Thank you, Mr. Speaker. My colleagues and I have given the highest priority to ensuring that division occurs as smoothly as possible and have devoted a great deal of time and energy on this issue. I strongly believe that this effort is imperative to ensure that the interests of all residents are met in the creation of two new territories. I also believe it is important to step back occasionally and to listen to what other issues our constituents consider important. Mr. Speaker, recently my constituents have reminded me of what those issues are. In recent constituency meetings and most recently during a phone-in show I conducted in Cape Dorset yesterday evening, I asked them what the most important issue was to them. What is the one issue that concerns them the most in their lives?

I heard people saying it was the daily struggle of keeping their families and paying bills is the most pressing issue. The high cost of living, the lack of jobs particularly in the eastern Arctic was by far the most important issue to them. This is the same thing in three communities that I represent, in Cape Dorset, Kimmirut and Sanikiluaq. With unemployment problems and families with many mouths to feed within their large families and few income earners, it comes as no surprise that people are concerned by the increase in pressure of trying to put food on the table.

For example, I heard concerns about the recent announcement by NAV Canada of user fees on freight rates. I know at this point it is unclear as to what effect this will have on the costs, and my constituency is worried. I know Minister Antoine shared this concern and had expressed them to NAV Canada. In support of Mr. Antoine, I have also met with the president of NAV Canada in Ottawa.

Another issue raised is the cutting of the federal government food/mail program. My constituents rely on this critical and important program to subsidize the high cost of food in the area. It is another issue that requires our attention. Mr. Speaker, I believe as we deal with the pressing and urgent issues around the region, we must continue to pay attention to other important issues raised by our constituents. Thank you.

Thank you, Mr. Arlooktoo. Members' statements. Ms. Thompson.

(Translation) Thank you, Mr. Speaker. I am going to be speaking in Inuktitut. In Repulse Bay this coming Sunday, the church will have an opening and I would like to thank those involved in building the extension of this church. I used to live in Repulse Bay 20 years ago and I was one of the people that founded this church with Paul Suisarnarq, and I am sorry I cannot join them in their celebration. But I will be sending a certificate and Sheldon will be presenting this. May God bless them. Thank you. (Translation ends)

Thank you, Ms. Thompson. Members' statements. Mr. Ootes.

Thank you, Mr. Ootes. Members' statements. Mr. Erasmus.

Thank you, Mr. Speaker. Mr. Speaker, last year the Standing Committee on Government Operations set up an Investment Search Subcommittee. I was a member of that Investment Search Subcommittee, and we travelled to the Atlantic provinces to share information and ideas. Because of that trip, the Government Operations Committee made several recommendations for new programs to use dollars other than Government of the Northwest Territories' dollars to stimulate business activity across the north. One recommendation, of course, was the Aurora Fund, which is an immigrant investor fund. This fund has raised about $35 million and is now providing loans to northern businesses. The Aurora Fund 2, I cannot remember the name, will raise another $30 to $35 million. As Chairman of the committee that recommended this fund, I have been keeping up-to-date, and I am confident that things are running smoothly.

Another recommendation that the committee made was the Tax Credit Investment Program. We suggested the name of NORTHTIIP, which I believe stood for Northwest Territories Tax Incentive and Investment Program. The idea would be for people to buy shares in the funds which would be invested in businesses. The investors would get Northwest Territories personal on income tax credits and could also claim investments as RRSPs. There are several advantages to a program like this. It would allow Northwest Territories businesses to get equity risk capital in the Northwest Territories that will allow new businesses to start up and existing businesses to expand. A national consequence of that, of course, new jobs are created and old jobs are sustained. It would also help the Northwest Territories' economy to diversify and expand while GNWT dollars are used for social programs instead for economic activity.

Finally, the people investing would get tax breaks thus, they would get more money back from income taxes which would be put back into the system. We are told that every year, Northwest Territories residents invest over $25 million in RRSPs. That money is currently invested in the south. Mr. Speaker, I request consent to complete my statement.

The Member for Yellowknife North seeks unanimous consent to complete his statement. Do we have any nays? There are no nays. Mr. Erasmus, you have unanimous consent.

Thank you, Mr. Speaker. Currently over $25 million is invested in the north every year in RRSPs, which is invested in the south. Our recommendation would be to keep some of that money in the north. The representatives of the Atlantic Provinces that we spoke to told us that their programs are working very well over there. They could see no reason why it should not work over here as well. Mr. Speaker, the Tax Credit Investment Program is a good idea that should not die. At the appropriate time, I will be asking the appropriate Minister questions on this. Thank you.

Thank you, Mr. Erasmus. Members' statements. Item 4, return to Oral questions. Mr. Todd.

In return to an oral question asked by Mr. Picco regarding the Aurora Fund. The Aurora Fund Investment guidelines are established to ensure there is no conflict of interest on the part of the fund manager. All Aurora Fund loan applications are made to fund manager, Mr. Roland Bailey. He conducts an initial assessment to ensure the project is eligible for investment under the federal regulations. If it is consistent with the regulations, he repairs a loan documentation, similar to that prepared by a bank loan and provides that documentation to the Aurora Fund's Investment Sub-Committee.

This committee is made up of three members of the Aurora Fund's Board of Directors who are all independent of government and the fund manager. Before the Board of Directors can approve any loan, the Investment Sub-Committee must recommend the loan for approval. Neither the Board of Directors, nor the fund manager has any recourse if the Investment Sub-Committee does not approve a loan. This segregation of responsibility and authority between the fund manager, Investment Sub-Committee and the Aurora Fund Board addresses any concerns over the possible conflict of interest. Thank you.

Return to oral questions. Item 5, recognition of visitors in the gallery. Mr. Arlooktoo.

Thank you, Mr. Speaker. It is my pleasure to introduce two constituents from Kimmirut, Danny Pitsiulak, and my brother, Kip Arlooktoo.

Welcome to the Assembly. Recognition of visitors in the gallery. Mr. Ng.

Thank you, Mr. Speaker. I would like to recognize a constituent from Cambridge Bay, Mr. Murray Parson, who is the superintendent of FMBS. Thank you.

--Applause

Welcome to the Assembly. Recognition of visitors in the gallery. Mr. Krutko.

Welcome to the Assembly. Recognition of visitors in the gallery. Item 6, oral questions. Mr. Roland.

The Minister responsible for the Financial Management Board, Mr. Todd.

Thank you, Mr. Speaker. Mr. Speaker, let me apologize to my honourable colleague if there have been any members of his constituency who have had to wait for several months for their record of employment. That is not common practice. Common practice is that it is supposed to be done within a 30 to 60 day time cycle. I will look into the matter specifically about the people in Inuvik and see if there are any outstanding issues there and if there are, we will correct them accordingly. So once again, Mr. Speaker, if we have made any errors, and I suppose we have, I want to apologize to my honourable colleague for his constituents.

Thank you. Oral questions. Mr. Roland.

Mr. Todd.