Thank you, Mr. Speaker. It was about a year ago or just over a year ago when I stood up in this House a number of times asking the government questions about the Opportunities Fund and how it was that they came to make a decision to lend $34 million out of that fund. What that did was to raise expectations from around the Territory for other businesses that wanted to get access to some of these dollars for their own pursuits.
I’d like to ask the Minister of Finance, I’ve got a number of questions for him today, but I’d like to ask the Minister why we haven’t made any decisions on the availability of the balance of that fund for other businesses across the Territory.
Thank you, Mr. Ramsay. The honourable Minister responsible for Finance, Mr. Miltenberger.
Thank you, Mr. Speaker. When we made the Discovery Air loan there was considerable angst and agitation by some Members on the other side of the House. There was great concern about what was done. A freeze was put on the fund until it could be sorted out as how to go forward with the remaining money. We agreed to do that. We waited five or six months for a response from the committee. They said to come back and give us some options and we’ll tell you what we think. In the meantime, even though this was shared in confidence with committee, the Member has pointed out that we’re having some discussions now with the Auditor General in terms of how the Opportunities Fund will be accounted for in our books.
I don’t want the Minister to be quick to criticize my committee for sitting on this for five months. It’s been a year and these guys have not come up with a plan on the balance of that fund. I’d like to ask the Minister if the decision to lend the $34 million last year changed the way the federal government looks at the fund, now wanting us to book that whole entire fund as debt. I’d like to ask that question.
Just for the record, it wasn’t the Auditor General, it was Finance Canada that came back to us about how we treat and account for that money. I don’t believe that the Discovery Air loan had any bearing on how we were told we have to account for the money. I understand in Yukon it’s accounted for differently as well. I don’t believe the Discovery Air loan, which in fact is generating enough revenue so this fund does not lose money, had a bearing on this current issue with Finance Canada.
I’d like to ask the Minister what the government’s plans are in the immediate future for the remainder of that Opportunities Fund. If we’re not making any money from the Opportunities Fund and we’re actually paying an administration fee of 7 percent, what are we doing here? Why don’t we just give the money back if it’s going to be booked against our debt?
The Member’s suggestion is a serious consideration.
Thank you, Mr. Miltenberger. Final supplementary, Mr. Ramsay.
Thank you, Mr. Speaker. When might the Regular Members finally find out from this government what it intends to do with the remainder of that Opportunities Fund?
I haven’t yet used in this session in due course and the fullness of time, however, I will say that we are in discussions with Finance Canada. Finance Canada has indicated to us that they have this on their agenda, but they are now very preoccupied pulling their own budget together. So we are in ongoing discussions with Finance Canada about the resolution to this particular issue. As soon as we have anything to report, we will be coming back to committee. Thank you.
Thank you, Mr. Miltenberger. The honourable Member for Weledeh, Mr. Bromley.
