Mr. Speaker, last week I delivered the 2014-15 budget on behalf of the Government of the Northwest Territories. That budget was based on a fiscal strategy of living within our means while still identifying funds to better support the people of the Northwest Territories and make strategic investments in our economy. Part of our plan included investing in the future of the territory by allocating 5 percent of resource revenues coming through devolution to the Heritage Fund.
While public reaction to the budget has generally been positive, Members have clearly indicated that they disagree with the proposed allocation for the Heritage Fund. We have heard these concerns and, in the spirit of consensus government, will be taking Members’ wishes on this matter into account by allocating 25 percent of resource revenues to the Heritage Fund beginning in 2015-16 when revenues begin to flow to the government.
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We should be clear, Mr. Speaker, that this will have an impact on future budgets for our government.
Our Fiscal Responsibility Policy limits the amount we can borrow to fund capital projects, Mr. Speaker. Beginning in 2015-16, when the first resource revenues begin to flow to our government, we will have to revisit our fiscal strategy.
We will need to find offsetting reduction from the O and M base and protect the infrastructure budget.
We share a vision of a strong, prosperous and environmentally sustainable territory, Mr. Speaker. The programs and services we deliver as a government and the capital projects we undertake have a direct impact on that vision. An important part of our job in this Legislature is to decide how we will work towards that vision and how we will pay for it. Come next year, this government and this Assembly will have some decisions to make about the initiatives it wants to undertake in its final year and how to pay for them. I look forward to working with Members to take on that challenge. Thank you, Mr. Speaker.
