Mr. Speaker, this has been a tough time and a tough budget. After 10 years of Conservative economic and fiscal management, or perhaps I should say mismanagement, these measures were long overdue.
It was a fair budget. ACOA's continued existence is a testament to this government's commitment. The bottom line nevertheless is that ACOA was cut. Of the overall $562 million cut to regional development, ACOA was asked to absorb over 30 per cent of that, or $173.5 million over the next three years.
Consistent with the overall reduction, the base closure adjustment fund was reduced by $10 million, or 30 per cent. It is completely incorrect to refer to the base closure adjustment program as a trust fund. The base closure adjustment program is administered by ACOA and was thus included in the budgetary review process.
Let us remember that after reductions there still will be $20 million available to address adjustment measures in the affected communities. ACOA will take a leadership role in working with the communities affected by base closures and by these tough but fair budget measures. ACOA will strive to maximize benefits with the remaining $20 million. It will ensure that every effort is made to apply its full array of other program instruments to address economic development programs in these communities.