Evidence of meeting #16 for Finance in the 40th Parliament, 3rd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was genome.
A recording is available from Parliament.
Chief, Industry and Knowledge Economy, Economic Development and Corporate Finance, Department of Finance
That's right. That would be Genome Canada, the Rick Hansen Foundation, and the Canadian Youth Business Foundation.
Liberal
Martha Hall Findlay Liberal Willowdale, ON
So anything promised by the government in the past has been fully funded?
Chief, Industry and Knowledge Economy, Economic Development and Corporate Finance, Department of Finance
It's been pretty close to that, to my knowledge.
Liberal
Conservative
Ted Menzies Conservative Macleod, AB
Thank you, Mr. Chair.
I just have a quick question about Genome Canada. For those who are actually watching this discussion, I'd like a bit of a clarification about Genome Canada, which is a fairly new organization, relatively speaking. Who else helps fund it more than we do at the federal level? Do the provinces? We're not the sole source of funding for Genome Canada.
Chief, Industry and Knowledge Economy, Economic Development and Corporate Finance, Department of Finance
Yes, that's correct. In fact, Genome Canada is compelled to raise matching funds equal to the federal contribution.
If you give me a moment, I'll find the breakdown of contributing partners, but it is one-to-one funding.
Chief, Industry and Knowledge Economy, Economic Development and Corporate Finance, Department of Finance
That's right.
Conservative
Ted Menzies Conservative Macleod, AB
I think there was a comment about the six innovation centres spread across the country. Geographically, how are they laid out?
Chief, Industry and Knowledge Economy, Economic Development and Corporate Finance, Department of Finance
I'll speak to the breakdown first. There are foreign partners, industry partners, institutions, and the provinces. Of those, the provinces are the biggest contributor.
Conservative
Ted Menzies Conservative Macleod, AB
If you don't have an answer, you could perhaps provide it afterwards.
Chief, Industry and Knowledge Economy, Economic Development and Corporate Finance, Department of Finance
We could come back to that, perhaps.
Conservative
Liberal
Chief, Industry and Knowledge Economy, Economic Development and Corporate Finance, Department of Finance
Historically, for Genome Canada, there have been lump-sum payments, recorded in the in-year—and that's 2009-10 for the 2010 budget. The advantage of upfront, lump-sum payments is that they allow the foundation to have the security of knowing that the funds are there for a number of years for them to draw down. That helps them lever funds from other partners, because there is security that the funding will in fact be there.
Liberal
John McKay Liberal Scarborough—Guildwood, ON
I understand that, but what I don't understand is why this $75 million starts in the fiscal year that's already ended, and you're doing it in this particular budget. I don't understand the point of that.
Chief, Industry and Knowledge Economy, Economic Development and Corporate Finance, Department of Finance
I can't speak to why that it the case, necessarily, because it's a decision of the Minister of Finance. I can tell you about some of the advantages of doing it that way.
Liberal
John McKay Liberal Scarborough—Guildwood, ON
I understand the stability of funding in terms of expectations and matching funds, and all of those things—but maybe Mr. Menzies could tell us.
Mr. Menzies, could you tell us?
Liberal
John McKay Liberal Scarborough—Guildwood, ON
I see.
So the officials aren't able to tell us, and the parliamentary secretary, who's supposed to represent the political decisions, can't tell us either.
Liberal
John McKay Liberal Scarborough—Guildwood, ON
We could swear Mr. Menzies in.
Have a seat. You're more than welcome.
