Wally Schumann

Thank you, Mr. Chair. On my immediate right is the director of finance and administration for the Department of ITI, Julie Mujcin. On my right is Department of Justice legislative drafter, Doug Ward. Thank you, Mr. Chair.

Thank you, Mr. Chair. I am here to present Bill 21, An Act to Amend the Northwest Territories Business Development and Investment Corporation Act.

The NWT Business Development and Investment Corporation, or BDIC, is a territorial Crown corporation that was established in 2005 to promote and maintain economic development and employment.

While the corporation generates substantial income from its investments and loans, it is currently prohibited by its act from using this income to fund its operations.

Instead, the BDIC relies on the Government of the Northwest Territories and some third-party...

Mr. Speaker, I move, seconded by the honourable Member for Inuvik Twin Lakes, that Bill 21, An Act to Amend the Northwest Territories Business Development and Investment Corporation Act, be read for the second time. This bill amends the Northwest Territories Business Development and Investment Corporation Act to allow the Northwest Territories Business Development and Investment Corporation to use money received by the corporation in interest in a financial year for the purpose of carrying on business of the corporation in the following fiscal year if certain conditions are met, and correct an...

Mr. Speaker, I move, seconded by the honourable Member for Inuvik Twin Lakes, that Bill 21, An Act to Amend the Northwest Territories Business Development and Investment Corporation Act, be read for the first time. Thank you, Mr. Speaker.

Mr. Speaker, I wish to table the following document entitled "Northwest Territories Office of the Regulator of Oil and Gas Operations Annual Report 2017-2018." Thank you, Mr. Speaker.

Thank you, Mr. Chair. This is not just about a fiscal reduction. We have got to do a review every five years, and we are going to do that. I am the Minister of ITI; they are under my realm, and I want to have a serious look at how this place is operating and what overlaps with other lending institutes we have in the Northwest Territories, and are we best facilitating and organization that meets the needs of the residents of the Northwest Territories and using our cash wisely. That is what you call prudent management, and we will continue to do that going forward. Thank you, Mr. Chair.

Thank you, Mr. Speaker. I am glad to inform the Member we have already directed our superintendent to reach out to the community, which they have. They are in discussions. We were going to provide assistance with the community on how to prepare their CAP proposal for this project through the Department of Infrastructure, and we will be working with them closely, and I will be following this project closely.

Thank you, Mr. Chair. I suspect we can share that during the business planning sessions as we go forward and be able to do it through that process. Thank you, Mr. Chair.

One of the things that we are considering submitting under this Oceans Protection Plan when the call comes out is actually for a planning study of marine services in the centre in Tuktoyaktuk. That would be a shipping marine operations for the Arctic Ocean. I know the department has been in discussions with the mayor, and I believe we actually have a letter of support fully supporting our proposed planning study application with the Oceans Protection Plan when we do submit it.

Thank you, Mr. Chair. To that specific clause, we want BDIC to lay out their capital plan on how they are going to use their interest and revenue and what portion of that is going to be used for their operational plan. These are early days, as I have said. This is some of the stuff we are proposing that we want to do going forward. With this legislation, we want to be more transparent on how they use their money. Thank you, Mr. Chair.