Mr. Speaker, as Mr. Lewis has pointed out, the Minister of Finance was musing before the NWT Chamber of Commerce recently about borrowing a mere quarter billion on the basis of spin-off economic benefits. Yet, Mr. Speaker, the Minister has told us that the present fiscal formula contains actual disincentives to economic growth. We actually get penalized if there are economic benefits from development, under our current formula. Was the Minister's speculation about borrowing for a return on economic developments premised on his successfully obtaining revisions to our fiscal formula so these disincentives to economic growth, the perversity and the GDP cap elements are removed from the formula?
Dennis Patterson on Question 506-12(3): Status Of Review Of Formula Funding Agreement
In the Legislative Assembly on March 16th, 1993. See this statement in context.
Supplementary To Question 506-12(3): Status Of Review Of Formula Funding Agreement
Question 506-12(3): Status Of Review Of Formula Funding Agreement
Item 5: Oral Questions
March 15th, 1993
Page 942
Dennis Patterson Iqaluit
See context to find out what was said next.