Thank you, Mr. Speaker. As we rocket our way towards devolution on April 1, 2014, and towards the millions of dollars of resource revenue which will be our reward, and if we’re to believe Cabinet, the panacea for everything that ails us from roads to rents, I’m very grateful that the 16th Assembly had the foresight and gumption to establish a Heritage Fund before it dissolved. That fund was established to capture and hold for our children’s children and their children’s children the revenue from the NWT’s non-renewable resources. But how much of those resource revenues will actually make it into the Heritage Fund? That is yet to be determined by Regular Members and the public. But from government statements made recently, it’s already been decided, and I have to say that I don’t much like the decision.
In the government response to Motion 20-17(4), tabled in the House on October 17th, it says: “As a balance between long-term savings and addressing immediate infrastructure needs, the GNWT is proposing an annual contribution of 5 percent of resource revenues to the NWT Heritage Fund.” And further down in the same response: “Consequently, the GNWT proposes retaining flexibility over the majority of the new resource revenues to invest in infrastructure and pay down debt.”
The government response does also state that there is no intention to use resource revenues for operational requirements, and of that I am very glad. What saddens me is the miniscule amount proposed for the Heritage Fund: 5 percent of our resource revenues until such time as we have eliminated our infrastructure deficits and paid down our debt. Lofty as that goal is, has any government ever attained those two objectives? I doubt it.
In my view, we should be placing a minimum of 25 percent of our anticipated resource revenues into the Heritage Fund, and it should be so stated in legislation, not in regulations which are easily changed by government without any discussion with, or input from, the public.
As promised in the tabled response to Mr. Hawkins’ June motion, the Minister of Finance is currently travelling the territory, engaging residents in the discussions about the budget and about how we should use our newfound riches, our resource revenues.
The Yellowknife public meeting with Minister and staff is tonight. They are looking for residents’ views on both the budget and the Heritage Fund. Tonight, Explorer Hotel, 7:30 p.m. If you have an opinion on how much we should put into the Heritage Fund, make sure you show up and share it.
Mr. Speaker, I seek unanimous consent to conclude my statement.
---Unanimous consent granted
The government has already made up its mind. Without any contradictions voiced, their decision will be the one that is put into place. Thank you, Mr. Speaker.
Thank you, Ms. Bisaro. Member for Inuvik Boot Lake, Mr. Moses.
