Thank you, Mr. Chairman. Just in the area of initial statements on the fiscal situation, I have had discussions in this area from time to time throughout our time here in the Assembly. I have an interest in what we are doing as the territorial government when it comes to our funding situation. The fiscal side of the equation and how we will leave things for the next Assembly and for the people of the Territories when we are done our time here.
Mr. Chairman, there have been a number of activities and to date, this government has been fortunate indeed to get a number of one-time cash dollars put into the coffers, they say. We continue to spend all of those new monies that do show up in the process of a yearly budget. Mr. Chairman, there have been a number of changes that have been alluded to in the Finance Minister's fiscal update of October 23, 2001.
In fact, I must go back to some earlier questioning I put in the House over the last couple of years as a Member of the 14th Assembly that refers to our debt wall and our fiscal situation. One of the things to clarify is what is our actual fiscal situation?
I know, for example, that this fiscal year again, because of the cash influx that has come our way, whether one-time or not, has helped to ward off our situation. Our outlook still looks pretty bleak. Government plans are put in place with a lot of things hanging out in the balance that there is no decision on yet, and relatively large ones.
We continue to hold royalty revenue sharing as one of the bigger pieces of the pie, so to speak, and how we can continue to operate as the Government of the Northwest Territories? We know that that issue will be a fairly slow process. When we first came in it was stated by the Finance Minister that we should have something as early as a few months into our term. Then it turned into the fall and the latest update is beyond 2003-2004.
Meanwhile, we continue to sort of put our plans and initiatives and strategies out there that will count on those dollars arriving. In the meantime, when things are getting tighter, we go to the people to help pay for the investments that are needed or are critical, as some would say.
I think we need to review our situation as a government when it comes to our fiscal position and in trying to ensure that the next Assembly and the people of the Territories are not put in such a position that we indeed will not have the ability to come out of it without having to make massive reductions.
That is something I believe no one wants to see here in this Assembly or in the Northwest Territories.
We are fortunate indeed, Mr. Chairman, to have the mining situation happening in the Northwest Territories. Due to their development, there are people being put to work. There is a new payroll tax and income tax being derived. There is even new corporate taxes that will come on-line.
In the oil and gas, especially in the gas play, in the Mackenzie Delta, there again are the opportunities for some increased revenue for this government. However, Mr. Chairman, I think we should evaluate how much that will be and what impact it will have on the government revenue situation. If it is large enough, maybe it is time we looked at putting some aside to ensure that the future days are not bound by reductions as we came through in the 13th Assembly, some of us that came through the 13th Assembly.
One thing we have to do is we are definitely impacted by the fiscal situation that the provinces in Canada find themselves in. That is how the federal government looks at its fiscal agreement with this government. If the jurisdictions in the south start to reduce it a large scale, that will definitely impact us negatively, as I became well aware of in my time in the 13th Assembly. It is something we need to build in some measures, I believe, that would see us try to put an insurance policy in place to help us along, if in fact those days would come forward.
It is difficult to put something in place if in fact we are outspending what we are receiving today, in a sense. In those areas, I think it would be prudent of us as a government to start looking at how we can start preparing and ensuring that the future governments and the residents of the Northwest Territories are not put in a position where they are going to see an increase in taxes, an increase in fees put upon them because we have outspent our resources as they exist.
I know there is a lot out there that can come our way and be very positive for the Northwest Territories. We have talked about being a "have" jurisdiction. That is some time away. I think it is incumbent upon us to make sure that the plans that we put in place are definitely ones that are achievable, especially if they are achievable in the lifetime of this government.
I go back to what seems to be the practice of every government coming in a new term, and it seems to be the practice that a new government would start its own new initiatives and not rely on the initiatives of an outgoing government. That is unfortunate at times because then we have to go back to the drawing board and start things over. In some cases, it is good. In many cases, I believe it is not very prudent of us to say, just for the sake, we are a new government, let's redo this and we will redo it our way.
In fact, Mr. Chairman, we have had a number of, for example, economic strategies done. Then there was the big one that was put forward by this government, the Non-Renewable Resource Development Strategy that was going to Ottawa and requesting over $200 million, almost $250 million. There was much praise given when we received the so-called down payment of $3.9 million.
I have not heard anything lately, Mr. Chairman, if in fact we received another payment of any sort. It would be interesting to hear if there is any further movement in that area. In fact, some of that strategy is being potentially used in an aspect of residents of the Northwest Territories making it come about, if in fact some of the government plans go ahead as they are presented.
With that, Mr. Chairman, I conclude my remarks.