Mr. Speaker, I move, seconded by the honourable Member for Inuvik Twin Lakes, that Bill 10, Northwest Territories Heritage Fund Act, be read for the second time.
Mr. Speaker, this bill establishes the Northwest Territories Heritage Fund. The Heritage Fund is a trust fund for the benefit and use of the people of the Northwest Territories, and the Financial Management Board serves as trustee. Excess funds will be received into the Heritage Fund but nothing can be transferred from it for 10 years in order to build up the principal, which is to be retained and invested. Transfers of income from the Heritage Fund to the Consolidated Revenue Fund will be authorized by a special act. Thank you, Mr. Speaker.
Thank you, Mr. Miltenberger. The motion is on the floor. The motion is in order. To the principle of the bill. The honourable Member for Weledeh, Mr. Bromley.
Thank you, Mr. Speaker. I would like to speak to the principle of this bill. This bill is very late in coming, Mr. Speaker, but it is highly desirable and provides an important opportunity to begin capturing some lasting benefits from the exploitation of our richest resources, an opportunity we have simply not had in the past.
The bill has, however, a key shortcoming, and that includes that it fails to directly connect building the Heritage Fund to the exploitation of our resources as they are exploited and shipped afar. This bill leaves this role to future legislators and that, in my opinion, is passing the buck.
Again, this bill is necessary and overdue. I look forward to public input on this potentially key law.
I have to note, Mr. Speaker, that our gold mines have come and gone. Perhaps we will have some more in the future. Our diamond mines are also now saying they have a very limited lifespan. These are our richest resources, the ones that stick out so much, they are so rich that they are found immediately and exploited immediately. We have missed this opportunity, Mr. Speaker.
The resources are finite. We can learn from the lessons of others such as those of Alaska and Alberta, which I regard as failures, and that of Norway, which I regard as an amazing success. There are lessons to be learned. I am happy to see that some of those things are captured in this bill, but not all.
Nevertheless, we need to proceed. I note that this bill provides a very modest window of 10 years to build the fund. That is a very modest window, Mr. Speaker. It is certainly not what I had in mind, and perhaps my colleagues, when we initially discussed this legislation. This is a very short time, Mr. Speaker, especially given the lack of identification of funds to be appropriated for it.
Mr. Speaker, I often hear about devolution. Devolution will be the answer to everything. It will provide us with a huge net fiscal benefit and we are going to dump it in the Heritage Fund. With good luck, Mr. Speaker, devolution may happen, according to the Premier, in six or eight years, which I think is probably reasonable and with luck. I can guarantee the net fiscal benefit for the first few years will be in high demand and will be quickly allocated. I suspect it will be very difficult to direct those funds into this Heritage Fund. The fund is a necessary and good idea.
I support this bill, but it does have shortcomings. We will need to move as a Legislature to address those shortcomings and start giving some thought to how we are going to actually put meaningful dollars into this fund, because the purpose of the fund, of course, is to provide some benefits to our future people. We have an obligation to, as we exploit these resources and we all know that resources are finite to gain some benefits not only for ourselves, but for our future.
Mr. Speaker, I will be supporting this bill, but I think we have a lot of work to do. I appreciate it being brought forward this time. Mahsi.
Thank you, Mr. Bromley. To the principle of the bill.
Question.
Question is being called. Bill 10 has had second reading and is referred to a standing committee.
---Carried
Mahsi cho, Mr. Speaker. I move, seconded by the honourable Member for Monfwi, that Bill 1, An Act to Amend the Legislative Assembly and Executive Council Act, be read for the third time. Thank you, Mr. Speaker.
Thank you, Mr. Beaulieu. Bill 1 has had third reading.
---Carried
The honourable Member for Tu Nedhe, Mr. Beaulieu.
Mahsi cho, Mr. Speaker. I move, seconded by the honourable Member for Monfwi, that Bill 2, An Act to Amend the Legislative Assembly Retiring Allowances Act and Supplementary Retiring Allowances Act, be read for the third time. Thank you, Mr. Speaker.
Thank you, Mr. Beaulieu. Bill 2 has had third reading.
---Carried
Madam Clerk, could you ascertain whether the Commissioner of the Northwest Territories, the Honourable George Tuccaro, is prepared to enter the Chamber to assent to bills.
Mr. Speaker and Members of the Legislative Assembly, good afternoon.
As Commissioner of the Northwest Territories, I am pleased to assent to the following bills:
---Applause
Colleagues, this has been a very busy and eventful sitting of our Assembly. You have considered and debated 12 pieces of legislation including three appropriation bills. You have debated 10 motions. Ministers and committees have met together at over 20 meetings on a variety of issues and there have been four public hearings related to legislation. Not included in this tally are the daily meetings of all committees and Cabinet as well as the ongoing work we carry out for our constituents.
The Fifth Session of this Assembly also prorogued during our sitting and began the Sixth and final session on March 7, 2011. Colleagues, for the first time an honorary presiding officer was seated at our table.
---Applause
During our spring recess I know that committees are planning travels to review legislation and the work of government will continue, but I hope that you can take some time with your families and your communities during this beautiful time of year.
I would like to take this opportunity to thank the Pages who we have had in this House during this lengthy session. We have had students from Yellowknife, Fort Smith, Inuvik, Kakisa, Tsiigehtchic, Hay River, Trout Lake, Fort Resolution and Sachs Harbour.
---Applause
To each and every one of you, I extend the thanks of this House for your diligence and enthusiasm. Your role is important to the smooth operation of our Chamber and assists us in the work that we do here.
I would like to thank the interpreters present during this session: Jim Hope, Margaret Mackenzie, William Firth, David Black, Sarah Cleary and Mary Rose Blackduck.
---Applause
Colleagues, there are several other integral parts of our operation that aren’t always front and centre. Our contractors assist us in a variety of ways and I would like to recognize and thank them today.
Firstly from PIDO, for sitting through dozens of meetings and operating the controls day after day in the Chamber and ensuring that our words are recorded for posterity, Mr. Rick Poltaruk who is in the recording booth today.
---Applause
Mr. Dave Sveinsson, also from PIDO operations, operates the camera when the House is in session. I am not sure if you can turn a camera on yourself in the AV room, Dave, but I thank both of you.
---Applause
Appreciation is also extended to our Hansard contractors, Ms. Janet Schreder and Ms. Michele Vanthull, all for allowing us to see our words on the page, often with mixed feelings.
---Applause
In the gallery, we also have Mr. Ray Jahner from SecureCheck. Our thanks to you and your excellent staff for the work you do, not only with regards to the security of our Assembly but also as a hospitable point of contact for our visitors to our Legislature.
---Applause
Also in the gallery this afternoon is Putte Nielsen. I’m sure Members join me in extending our appreciation to Putte and her staff for the excellent catering service that we have all enjoyed particularly during this session.
---Applause
However, Putte, I must inform you that you’re also responsible for the surge in gym memberships and diet books.
---Laughter
Finally, I would like to thank Thien Nuyhn for the janitorial work that the staff perform every day. Thien and his staff do a great job during the day, every evening and in the early morning after a snowfall to ensure our building is clean and safe.
---Applause
The contributions of each and every one of you assist all Members of this Assembly in so many ways. In the busy life of a Legislature, we do not often take the time to say thank you and I wish to publicly extend the thanks of this House to each and every one and your staff today.
---Applause
Colleagues, as we depart, I wish you and your families a happy Easter and safe travels as you go about your work this spring. I look forward to meeting you once again in the Chamber in May.
[Translation] Orders of the day for Wednesday, May 11, 2011, at 1:30 p.m.:
Prayer
Ministers’ Statements
Members’ Statements
Returns to Oral Questions
Recognition of Visitors in the Gallery
Acknowledgements
Oral Questions
Written Questions
Returns to Written Questions
Replies to Opening Address
Petitions
Reports of Standing and Special Committees
Reports of Committees on the Review of Bills
Tabling of Documents
Notices of Motion
Notices of Motion for First Reading of Bills
Motions
First Reading of Bills
Second Reading of Bills
Consideration in Committee of the Whole of Bills and Other Matters
Report of Committee of the Whole
Third Reading of Bills
Orders of the Day
---Applause
Thank you, Madam Clerk. Accordingly, this House stands adjourned until Wednesday, May 11, 2011, at 1:30 p.m.
---ADJOURNMENT
The House adjourned at 5:30 p.m.
