Thank you, Mr. Speaker. Not less than a week ago I had an exchange of oral questions with the Minister of Finance on taxpayers’ cost to finance Nunavut debt. Historically, since post-division, the Government of Nunavut continued to use many of our services, primarily health care services, for their citizens. This is an understandable and acceptable practice. In return for the service, we would invoice, like any other client or contractor, for our costs of doing business.
As indicated in last week’s question exchange, I was alarmed to find out, during the spring Committee of the Whole, that this number owed by taxpayers of Nunavut to be somewhat alarming. In fact, after almost two rounds of questioning with the Minister, he finally agreed to share that there was about $2.93 million owed back to us in June but that number was whittled down to $2.39 million. Of course, he and I both know these numbers, yet I am not at liberty to share these numbers publicly until such time as it is released. We call it the rule of disclosure.
Further to this, the results of the issue of aged receivables over 180 days, or six months, owed to this government. You see, aged receivables compound interest at an incredible rate if they are not looked after. This is no different than if one was to leave a continued balance on your credit card month after month. Again, he and I both know the number but, unfortunately, this number was not shared to you, the taxpayer. In the end, the Minister indicated that there was only about $2,000 owing that was older than 90 days, and yet he also indicated that there was a time that this number was well over $8 million.
As a taxpayer, what does this all mean? For one thing, we should be called the Bank of NWT and not the Government of the Northwest Territories. However, unlike most banks that charge an interest rate for their line of credit, it appears that the GNWT does not. In fact, if we were to use the public sector accounting of audit standards on just the rolling average of the $2.39 million, which is a lower number recorded by the Finance Minister, we being the people of NWT are financing about $200,000 per year in straight line interest and carrying costs for the Nunavut government. Moreover, if you were to factor that we had some aged receivable issues, as the Minister did indicate, you can even add more to this bill.
When the Member for Mackenzie Delta is asking for one more nurse, or the Member for Hay River North is asking for some more long-term care beds, or when the Member for Nahendeh goes on his hunger strike for his beloved Highway No. 7, this approximate $200,000 hidden cost could be used for our people’s needs and not financing debt. Thank you, Mr. Speaker.
Thank you, Mr. Dolynny. The honourable Member for Weledeh, Mr. Bromley.
