Thank you, Mr. Speaker. For years we’ve been hearing about our sound fiscal strategy of surpluses, paying down our short-term debt and maintaining a $100 million cushion to our current $800 million borrowing limit. Yet for years there have been a number of pressures that have negatively impacted this fiscal framework. Such things as the personal and corporate income tax estimates for the 2014-15 season that created more than a $30 million void in tax revenues. Plus if you add on top of this fiscal pressure such things as the recent fire seasons of approximately $55 million and last week’s $20 million NTPC low water rate rider offset, and of course ongoing items such as the Inuvik-Tuk highway, that’s $300 million, Stanton Hospital at $400 million, the Mackenzie Valley Fibre Link Project at around $80 million, the replacement of our fire suppression air fleet, which is price unknown at this time, continued pressures of our health and social services programs and more than $3 billion of infrastructure deficit, one has to truly wonder: where is the Finance department hiding this pot of gold?
Clearly, there is no pot of gold, yet this administration feels justified in spending us into a corner at every opportunity while we struggle to pay off our public Visa and MasterCard payments. But fret not, because although we hit the wall of worry some time ago, apparently all we have to do is fill out the Joe Oliver American Express Card application form and presto, we’re back inking those cheques.
Unfortunately, this is not the way to deal with debt management or insult the intelligence of the taxpayer. So how does this administration keep this incredible debt wall secret from escaping? What Jedi mind tricks are fogging the truth about our financial health?
Admittedly, over the years we are drilled repeatedly how our disciplined spending has produced better than average results and fiscal responsibility. On other occasions they toss around such terms as Moody’s ratings, debt to revenue or debt servicing matrix; all too impressive results by design, but by whose design? The Department of Finance? The Minister himself? Has anyone stopped to evaluate exactly what financial bill of goods the people have been getting?
Clearly, when this government talks about debt, they are focusing primarily on direct debt. However, this mirror approach misses a large portion of total government liability.
I seek unanimous consent to conclude my statement.
---Unanimous consent granted
We fail to look at the complete picture of the state of this government’s debt load and must not only consider direct debt but also debt guarantees, contingent liabilities, contractual commitments and unplanned program obligations. Sadly, while most jurisdictions in North America are looking at ways of debt reduction or enacting laws for expenditure, this administration has been doing the exact opposite and is spending each and every one of us into a corner. The people deserve answers.
So, with the Finance Minister’s budget dialogues coming to a community near you, I challenge the people of the NWT to filter through this Department of Finance magic show and to please, please ask the tough questions, because ensuring our future starts with you knowing the truth. Thank you.
Thank you, Mr. Dolynny. The Member for Hay River North, Mr. Bouchard.
