Thank you very much, Mr. Chair. What the Member is seeing there, and the difference is the investment in the fish plant. So we have been working to build and open a fish plant in Hay River, and we are no longer needing that -- that's what is not represented there, is the fish plant money. Thank you.
Okay, thank you. I'll go to the Member from Great Slave.
Thank you, Mr. Chair. And that is good information to know, but -- so is it anticipated or expected that as we start to have our economic vision developed into the fall, and possibly into next year actions rolling out of that, you will be seeking investment into new diversification streams, or is there anything sort of contemplated in the, like, initial stages of trying to expand or diversification options? I know we've had a lot of success with the film industry. I know the Minister is a big fan of supporting the arts, but are there any other visions on her horizon that she'd like to talk about right now? Thank you.
Thank you. I'll go to the Minister.
Thank you very much, Mr. Chair. And I love this question because I love the opportunity to talk about the fact that we have a diverse economy in the Northwest Territories and really what we're doing at this point is ensuring that we're supporting the diversity of our economy. And so we have programs that support agriculture, tourism. We have, you know, the -- sorry, the Member mentioned film. We have a film program that continues to grow because the multipliers for our film projects in the territory are incredible. It's got almost a 9 to 1 multiplier. And so investing there really is investing in an economy, in a sector, that continues to propel our dollars further.
We also have programs, like our SEED program, that really call upon residents of what do you want us to invest in and allow for that massive spectrum to already happen. And so the economic vision really is about how we present ourselves and sell ourselves as a territory to the rest of the world. And I really foresee under that that the sky is the limit. Thank you, Mr. Chair.
Thank you. I'll go back to the Member from Great Slave.
Thank you, Mr. Chair. No, appreciate that. Looking very much forward to the vision coming out this fall, hopefully even perhaps earlier if the department is super keen and wants to get it out the door.
Further to that, and the sky being the limit, I would like to echo some of the comments that my colleague from Frame Lake has said since beginning his tenure here in this House that, you know, economic diversification used to include contributions for planning, research, and public engagement on advancing the knowledge economy. So I don't want to walk backwards into question period and the Pandora's Box that is Aurora College at the moment, but I do want to ask the Minister if that is still something that's being contemplated here in this activity. Thank you, Mr. Chair.
Thank you. I'll go to the Minister.
Thank you very much, Mr. Chair. Mr. Chair, myself and department staff have a very good working relationship with CanNor, and we are always looking for ways to identify new funds and use ITI funds in a stackable way. We're always looking to maximize our investment in anything that we do, and we'll certainly continue to do that. Thank you.
Thank you. I'm going to go to the Member from Great Slave.
Thank you, Mr. Chair. Nothing further.
Okay, thank you. Next on my list I have is the Member from Inuvik Boot Lake.
Thank you, Mr. Chair. Back in I guess late 2023, the department did a review of its business incentive policy. I know because when they did do some consultation and information sessions in the regions, and particularly in Inuvik, it was during my campaign actually the time I attended one. And one of the updates they were looking at doing for the BIP was to around -- we'll call them enforcement, but putting teeth into the policy to ensure that contractors that were filling out the BIP forms were then obviously following up on those BIP forms and ensuring that what was stated in the forms was what was happening and that the northern -- certainly northern businesses were taking advantage -- able to take advantage of that -- of those projects.
I am just wondering if the Minister can kind of give an update as to since that review has taken place, what's been happening now since that review, and have those changes been implemented and if they have, how has that process been working. Mr. Chair, thank you.
Thank you. I'll go to the Minister.
Thank you very much, Mr. Chair. So, Mr. Chair, we have the vendor performance policy that was implemented. This is the first step through what the Member is referring to and having some teeth in that. That policy is held over in the Department of Finance, and we have been co-hosting online training sessions with staff to ensure that they understand it as well. And those training sessions, I should say, are both internal and external so it's not solely just for staff. It's also for business entities in the Northwest Territories. And this is a policy that we continue to implement in order to address that concern. Thank you.
Thank you. I'll go to the Member from Inuvik Boot Lake.
Thank you, Mr. Chair. And, yeah, the issue has been -- and, listen, I've been involved with BIP through other parts of my career and, again, we see a lot of times where, you know, a contractor or someone will fill out those forms, put in the northern content, and then not necessarily follow up on the northern content and the problem was, you know, if you wait until you're halfway through a $20 million contract to realize that, you know, we haven't, you know -- those intentions weren't followed, then it's likely too late. So one of the -- you know, it'll cost you way more to have to go out and re-tender that as it would to, you know -- and cancel the contract. So from what I understood, that review of that contract now is going to take place earlier in the process versus halfway through the contract or later in the contract. So I understand what the Minister is saying, that the policy has been developed but has that come into force, Mr. Chair?
Okay, thank you. I'll go to the Minister.
Thank you very much, Mr. Chair. So, yes, it has come into force but it's being implemented in a phased approach. So for contracts over $250,000, it has been implemented and enforced. Thank you.
Okay, thank you. I'll go back to the Member for Inuvik Boot Lake.
Thank you, Mr. Chair. And thank you for that. And, you know -- and, you know, to be fair, I think it was -- the consultation process that was done in Inuvik, certainly that I attended, was very informative and I think, you know, for contractors and builders alike, I think it was welcomed to have some teeth come in that program.
Is the department tracking in any way now, I guess the performance, you know, versus what it was pre- having this new policy; is there data being kept on that now, Mr. Chair?
Thank you. I'll go to the Minister.
Thank you very much, Mr. Chair. So, yes, there's data; however, the finer details of that data would be better -- questions better placed to my colleague from the Department of Finance. They're the ones who maintain that policy and maintain the data that goes with it. Thank you.
Okay, thank you. I'm going to go back to the Member from Inuvik Boot Lake.
Thank you, Mr. Chair. And that sounds like something for a Member's statement next week, but I certainly appreciate the answers. No further questions in this section. Thank you.
Okay, thank you. Next on my list I have is the Member from the Deh Cho.
Thank you, Mr. Chair. I wanted to find out -- and you probably -- well, Mr. Chair, how many new companies registered for BIP since last year, I guess; does the Minister have any of that information? Thank you.
Thank you. I'll go to the Minister.
Thank you very much, Mr. Chair. So we are up to a total of 1400 businesses in the Northwest Territories.
Okay, thank you. I'll go to the Member from the Sahtu. My apologies, the Member from the Deh Cho.
When will the -- when will companies not use a BIP -- not use a local BIP company? Thank you.
Okay, thank you. I'll go to the Minister.
Thank you very much, Mr. Chair. So I think the question is in regards to when would the government not use a local BIP'd company or -- yes? Okay.
So the government puts out tenders through procurement shared services over in the Department of Finance. And then depending on what -- or who applies for the different programs and the status of those programs, they would be assigned bid adjustments that would be based on our business incentive policy if they qualify and match the criteria. And then those bid adjustments would then help procurement shared services determine who is the successful bidder in a project. Thank you.
Thank you. I'll go to the Member from the Deh Cho.
Thank you for that. And another question for -- is on Prosper NWT. How does Prosper NWT support -- what companies do they support in the Northwest Territories? Thank you.
Okay, thank you. I'll go to the Minister.
Thank you very much, Mr. Chair. So, Mr. Chair, between April 2005 to March 2024, Prosper NWT has supported 741 businesses across the Northwest Territories. So I certainly couldn't list them all out here but -- and then through those 741 businesses, they have disbursed approximately $128 million. But it might be of interest to Members -- and mind you these are regional areas, not political areas -- but:
162 businesses from the South Slave, that was 40 percent of the funds disbursed, $52 million;
386 businesses in the North Slave, that was $30 million, or 24 percent of funds disbursed;
60 businesses in the Deh Cho, which is $21 million or 16 percent of funds disbursed;
Beaufort Delta is 106 businesses, $15 million or 12 percent of funds disbursed;
And then finally in the Sahtu region, 27 businesses or $10 million which was 8 percent of the funds disbursed.
Thank you, Mr. Chair.
Okay, thank you. I'll go to the Member from the Deh Cho.
Can the Minister tell me what support is provided in the support given by Prosper NWT to the companies. Thank you.
Thank you. I'll go to the Minister.
Thank you, Mr. Chair. So the programs and services afforded by Prosper NWT are everything from debt financing, which is primarily in the form of loans, venture investments, digital support programs, and also business services. So for example in the form of accounting or human resources support as well. Thank you.
Okay, thank you. I'll go to the Member from the Deh Cho.
Companies like Dene Fur Clouds, they're a for-profit company; correct?
Thank you. I'll go to the Minister.
Thank you very much, Mr. Chair. So, Mr. Chair, companies like Dene Fur Cloud are a subsidiary of Prosper NWT so is not counted in that previous area that I identified. So there a number of subsidiaries that Prosper NWT does support, and they are certainly for-profit companies, and Prosper NWT is working with them to continue to develop their business practices. Thank you.
Thank you. I'll go back to the Member from the Deh Cho.
Thank you, Mr. Chair. Is it hoped that eventually Dene Fur Clouds would be totally independent and on its own? Thank you.
Thank you. I'll go to the Minister.
Thank you very much, Mr. Chair. So that is certainly my hope for every single one of the subsidiaries, that they are supported to develop business plans and business practices that make them wholly independent from Prosper NWT. I have asked the Prosper NWT, along with their board, and their board has made the same request to Prosper, to look at plans to move out of having to support these subsidiaries. So there's just under nine full-time staff that work at them across the -- well, in the communities where they are present, and the cost to Prosper is over a $1 million. And so ensuring that these businesses operate as a business and are empowered to become revenue positive is incredibly important to me and also to the board of Prosper NWT.
Okay, thank you. I'll go to the Member from the Deh Cho.
