Thank you, Mr. Chairman. Mr. Ootes.

Reviewing Investments:

Members noted that total contributions to the NWT Development Corporation and the Business Development Fund are now in excess of $13 million. In these tight financial times, Members felt it was only prudent to review any and all investments being made by these organizations. Based on this, the committee recommends the following:

The Standing Committee on Resource Management and Development recommends that any company in which the NWT Development Corporation has a controlling interest provide the department, and subsequently the standing committee, with financial statements on an annual basis.

The committee expects to review most, if not all of these statements during the next round of business plan development.

Members appreciated the information provided by the Minister on the Business Development Fund and would like to acquire more background information on the numerous companies being funded under the program.

NWT Arctic Tourism:

Members were concerned that funding for the NWT Arctic Tourism Association had been significantly reduced, primarily due to the sun-setting of the Economic Development Agreement. The committee would however, like to remind the Minister that this organization not only creates numerous jobs in the NWT, but also promotes community based tourism and helps to increase the overall profile and awareness of the north. Members felt that funding organizations such as this would provide long term benefits to the NWT and should be viewed as an investment in our tourism future. Based on this the committee recommends the following:

The Standing Committee on Resource Management and Development recommends that the Minister make every effort to return this organization's funding back to historical levels.

Mineral, Oil, and Gas Consultant Funding:

While reviewing the 1997/98 business plan, Members noticed the unequitable distribution of funds under this item. Of the $1.362 million budget, 78 percent was identified for headquarters. Given the importance of mineral, oil and gas exploration to the economy of smaller communities throughout the NWT, the Committee made the following recommendation:

I will now ask James Rebesca to complete the report. James?