Thank you, Minister. Member for Frame Lake. I will give you your last question, then I'll cut you off.
Thanks, Madam Chair. Well, I'll try this again. Just on Yellowknife being an international airport, I raised this in the last Assembly. Whitehorse, they get direct charters from Europe, and I don't know why we're not pursuing federal funding to try to do the same here.
I asked the Minister whether there is any funding in this budget beyond $160,000 that is given to the City of Yellowknife to support the tourist visitors' centre, such as it is in the basement of city hall? Is there any other funding in the budget to support planning and development of a visitors' centre for Yellowknife? Thanks, Madam Chair.
Thank you, Member. Minister.
Thank you, Madam Chair. No, currently, in this budget, there is nothing for a new building, but the file is moving forward and we are having those discussions with the City of Yellowknife, and we are going to look to use internal funds to do that planning. We are also going to look to tap into CanNor and see if we can get some funding through them when we're at that stage. Thank you, Madam Chair.
Thank you, Minister. Thank you, Members. I think we've got everybody's questions, now, so, if there are no further questions, please turn to page 211. Industry, Tourism and Investment, tourism and parks, operations expenditure summary, 2020-2021 Main Estimates, $16,349,000. Does committee agree?
Agreed.
Committee, we have information items left. Knowing that we have BDIC on the information items and we probably have a lot of Members who are going to ask questions, can I just get a gauge of how many of you are going to ask questions on the information items? Nobody? One? Do we want to have the one finish? Sergeant-at-Arms, can we change the witness? Please introduce your witness, Minister.
Thank you, Madam Chair. We have our director of finance and administration, Nina Salvador. Thank you.
Thank you, Minister. So the information items are on page 214, Northwest Territories Business Development and Investment Corporation; we have page 216, Northwest Territories Environmental Studies Research Fund; page 217, lease commitments; and page 218, work performed on behalf of others. I'm going to give the floor for questions to the Member for Frame Lake.
Thanks, Madam Chair. I had asked questions about why BDIC, at least in their 2018-2019 annual report, has an accumulated surplus of $33.445 million, and whether that was available for use, and so on. The Minister told me that I had to wait until the DAF -- I'm sorry, I may not get the acronym right -- was here, so I'd like to ask that question. Thanks, Madam Chair.
Thank you, Member. Minister.
Thank you, Madam Chair. I'm a firm believer in bringing in the experts to explain complicated situations, so I will pass it over to Ms. Salvador to answer. Could you actually repeat the question? You wanted to have the breakdown on why that's not considered to be a full surplus? Thank you, Madam Chair.
Thank you, Minister. Ms. Salvador.
Thank you, Madam Chair. Basically, accumulated surplus is comprised of all past operating surpluses, which is the excess of revenue over expenses. This also represents the net economic resources such as assets and liabilities of BDIC. What this means is that BDIC has net positive resources that could be used to provide services in the future. So, in BDIC's balance sheets, they have $55 million of assets. Now, we have to account, in that $55 million, there is $38 million that is tied in their loans receivable under their loan portfolio. Also, in their $17 million cash, $11 million of this is restricted, so only $6 million of their cash is used for operations. With the $33 million that we have for accumulated surplus for BDIC, this is not an amount that we can readily use. Thank you, Madam Chair.
Thank you, Ms. Salvador. Member for Frame Lake.
Thanks, Madam Chair. That is quite helpful in understanding the consolidated statement page that I'm looking at. I didn't have a chance to look at all of the notes. I guess I would like to ask the Minister, then, what is the plan to reorganize, rejig, reinvigorate BDIC moving forward so that we can find ways to ensure that the money that it does have is going to create jobs in small communities and help with economic recovery? Thanks, Madam Chair.
Thank you, Member. Minister.
Thank you, Madam Chair. I am a different Minister, as stated before. I have given the direction to BDIC that I would like to see the developmental side of things go forward. I believe, before, it was more of a banking type institution. We will, as mentioned, have a new CEO. That person will be selected by the selection committee, and then names will be put forward to me. I will have the final recommendation on that.
My goal is to have a person in place who is creative, who is flexible, who is approachable, who is neutral, and who is going to do what is best for the people of this territory, somebody who can think outside of the box when it comes to being creative and having new solutions. We have been doing things the same old way for a really long time, it looks like, in the Northwest Territories, and it's not working for us. Now COVID gives us an opportunity for us to be more flexible, to be more creative, and to come up with new solutions. I commit that, whoever that person is, that that is the criteria I am looking for when I am helping to select that person. Thank you, Madam Chair.
Thank you, Minister. Member for Frame Lake.
Thanks, Madam Chair. Any idea when this new plan is going to be ready for us to have a look at? Thanks, Madam Chair.
Thank you, Member. Minister.
Thank you, Madam Chair. We have closed the intake on the applications of the CEO. I believe that they will be coming to me soon with their recommendations. Hopefully, we will have someone in that role within the next couple of months, and then I would imagine that it would take that person some time -- I just have clarification that it closed last Friday. During that time, the person will need a little bit of time to get a climatized to their job and to learn the role after which the first task will be to tell me what they're going to do with the BDIC, and tell the board, and how we're going to change this and do things better. Thank you, Madam Chair.
Thank you, Minister. Member for Frame Lake.
Thanks, Madam Chair. I appreciate that a new person is going to have to have some time to get up to speed and so on, but I will just pick a date. Is this going to be a Christmas present that the Minister is going to give us as MLAs to have a look at a new plan for BDIC? Thanks, Madam Chair.
Thank you, Member. Minister.
Thank you, Madam Chair. I think it would be premature to commit to an exact date at this time, given that we are all sitting here in phase 1 of COVID emerging and have no idea when wave 2 or wave 3 may hit. I would like to commit to having that to the Member by the end of the year; however, at this time, I really can't predict the future. Given that there are a lot of uncertainties here, I don't want to make a promise that I can't keep. Therefore, I will just state that and leave it at that. Thank you, Madam Chair.
Thank you, Minister. Member.
Thanks, Madam Chair. I understand that there are lots of uncertainties. I guess, when the House sits again in the fall, maybe the Minister can give us an update at that point to say where she thinks things are at. Look, this person has a pretty heavy load of saving the North, it sounds like, so I appreciate the Minister's response. I look forward to an update in the fall. Thanks, Madam Chair. That's all I've got.
Thank you, Member. Minister, any final comments?
Thank you, Madam Chair. I would say that we, as the North, love to make it all one person's responsibility all of the time, and I will just leave it at that. Thank you, Madam Chair.
Thank you, Minister. Seeing that the Members have no further questions, I ask you to now turn to the department summary on page 195. Mr. Norn.
Marsi cho, Madam Chair. I move that this committee defer further consideration of the estimates for the Department of Industry, Tourism and Investment at this time. Marsi cho, Madam Chair.
Thank you, Mr. Norn. The motion is in order. To the motion.
Question.
Question has been called. All those in favour? All those opposed? The motion is carried.
---Carried
Thank you, Minister, and thank you to the witnesses for appearing before us. Sergeant-at-Arms, you may escort the witnesses from the Chamber. What is the wish of committee? Mr. Norn.
Thank you, Madam Chair. I move that we rise and report progress.
Thank you, Mr. Norn. 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.
Mr. Speaker, your committee has been considering Tabled Document 30-19(2), Main Estimates 2020-2021, and would like to report progress with one motion adopted, and, Mr. Speaker, I move that the report of the Committee of the Whole be concurred with. Thank you, Mr. Speaker.
Thank you. Do we have a seconder? Member for Nunakput. All those in favour? All those opposed? The motion is carried.
---Carried
Mr. Speaker, I move, seconded by the Member for Hay River North, that Bill 6 be read for the third time.
Thank you. Member for Hay River North.
I request a recorded vote.
Thank you, when the time comes. To the principle of the bill. This motion that is in order is debatable.
Question.
The Member for Yellowknife North, the Member for Monfwi, the Member for Inuvik Twin Lakes, the Member for Nahendeh, the Member for Sahtu, the Member for Inuvik Boot Lake, the Member for Hay River North, the Member for Frame Lake, the Member for Kam Lake, the Member for Deh Cho, the Member for Yellowknife South, the Member for Range Lake, the Member for Great Slave, the Member for Hay River South, the Member for Thebacha, the Member for Nunakput, the Member for Tu Nedhe-Wiilideh.
All those opposed, please rise. All those abstaining, please rise. The results of the recorded vote: 17 in favour, zero opposed, zero abstentions. The motion is carried.
---Carried
Bill 6 has had its third reading. I just may join you from sunny Tsiigehtchic tomorrow, for the remainder of session.
---Laughter
