Thank you, Mr. Speaker. I have a few more questions for the Minister of Finance. In the budget address today there was no mention of the disposition of the Opportunities Fund. I would like to ask the Minister what is the current disposition of the Opportunities Fund as it relates to our financial situation. Thank you.
Thank you, Mr. Ramsay. The honourable Minister of Finance, Mr. Miltenberger.
Thank you, Mr. Speaker. The Opportunities Fund is sitting there. It is not being used. There is over $120 million in it. We have one load out. As we do the work on the borrowing limit, that issue of how the Opportunities Fund fits into that will be part of those deliberations which we are intending to have completed by April. Thank you.
Mr. Speaker, the Finance Minister is saying today that the federal government hasn’t made a determination on whether or not the Opportunities Fund would be booked as a liability for this government. In fact, we will have to wait until April to hear that. Is that what I am hearing the Minister say today? Thank you.
Mr. Speaker, that is the basis that we are proceeding on right now. Since it is Finance that has made the initial determination, the Auditor General had initially told us that the way we were accounting for it was acceptable. Finance Canada had indicated that they thought it should be included in our borrowing limit, so as we proceeded with the discussion of the borrowing limit, there was an understanding that we have to put all these pieces on hold until we have that final determination between ourselves and the federal government, which we are aiming to have concluded by April. Thank you.
Mr. Speaker, it just so happens the government is $35 million short of its current, I believe it is a little bit more than that, but if we had to book the one loan we have in the Opportunities Fund, I believe that was $35 million. What would that do to the Territory’s finance if the federal government came back to us and said that we have to book that as a debt, and what would that do to our ability to borrow any more money for the other things that the Minister had mentioned in his budget address today? Thank you.
Thank you, Mr. Speaker. That’s a very significant what if. There’s work underway. We are looking at coming to, we hope, a new and better understanding with the federal government about the borrowing limit. To ask me what would happen if we had to book it, that’s a hypothetical that I think is premature. We are fully confident that we’re going to come up with a resolution to this issue that will allow us to incorporate this, meet the requirements that Finance Canada says we have to meet with the Opportunities Fund as it ties into the overall determination of our borrowing limit as a government.
Thank you, Mr. Miltenberger. Final supplementary, Mr. Ramsay.
Thank you, Mr. Speaker. My apologies, I should have phrased that a little bit differently. If we are going to expect to borrow $64 million and then another $155 million, I guess the way I could phrase it is, if we’re faced with a decision by the federal government, does that impact our ability to borrow any more money? Would it throw a wrench into our plans to borrow any more money for these amounts that the Minister has suggested in his budget address today?
I would have to ask him too many questions of clarification to be able to give him an answer. I don’t know if he’s assuming we’re going to stay at the current rate, if the government puts us back to 500 or if they give us an increase. I’m not sure about some of these other questions. We’re fully expecting to be able to incorporate whatever the final decision is. We’re expecting it will allow us to move forward and not be punished, as it were, with having the Opportunities Fund. We can’t afford a way that’s going to be detrimental to us. We’ve had those discussions already with Canada. It makes no sense. It would be counterproductive to give us some room and then say now add $120 million or $150 million through the Opportunities Fund and negate all that work. That whole process is geared toward resolving those issues by April.
Thank you, Mr. Miltenberger. The honourable Member for Hay River South, Mrs. Groenewegen.
