Bill to Simplify Reporting Procedures

Legislation introduced today at the Nova Scotia House of Assembly will simplify financial reporting procedures for the Housing Development Corp.

The legislation will increase the corporation's fund balance by $155 million, enabling it to buy the assets and assume the liabilities of the Housing Development Fund at book value, effective March 31, 2000. The Housing Development Fund's balance will in turn be reduced by $154 million.

"This consolidation will simplify the accounting of the department's housing programs and provide a clearer picture of the assets, liabilities, revenues and expenditures associated with these programs," said Housing and Municipal Affairs Minister Angus MacIsaac.

There is no financial impact on the corporation or the department, or on the day-to-day activities of the department's staff as a result of this consolidation. This is basically a bookkeeping exercise.

The action was recommended by the Office of the Auditor General and supported by the Department of Finance.

Housing Development Corp. is a Crown corporation that owns senior citizen and public housing developments across the province.