PAGC Reduces Debt, Invests In Freighting Company

PAGC Reduces Debt, Invests In Freighting Company

Tuesday, October 27, 2009 at 12:20

 

 

The opening day of the Prince Albert Grand Council’s annual fall assembly was full of financial reports.

 

Yesterday, Price Waterhouse Coopers delivered its yearly audit of the tribal council.

 

PWC spokesperson Lee Braaten says the PAGC is making headway in its fight to escape from debt; however, it still has a ways to go.

 

“The first is your bank indebtedness position, which is really the cash position or the cash obligation that you have with your bank, under your banking agreement. That position at the end of March of 2009 is sitting at $5.8-million. You had a deficit amount of $6.4-million in 2008, so that position has improved from 2008,” Braaten told the delegates.

 

For his part, PAGC grand chief Ron Michel says he’s pleased by the tribal council’s progress on its financial situation.

 

“The chiefs have given us a very strong mandate in terms of getting the debt down, and also some of the receivables that we still have, (the chiefs want us) to pay those down and just go directly with operations from money that we get from contribution arrangements,” Michel says.

 

Meantime, it was revealed at the assembly that the PAGC has purchased a 15 per cent stake in Points North Freight Forwarding.

 

The deal is worth $1-million, and will be official on Nov. 1.