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2000 October Report of the Auditor General of Canada

October 2000 Report—Chapter 10

Exhibit 10.15—Definition of "No Worse Off"

"`No worse off' means that the net present value of the lease payments over the first 20 years of the lease must be equivalent to or higher than the net present value of the projected cash flow of the airport had Transport Canada continued to manage and operate it." (No worse off position for individual airports.)

"The government's financial position after transfer was to be no worse than before the transfer, measured on the basis of a net present value of impact on the fiscal framework." (No worse off position overall.)

Source: Transport Canada