Thank you, Mr. Speaker. Mr. Speaker, I move, seconded by the honourable Member for Tu Nedhe, that Bill 30, Deficit Elimination Act, be read for the second time.

Mr. Speaker, this bill provides that the budget of the Government of the Northwest Territories must be balanced for the 1998-99 fiscal year. To meet that target, the bill provides that the deficits for the 1996-97 and 1997-98 fiscal years must not exceed $20 million and $10 million respectively. If deficit targets are exceeded in either the 1996-97 or 1997-98 fiscal years, the budget must be adjusted by an offsetting amount in the next fiscal year. Thank you, Mr. Speaker.