization dedicated to the continued development and expansion of award-winning walkway networks on the Avalon Peninsula of Newfoundland and Labrador.

The strategic development plan will enhance and protect Gambo’s nature trail network by prioritizing regular maintenance, accessibility upgrades, environmental initiatives, and public education. High quality trails for walking, exploring, and enjoying nature encourage residents to be more active in their daily lives, and improve options for moving around town.

By investing in infrastructure, the Government of Canada is growing our country’s economy, increasing the resiliency of our communities, and improving the lives of Canadians.

Quotes
“Budget 2022 includes more than $73 million for community infrastructure projects under the Investing in Canada Infrastructure Program. Joint funding announcements such as this one result in better services in municipalities throughout Newfoundland and Labrador. By working with our municipal and federal partners, we can ensure that important projects such as this one are completed.”
Honourable Elvis Loveless
Minister of Transportation and Infrastructure

“These important infrastructure investments to the town of Gambo will provide better road access for residents and visitors to the area. In addition, road upgrades will improve access for tourism and for anyone who visits the District of Gander to enjoy all it has to offer. I thank both the federal and provincial governments for this important investment.”
Honourable Dr. John Haggie
Minister of Education and MHA for the District of Gander

“Gambo residents have long enjoyed the network of nature trails in this area, but they are due for an upgrade, and for a strategic plan to ensure residents can continue to explore and enjoy the incredible nature in our province. This investment will allow for a development plan to continue to provide all members of the community with safe and high-quality places to walk, hike, ski and snowshoe.”
Churence Rogers, Member of Parliament for Bonavista—Burin—Trinity, on behalf of the Honourable Dominic LeBlanc, Minister of Intergovernmental Affairs, Infrastructure and Communities

“Both the Pine Tree Road upgrade project and the Active Transportation Fund will improve the quality of lives for our residents by providing better transportation access between residential properties and the vital services within our town, as well as promoting an overall healthier lifestyle via significant enhancements to our Middle Brook Walking Trail. We would like to thank the Federal and Provincial government for their financial investments to our community.”
Lori Moss, Deputy Mayor of the Town of Gambo

“First, I would like to thank Barb Pritchett for taking the time to apply for the funding that is being announced today. This funding is important to our organization as it will kick start the efforts to begin rebuilding various Gambo trails. We hope to elevate several trails, including the Middle Brook Trail, and the Smallwood Economic Development Corporation (SEDCOR) Trails Committee will be pursuing every avenue to secure additional funding to begin the necessary work.”
Woodrow Mullet, Chair of the Trails Committee, Smallwood Era Development Corporation

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Learn more
Federal Infrastructure Investments in Newfoundland and Labrador

Active Transportation Fund

National Active Transportation Strategy

Infrastructure in Newfoundland and Labrador

Media contacts
Kathryn Summers
Transportation and Infrastructure
709-729-1758, 699-6147
kathrynsummers@gov.nl.ca

Jean-Sébastien Comeau
Press Secretary and Communications Advisor
Office of the Honourable Dominic LeBlanc
Minister of Intergovernmental Affairs, Infrastructure and Communities
343-574-8116
Jean-Sebastien.Comeau@iga-aig.gc.ca

Lori Moss
Deputy Mayor of the Town of Gambo
709-524-2047
lori.moss@townofgambo.com

Woodrow Mullett
Chair of the Trails Committee
Smallwood Era Development Corporation
709-674-6027
woodrow_8@icloud.ca

Media Relations
Infrastructure Canada
613-960-9251
Toll free: 1-877-250-7154
media-medias@infc.gc.ca

 

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The following statement was read in the House of Assembly today by the Honourable Krista Lynn Howell, Minister of Municipal and Provincial Affairs:

Speaker, today the Professional Municipal Administrators are holding their 2022 Fall Forum in St. John’s. The organization is comprised of Town and City Managers, Clerks, Chief Administrative Officers and Department Heads who are committed to preserving and advancing excellence in municipal administration in Newfoundland and Labrador.

Every day we see the support and guidance that administrators provide to councils, ensuring the delivery of services and contributing to the success of communities. This becomes even more evident when communities are faced with extraordinary events such as the forest fires in the central region this summer and the devastation of Hurricane Fiona last month on the southwest coast.

The actions and dedication of municipal staff in these communities demonstrates how important their work is to council and residents. They showed leadership, support and empathy, and the ability to successfully handle a crisis while placing the well-being and safety of residents at the forefront.

As part of our government’s overall financial support related to Hurricane Fiona, $500,000 is being provided directly to communities under the Department of Municipal and Provincial Affairs. I am pleased to report that just over $120,000 has been approved to date to assist with costs for such items as overtime pay for town staff; hiring of staff to assist with hurricane relief; and cleanup of debris. We have been in contact with communities to outline all eligible costs, and administrators are providing a critical service throughout this process.

I ask my Honourable colleagues to join me in thanking municipal administrators everywhere for their contribution to communities, and to wish them a successful and informative fall forum.

Thank you.

 

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The Information and Privacy Commissioner, Michael Harvey, has released his Report A-2022-021 under authority of the Access to Information and Protection of Privacy Act, 2015. A summary of the Report is included below.

To view the Report in its entirety, please go to www.oipc.nl.ca/reports/commissioner.

Report: A-2022-021 Report Date: October 11, 2022 Public Body: Memorial University Summary: The Complainant made an access to information request to Memorial University for records consisting of Firewall logs and McAfee data for a computer asset, and a variety of records relating to Microsoft Office downloaded and installed on personal devices. Memorial confirmed there were no Firewall logs and MacAfee data for the date specified. Memorial provided the Complainant with records relating to Microsoft Office downloaded and installed on personal devices, but withheld some information pursuant to sections 29(1)(a) (policy advice or recommendations) and 40(1) (disclosure harmful to personal privacy). During the complaint investigation, Memorial agreed to release the information previously withheld under section 40(1) as well as some additional information previously withheld pursuant section 29(1)(a). The Commissioner found that Memorial had met its duty to assist in conducting a reasonable search for responsive records and recommended Memorial take no further action regarding its search efforts. The Commissioner recommended the remaining information continue to be withheld under section 29(1)(a).

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Media contact
Sean Murray
Director of Research and Quality Assurance
709-729-6309

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The Honourable Andrew Furey, Premier of Newfoundland and Labrador, and the Honourable Tom Osborne, Minister of Health and Community Services will be available to provide details of the proposed amendments to the Medical Act prior to debate in the House of Assembly today (Thursday, October 13) at 1:00 p.m. in the Media Centre, East Block, Confederation Building.

Prior to the event, a technical briefing for media will be held at 12:30 p.m.

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Media contacts
Meghan McCabe
Office of the Premier
709-729-3960
meghanmccabe@gov.nl.ca

Laura Thomas
Health and Community Services
709-729-6986, 709-727-0341
laurathomas@gov.nl.ca

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The Provincial Government recognizes that the overall costs of living for people are currently high throughout Newfoundland and Labrador and across the country. To help address these immediate pressures, the Honourable John G. Abbott, Minister of Children, Seniors and Social Development, announced a five per cent increase in the Income Support basic rate effective on November 1, 2022, for those receiving Income Support.

Meanwhile, the Department of Children, Seniors and Social Development is reviewing the Income Support program, which provides basic benefits for food, shelter and necessities, as well as some supplementary benefits such as vision care to approximately 20,500 eligible households throughout the province. Recommendations with respect to the Income Support benefit structure and rates, as well as the financial eligibility and assessment are anticipated to come out of the review.

Through an amendment to the Income and Employment Support Regulations, the five per cent increase in Income Support basic rates will give some help with the high costs of food, clothing and other necessities.

The increase in the Income Support basic rate also supports several ongoing initiatives, including the recommendations of the Health Accord, and responds to what is being heard during the current public engagement process to inform the development of a Social and Economic Well-Being Plan for Newfoundland and Labrador.

Quote
“To help respond to people in low income who are experiencing financial burdens stemming from the high cost of living, I am pleased to announce a five per cent increase in Income Support basic rates for those receiving Income Support. As we continue to work through recommendations of Health Accord NL, I remain committed to furthering social and economic well-being throughout Newfoundland and Labrador, which includes reducing poverty and exploring various ways to increase incomes, especially for those below the poverty line.”
Honourable John G. Abbott
Minister of Children, Seniors and Social Development

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Follow us on Twitter: @GovNL, @CSSD_GovNL

Media contact
Michelle Hunt Grouchy
Children, Seniors and Social Development
709-729-5148, 682-6593
michellehuntgrouchy@gov.nl.ca

 

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Legislative amendments to the Consumer Protection and Business Practices Act were introduced yesterday in the House of Assembly to regulate high-cost credit lending in the province. Government recognizes that high-cost credit products may help individuals with no other options, and that consumer protections are necessary.

The amendments propose enhancing disclosure requirements, and prohibiting undisclosed fees, giveaways to encourage customers to take out loans and automatic payment deductions from a borrower’s pay cheque. A ‘cooling off’ period will also be enacted to allow a borrower to back out of a loan within four days, without penalty.

High-cost credit lending is a growing financial services sector, and this new legislation would make Newfoundland and Labrador the first Atlantic Province to implement a regulatory regime specific to high-cost credit lenders. Combined with the recently announced reduction in the maximum allowable payday loan rates, these amendments will significantly increase consumer protection for high cost credit consumers.

Other government initiatives to improve consumer protection include the Residential Tenancies Act, 2018, the Real Estate Trading Act, 2019, and amendments to the Automobile Insurance Act, Insurance Companies Act, Life Insurance Act and Securities Act.

Quote
“Consumers who turn to high-cost lenders are often in a vulnerable position, and unfortunately it’s easy to become stuck in a cycle of payments. While recognizing that these credit products may help individuals who have no other options, we must work to ensure consumers are protected.”
Honourable Sarah Stoodley
Minister of Digital Government and Service NL

“Credit Counselling Services of Newfoundland and Labrador (CCSNL) has observed that many consumers find themselves indebted to high-cost lenders because borrowing from these lenders is simple and uncomplicated. Thank you Minister Stoodley for bringing forth these changes. It is a very good day for consumers in this province.”
Al Antle
Executive Director, Credit Counselling Services of Newfoundland and Labrador

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Learn more
Bill 13: Consumer Protection and Business Practices Act Amendment

Consumer Protection and Business Practices Act

Payday Loan Borrowing Rate Lowered

Payday Loan Legislation Now in Effect

Payday Loan Legislation Enhances Consumer Protection

Follow us on Twitter: @GovNL and @DGS_GovNL

Media contact
Krista Dalton
Digital Government and Service NL
709-729-4748, 685-6492
kristadalton@gov.nl.ca

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Motorists travelling in Central Newfoundland will detour through Norris Arm this week while paving is being completed on a 9.7 kilometre section Trans-Canada Highway.

The detour will be in place tomorrow (Thursday, October 13) and Friday, October 14, and will allow for motorists to avoid lengthy traffic delays.

Both eastbound and westbound traffic will detour through the town via Route 351. Motorists are asked to reduce their speed, pay attention to traffic control and travel cautiously trough the community.

The Department of Transportation and Infrastructure anticipates this work being completed this weekend.

Information on tenders issued and awarded by the department and other public bodies is available by visiting www.merx.com/govnl.

Information on active highway construction projects and repairs is also available by visiting nl511.ca  and on the NL 511 mobile app.

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Media contact
Kathryn Summers
Transportation and Infrastructure
709-729-1758, 699-6147
kathrynsummers@gov.nl.ca

 

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The Honourable Krista Lynn Howell, Minister of Municipal and Provincial Affairs, will address the Professional Municipal Administrators 2022 Fall Forum tomorrow (Thursday, October 13) at 12:00 p.m. The forum is taking place at the Holiday Inn, 180 Portugal Cove Road, St. John’s.

Professional Municipal Administrators is a professional organization composed of town/city managers and clerks, chief administrative officers and department heads who are committed to preserving and advancing excellence in municipal administration in Newfoundland and Labrador.

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Media contact
Jacquelyn Howard
Municipal and Provincial Affairs
709-729-5539, 689-2624
jacquelynhoward@gov.nl.ca

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The following statement was read in the House of Assembly today by the Honourable Gerry Byrne, Minister of Immigration, Population Growth and Skills:

Speaker, last evening Newfoundland and Labrador airlifted 177 Ukrainian people fleeing the ravages of Russia’s criminal invasion of a peaceful nation; the third such airlift by our Province. For many Ukrainians, this was truly a bittersweet moment. In front of them, they were given an opportunity to live in peace, to regain a sense of hope and to experience new beginnings as our neighbors and as our friends. Behind them, however, many had no choice but to leave behind family and friends to the realities of the ugliness of Putin’s criminal ambitions. This is why we say, and say without reservation, the doors of Newfoundland and Labrador shall never be locked to such a warm and courageous people.

Speaker, over 1000 Ukrainians have now chosen Newfoundland and Labrador as their preferred home. While some 500 were ushered here through our humanitarian airlifts, 500 chose this place after arriving first in other parts of Canada or directly from Ukraine. All 1000 Ukrainians chose this place. They came because of our groundbreaking initiative, our Ukrainian Family Support Desk, they came after talking with Ukrainians already here and in other parts of Canada. They came here because of the reputation our province has deservedly acquired. They came here not by our words or promises, but by our actions. They came because of the incredible welcome that the people of Newfoundland and Labrador have extended to them.

Speaker, I am pleased to report to this House that, amongst the group of 830 Ukrainians who landed before last evening, 75 per cent have already gained successful long-term employment with the remainder actively pursuing specific opportunities. The average stay in temporary accommodations is now just 28 days, down from an earlier benchmark of 34 days, and none have required accommodation in provincial social housing. Ukrainian children are in school with the help of additional teaching and assistance resources and additional supports such as childcare have been successful. In fact, a Ukrainian-led childcare facility is actively being developed.

All this is to say, we Stand with Ukraine while we pursued a vision, a successful vision for a more prosperous, diverse and inclusive province. Newfoundland and Labrador is experiencing record population growth, record immigration attraction and retention and while we grow our population, our unemployment rate now sits at its lowest level since 1976.

Speaker, this is a government that will never say good is good enough. If you believe any of this to be impressive, with the help of everyone in this House, there is much more to come!

 

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The follow statement was read in the House of Assembly today by the Honourable John Hogan, KC, Minister of Justice and Public Safety and Attorney General:

Speaker, we all hope that we are never in a situation where we have to deal with a fire in our home. Unfortunately, it does happen, but everyone can take steps to be prepared in the event we are faced with a fire.

This is Fire Prevention Week in Newfoundland and Labrador and marks the 100th anniversary of this recognition. The theme this year is “Fire won’t wait. Plan your escape.” During this week, residents, families and educators are encouraged to learn more about the simple but important actions they can take to keep themselves, and those around them, safe.

Speaker, it is important for everyone to plan and practice a home fire escape, so that everyone in your household knows what to do if the smoke alarm sounds. Given that every home is different, it is important to know the fire escape plan for any home in which you are staying. Ensure to consider the needs of all members of the household and include them in the planning, so that everyone knows what to do and where to go.

I ask all Honourable members to join me in thanking our dedicated fire fighters across this province for their service and contribution in their communities, and for the support they provide to the people of Newfoundland and Labrador. Fire Prevention Week is a reminder to take the necessary steps to protect yourself and your family, and to take the time to make a plan to stay safe.

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The following statement was read in the House of Assembly today by the Honourable Andrew Furey, Premier of Newfoundland and Labrador:

Speaker, it is with a heavy heart that I rise today in this Honourable House to mark the passing of a great Newfoundlander and Labradorian, Mr. John Crosbie Perlin.

Mr. Perlin died this weekend at the age of 88 years old, and it will be difficult to summarize his life in a few short words here today because, as one of his relatives put it this week, he “received every award you possibly can.”

A member of both the Order of Newfoundland and Labrador and the Order of Canada, Mr. Perlin was a known philanthropist, championing causes from the development of the Fluvarium to the Quidi Vidi Rennies River Development Foundation, the Duke of Edinburgh Awards to Rising Tide Theatre and many, many more.

Mr. Perlin’s relationship with the Royal Family is well known. He served as the Canadian Secretary to the late Her Majesty Queen Elizabeth II and served as an advisor to many of Newfoundland and Labrador’s Vice Regal representatives. He coordinated and oversaw many Royal Visits to this province, and one of his last public acts was to offer public commentary on the passing of Her Majesty a few short weeks ago.

Speaker, of all his accomplishments, it was his recent award as being named Honourary Life President of the Royal St. John’s Regatta Committee that may have meant the most to him. He dedicated over 70 years of his life to supporting the association, and to be recognized in this way was truly special for him.

Speaker, I am honoured to have called John Perlin a friend during his prolific life, and while our province feels a bit smaller today knowing that he is no longer here, the legacy he has left with us is enormous, and will ensure he is never forgotten.

I would ask all members to stand and join me in a moment of silence.

Thank you.

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The Honourable Andrew Parsons, Minister of Industry, Energy and Technology, will be available to media today (Wednesday, October 12) to discuss Canada Fluorspar Inc.

The availability will take place today outside the House of Assembly, beginning at 1:45 p.m.

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Media contact
Kelly-Anne Roberts
Industry, Energy and Technology
709-729-5248, 327-7005
kelly-anneroberts@gov.nl.ca

 

 

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The holidays are a time of togetherness and celebrating traditions and, in the spirit of Come Home 2022, the Department of Tourism, Culture, Arts and Recreation hopes to bring some cheer to those longing for home this holiday season. Beginning today (October 12), the department is launching a contest featuring four grand prizes to ‘Come Home for the Holidays’ to Newfoundland and Labrador!

To enter, participants should visit ComeHome2022.ca and send an e-Card to someone they would like to bring home for the holidays.

The contest is open for four weeks, with one winner of four round-trip flights to Newfoundland and Labrador being selected each week. Winners are selected at random.

To be eligible to win, contestants must be residents of Canada who are of the age of majority in their home province.

Come Home 2022 festivals and events are taking place all throughout Newfoundland and Labrador for the remainder of 2022. Newfoundlanders and Labradorians everywhere can visit ComeHome2022.ca to sign up for the Come Home 2022 e-newsletter, which shares updates on festivals and events throughout the year. They can also follow ComeHome2022 on Facebook and Instagram to get up-to-date celebration information.

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“There is no doubt that the holidays in Newfoundland and Labrador are a special time of year, where a celebration of music, food and connection can be found around every corner. We are excited to offer this contest for those eager to experience the sights, sounds and tastes of our province during the vibrant holiday season. I anticipate lots of interest in this contest and look forward to hearing the stories of our winners and their holiday visits.”
Honourable Steve Crocker
Minister of Tourism, Culture, Arts and Recreation

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Learn more
Come Home 2022

Premier Furey Officially Launches Come Home Year 2022

Follow us on Twitter @GovNL and @TCAR_GovNL

Like us on Facebook

Like Come Home 2022 on Facebook

Follow Come Home 2022 on Instagram

Media contact
Adrienne Luther
Celebrate NL
709-729-4819, 730-2953
adrienneluther@gov.nl.ca

 

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The Government of Newfoundland and Labrador today announced the appointment of Albert Williams as Chairperson for Newfoundland and Labrador Hydro and Nalcor Board of Directors.

The appointment is effective immediately. Biographical information for Mr. Williams is provided in the backgrounder below.

John Green, who has been chairperson of the Hydro Board since 2016 and Interim Chair for the Nalcor Board of Directors since September 2020, will remain as a board member on both boards.

In June 2021, the Provincial Government announced that Nalcor’s operations would move under NL Hydro, and the corporation will evolve to a steady-state utility focused on cost reduction while providing safe, reliable electricity, and focusing on maximizing the economic potential of its energy portfolio.

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“Mr. Williams is a seasoned professional engineer with a distinguished career in large scale infrastructure projects and corporate governance, and I welcome him into this new role. I thank John Green for his commitment to his responsibilities as chair and for continuing to share his experience through ongoing service with the board.”
Honourable Andrew Parsons
Minister of Industry, Energy and Technology

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Follow us on Twitter @GovNL and @IET_GovNL

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Media contact
Kelly-Anne Roberts
Industry, Energy and Technology
709-729-5248, 327-7005
kelly-anneroberts@gov.nl.ca

BACKGROUNDER: BIOGRAPHY

Albert Williams was the owner/president of a private consulting firm until its merger with BAE Group in 1995, where he held senior positions of Vice-President of Major Projects, and then Chief Executive Officer until retirement in 2014. Mr. Williams has conducted feasibility studies and carried out pre-design, design and construction supervision and management of many diverse projects, in a variety of industries, including hydro-power.

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The Honourable Steve Crocker, Minister of Tourism, Culture, Arts and Recreation, will attend the annual Canadian Council of Tourism Ministers meeting in Vancouver, British Columbia from October 12-13, 2022.

The meeting agenda includes discussions on Hurricane Fiona recovery efforts and the need for continued collaboration and support for the tourism sector as it continues to recover from the challenges created by the COVID-19 pandemic.

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Follow us on Twitter @GovNL and @TCAR_GovNL

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Media contact
Gina MacArthur
Tourism, Culture, Arts and Recreation
709-327-9574
ginamacarthur@gov.nl.ca

 

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The Honourable John G. Abbott, Minister of Children, Seniors and Social Development, will bring greetings at the Newfoundland and Labrador Public Sector Pensioners’ Association Convention at 7:00 p.m. tomorrow (Wednesday, October 12).

The convention is being held at the Comfort Inn, 106 Airport Road, St. John’s.

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Media contact
Khadija Rehma
Children, Seniors and Social Development
709-729-3768, 730-2977
khadijarehma@gov.nl.ca

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The Resource Enforcement Division of the Department of Fisheries, Forestry and Agriculture is seeking information related to a moose wastage incident near the Town of Wabush.

Upon receiving a complaint from a member of the public, Resource Enforcement Officers responded and searched an area of Wabush Mountain Road, approximately three kilometres east of the town, where a full quarter of moose and other moose parts were found. Officers initiated an investigation and collected evidence from the area. It is believed the moose was discarded sometime between September 15 and September 25.

It is an offence under the Wild Life Act to willfully or intentionally allow the flesh of wildlife that has been taken or killed for food to be destroyed, wasted, or spoiled.

Anyone with information that may lead to the identity of the persons involved in this incident is asked to call 1-877-820-0999 anonymously or Crime Stoppers at 1-800-222-TIPS. Anonymous reports can also be submitted online at www.nlcrimestoppers.com or stoppoaching.ca.

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Media contact
Erin Shea
Fisheries, Forestry and Agriculture
709-729-3733
erinshea@gov.nl.ca

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The following statement was read in the House of Assembly today by the Honourable Pam Parsons, Minister Responsible for the Office of Women and Gender Equality:

Speaker, on behalf of the Government of Newfoundland and Labrador, I would like to recognize today as the 10th commemoration of the International Day of the Girl Child.

This day brings attention and awareness to the challenges facing girls around the world. It is also a day to highlight the importance of empowering girls, and the actions being taken to achieve gender equality.

Speaker, our government has a number of ongoing initiatives to support girls. We have made free period products available in all K-12 schools; we have visited schools to showcase the value of non-traditional career paths to students approaching graduation; and next week in this very House of Assembly, 40 young women and gender-diverse people will participate in the Future of the Vote event to help inspire political participation for our next generation of leaders.

Speaker, the girls of today are the change makers of tomorrow. Our government will continue to work to ensure that we are creating a province where girls have the choice and opportunity to be whatever it is that they want to be.

I ask all Honourable members to join me in recognizing October 11 as the International Day of the Girl Child.

Thank you.

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Today, the Future Fund Act will receive second reading in the House of Assembly. 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. These actions are important for all Newfoundlanders and Labradorians, as they will benefit us now and into the future.

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. A longer-term impact of this legislation, if passed, is to strengthen the financial standing of the province to relieve the debt burden.

Required contributions to the Future Fund would include:

• Net proceeds of tangible and intangible assets sold for greater than $5 million; and,
• A portion of non-renewable resource royalties received in the previous fiscal year.

An investment policy will guide the investment of funds in accordance with the Financial Administration Act. The Future Fund will be managed by the Department of Finance, with a Board of Trustees to provide oversight.

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. 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.

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.

Through responsible financial management strategies such as the Future Fund, the Government of Newfoundland and Labrador is addressing the province’s financial challenges:

• By fixing Muskrat Falls with a $5.2 billion deal, government is taking major steps forward in providing secure and clean electricity to the province, while minimizing the financial burden on ratepayers;
• Through prudent fiscal governance, we are keeping government’s expenditures responsible, continuing transformational initiatives, and ensuring that we maximize the value of every provincial dollar spent on public services; and
• Through responsible debt management, we will continue to reduce our debt load, lower the cost of debt servicing, and enhance government’s treasury management expertise.

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“Our plans for savings and debt management through the Future Fund will work together to ensure we are investing our money prudently on behalf of the people of the province – to strengthen finances, pay down expensive debt and lower the cost of borrowing, all of which will benefit us now and into the future.”
Honourable Siobhan Coady
Deputy Premier and Minister of Finance

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Budget 2022

Budget 2021

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Media contact
Victoria Barbour
Finance
709-729-4087, 327-6152
victoriabarbour@gov.nl.ca

Backgrounder

Key Elements of the Future Fund

New legislation is being proposed, called the Future Fund Act. This Act if passed will establish the Newfoundland and Labrador Future Fund.

In addition, the Act would amend the Financial Administration Act to allow for the transfer of money between the Future Fund and the Consolidated Revenue Fund.

The Future Fund provides a mechanism for investing resource revenues and proceeds from major asset sales.

More specifically, required contributions to the Future Fund will include:

• Net proceeds of tangible and intangible assets sold for greater than $5 million; and,
• A portion of non-renewable resource royalties received in the previous fiscal year.

Money may be withdrawn from the Future Fund to service the public debt or pay an amount required due to an extraordinary circumstance.

An extraordinary circumstance means a circumstance that, in the opinion of the Lieutenant-Governor in Council, has materially impacted or is projected to materially impact the Province’s fiscal position. The Canadian Auditing Standards define materiality as an amount that could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

An investment policy will guide the investment of funds in accordance with the Financial Administration Act. The Future Fund will be managed by the Department of Finance, with a Board of Trustees to provide oversight.

Money in the Future Fund will be processed through the Consolidated Revenue Fund or Newfoundland and Labrador Government Sinking Fund.

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. 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 post Future Fund Act to Receive Second Reading in House of Assembly appeared first on News Releases.

The Honourable Siobhan Coady, Deputy Premier and Minister of Finance, will be available to provide details of the Future Fund Act prior to debate in the House of Assembly today (Tuesday, October 11) at 11:30 a.m. in the Media Centre, East Block, Confederation Building.

Prior to the event, a technical briefing for media will be held at 10:30 a.m.

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Media contact
Victoria Barbour
Finance
709-729-4087, 327-6152
victoriabarbour@gov.nl.ca

The post Media Advisory: Minister Coady to Discuss Future Fund Legislation appeared first on News Releases.