CWB's 'good news' Final Edition

Some people seem quite concerned with the figure, found in the Government of Canada's public accounts, that pegs CWB borrowing at $85 billion for the 1999-2000 crop year. This amount simply reflects the numerous rollovers of funds required to meet the CWB's short- term cash needs as well a...

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Bibliographic Details
Published inLeader-post (Regina)
Main Author Ken Ritter and Larry Hill
Format Newspaper Article
LanguageEnglish
Published Regina, Sask Postmedia Network Inc 18.12.2001
Subjects
WINNIPEG
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Summary:Some people seem quite concerned with the figure, found in the Government of Canada's public accounts, that pegs CWB borrowing at $85 billion for the 1999-2000 crop year. This amount simply reflects the numerous rollovers of funds required to meet the CWB's short- term cash needs as well as to capitalize on opportunities to maximize farmer returns. Thus, if the CWB borrowed $10 million on 30- day notes 12 times a year, it would show up as $120 million in the public accounts. However, the debt itself would never exceed $10 million at any one time. The role of the CWB's board of directors is to ensure that the CWB's financing activities comply with established standards, both at the national and international levels. Accordingly, transactions are overseen by the audit and finance oversight committee, an internal auditor, an external auditor, and, this year, by the Office of the Auditor General of Canada. This financial controls at the CWB clearly equal and, in some cases, far exceed procedures existing elsewhere in the grain industry.
ISSN:0839-2870