Public Accounts committee  No, the authority is there. These non-budgetary transactions are part of the process. They are part of the government's opportunity to manage its finances. So, for example, they would be reflected in the debt management strategy that is approved by Parliament.

Public Accounts committee  Yes, I could tell you in a sentence. They're responsible for non-financial assets; loans, investments, and advances; accounts payable and receivable; and foreign exchange activities. Again, they're non-budgetary transactions.

Public Accounts committee  Yes, you can, in the “Financial Source/Requirement” section.

Public Accounts committee  It comes back to the issue of cash and accrual. Again, the budget is on an accrual basis, but from a cash perspective, the government needs cash to undertake certain transactions like the ones I mentioned. In the budget there is a section that always goes through that requirement

Public Accounts committee  I think as you rightly noted, the stimulus package that you referred to, Canada's economic action plan, was equivalent to four percentage points of GDP, so it was quite significant. It was one of the largest in the G-7. As you rightly noted, it was a combination of federal suppor

Public Accounts committee  In terms of the G-7, if you were interested in that sort of comparative range, on page 1.13 you will see the net debt level for the G-7 countries: Canada in the low thirties, ranging up to Japan at about 125% GDP. The next lowest country compared to Canada would be Germany, which

Public Accounts committee  I don't believe it's in the document itself, but it's a common finding that has been made, as I mentioned, by international organizations, such as the OECD.

Public Accounts committee  I believe the forecast was roughly in line with the budget projections, reflecting the growth in the economy that we've seen since the recession.

Public Accounts committee  In general, a number of international organizations, such as the IMF and OECD, would note that lowering corporate tax rates has a positive impact on the economy, largely in the sense that it increases the rate of return to investment and reduces the cost of capital. You expect to

Public Accounts committee  If you look at the marginal effective tax rate on the business side, Canada now has the lowest rate in the G-7.

Public Accounts committee  It would be expected to be a positive contribution to inflows of business investment, yes.

Public Accounts committee  I'm Doug Nevison, general director of economic and fiscal policy branch from the Department of Finance.

Government Operations committee  I'll just add, as Bill mentioned, that TBS has a wealth of information in terms of how programs operate, or performance measures. That's very valuable in assessing similar programs when it comes to the front end of the budget process. Where we can, keeping in mind this issue of b

Government Operations committee  I think in some sense it is dictated by your point about the fiscal year. The fiscal year starts April 1. The budget, as I mentioned, is presenting the government's fiscal plan for the upcoming five years, so in this year we're preparing for budget 2013. I don't know what the dat

Government Operations committee  As I think we discussed the last time we were here, I think there are unintended consequences that could go along with switching the budget cycle and the fiscal year. One of the key inputs to the budget is the public consultation process that's undertaken by the finance committ