NLIS 4
July 28, 2006
(Executive Council)
 

COMMUNIQUE
Territorial Formula Financing

At the Council of the Federation meeting, Premiers reinforced their support for moving immediately to implement the recommendations of the Federal Expert Panel on Territorial Formula Financing, including replacing the fixed pool under the new framework with a formula-driven approach.

The federal government has the responsibility, through Territorial Formula Financing, to ensure that territorial governments have sufficient revenues to provide reasonably comparable levels of public services at reasonably comparable levels of taxation.

Premiers agreed that the territories should be the primary beneficiaries of their resource revenues.

Media contact: Elizabeth Matthews, Office of the Premier, (709)729-3960, 351-1227, elizabethmatthews@gov.nl.ca

2006 07 28                                               2:40 p.m.