Thank you, Member for Yellowknife North. Minister of Finance.
Thank you, Madam Chair. Yes, I certainly will commit to do that. I don't want this to sound like I am suggesting that the Member hasn't read all the materials that I have provided over the last week, but I do believe in the Tuesday budget documents that the financial, the economic outlook, and the fiscal documents do include some breakdown of how our debt is structured. If I am wrong about that, then I will make sure to include it going forward and to make sure that the Member gets exactly what he needs to understand, to be assured that our debt is actually a fiscally responsible one. Thank you, Madam Chair.
Thank you, Minister of Finance. Member for Yellowknife North.
Thank you, Madam Chair. I appreciate that. I am also always confused about what I know and what is public and whatnot. I was simply looking for something public. My next question is: can I have some explanation of what a debenture is for the NWT Hydro Corporation, specifically what these debts are that have interest rates 6.42 percent, 9 percent, 10 percent? Can someone explain to me what that is and why would we ever be paying that amount of interest?
Thank you, Member for Yellowknife North. Minister of Finance.
Madam Chair, I am going to ask the deputy minister to assist me on this one. Thank you.
Thank you, Minister. Deputy Minister.
Thank you, Madam Chair. The debenture is just a fancy word for a long-term debt issuance. You could call it is bond. It is typically called a bond, but in this case, it is called a debenture. It is a form of a long-term debt issuance. Thank you, Madam Chair.
Thank you, Deputy Minister. Member for Yellowknife North.
Thank you. I guess that doesn't answer my question of: we have here interest rate of between 4 and 6.42 percent, and then we even have interest rates between 9 and 10 percent. What is it about debentures, a long-term-held debt, that we're paying 10 percent on? Thank you.
Thank you, Member for Yellowknife North. Deputy Minister.
Thank you, Madam Chair. I'll just use the 9.6 as an example. The 9.6 is made up of several different debentures, varying in different interest rates. The Power Corporation typically issues long-term debt to pay for refurbishment of some of their thermal hydro-generation assets, and to pay for a lot of their capital plan. So that's what these debentures, their long-term debt is associated with. Thank you, Madam Chair.
Thank you, Deputy Minister. Are there any further questions about the GNWT's borrowing plan? Seeing nothing further, I will call this page. Borrowing plan for the government reporting entity and establish borrowing limits for the Government of the Northwest Territories, total government borrowing, $892,574,000. Does committee agree?
Agreed.
Thank you, committee. Does the committee agree that the consideration of the Department of Finance is now completed?
Agreed.
Thank you, committee. Thank you to the Minister and thank you to Mr. Kalgutkar for appearing before us. Sergeant-at-Arms, please escort the witnesses from the Chamber.
I'd just like to take a moment while the Minister reseats herself to thank the Pages for all the great work they've done for us this week, keeping us going through some very long hours. Thank you, Pages.
---Applause
What is the wish of committee? Mr. Norn.
Thank you, Madam Chair. I move that the Chair rise and report progress. Mahsi cho.
The motion is in order. The motion is non-debatable. All those in favour. All those opposed. The motion is carried.
---Carried
I will now rise and report progress.
Thank you, Mr. Speaker. Your committee has been considering Tabled Document 30-19(2), 2020-2021 Main Estimates, and would like to report progress. Mr. Speaker, I move that the report of the Committee of the Whole be concurred with. Mahsi.
Thank you, Member for Yellowknife Centre. Do we have a seconder? Member for Inuvik Boot Lake. All those in favour. All those opposed. The motion is carried.
---Carried
Orders of the day for Monday, March 2, 2020, at 1:30 p.m.:
Prayer
Ministers' Statements
Members' Statements
Returns to Oral Questions
Recognition of Visitors in the Gallery
Replies to the Budget Address (Day 5 of 7)
Acknowledgements
Oral Questions
Written Questions
Returns to Written Questions
Replies to the Commissioner's Address
Petitions
Reports of Committees on the Review of Bills
Reports of Standing and Special Committees
Tabling of Documents
Notices of Motion
Motions
Notices of Motion for First Reading of Bills
First Reading of Bills
Second Reading of Bills
Consideration in Committee of the Whole of Bills and Other Matters
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Tabled Document 30-19(2), Main Estimates 2020-2021
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Tabled Document 43-19(2), Supplementary Estimates (Infrastructure Expenditures), No. 1, 2020-2021
Report of Committee of the Whole
Third Reading of Bills
Orders of the Day
Thank you, Mr. Clerk. This House stands adjourned until Monday, March 2, 2020, at 1:30 p.m. Thank you.
---ADJOURNMENT
The House adjourned at 2:41 p.m.
