Mr. Speaker:

WHEREAS it is required by Rule 95(2) that the terms of reference for all standing committees shall be approved by the Legislative Assembly;

AND WHEREAS the standing committee on finance has considered the matter of the terms of reference;

AND WHEREAS the standing committee is now prepared to present their terms of reference to the Legislative Assembly;

NOW THEREFORE, I move, seconded by the honourable Member for Kitikmeot, Mr. Bernhardt, that the following terms of reference for the standing committee on finance be approved:

The standing committee on finance may, on its own authority:

a) inquire into such matters as may be referred to it by the Legislative Assembly;

b) review and recommend on the preparation of estimates, expenditures and appropriations required to defray the charges and expenses of the public service in the Northwest Territories in each fiscal year; c) review and recommend on capital projects and capital planning;

d) examine and recommend the terms and conditions of any agreement relating to financial arrangements with the Government of Canada;

e) examine and recommend the terms and conditions of borrowing, lending and investing funds;

f) review, evaluate and recommend on any revenue sources that may be available to the Territories;

g) review financial implications of existing and proposed territorial programs and the financing there of, as well as any other programs which may in future become a charge against the territorial budget, and further, be able to recommend funding changes if required;

h) investigate and inquire into those financial matters that, in the opinion of the committee, require investigation; and

i) establish its quorum to be five Members, including the Chair.