Mr. Speaker, the best way to control our future is to create it. We as Northerners have a vision of a territory providing economic growth and opportunity; stable, meaningful jobs; a sound environment and high quality public services supporting healthy lifestyles. The means to achieve this vision are within our reach.

We have been fortunate this year because our revenue windfall pushes the debt wall back. This year's surplus gives us the opportunity to make some critical investments: in advancing northern employment, in addressing social issues, in badly needed infrastructure, and in business and economic development.

However, the Government of the Northwest Territories does not want to rely on luck to make the investments to see our northern economy grow and our people prosper. Nor do we want to continually depend on the federal government for the majority of our revenues. Especially not when we live in a territory endowed with such great natural wealth.

With three producing diamond mines, the Mackenzie Valley pipeline, and other oil and gas developments, this territory will generate at least $200 million in royalties annually by the end of the decade, in addition to the taxes generated from development. There is no reason why the transfer of federal resource revenues to northern governments should be delayed. In fact, there are many reasons why it should happen quickly. Already, major resource developments are producing, or soon will produce, substantial revenue for the federal government.

Northern governments need this revenue to ensure our residents have the skills to take advantage of the opportunities created by development. Northern governments need this revenue to build the infrastructure required to cope with the impact of development and to encourage further resource development. Northern governments need this revenue to protect the environment while we develop the resources. In short, we need these resources to control our future.

We understand that the future of the North includes a change in the structure of government for territorial residents. We need to make progress on finalizing aboriginal self-government agreements. We want the process to be an example to governments everywhere on how to design structures that effectively allow aboriginal people to control their own destinies. All northern governments, however, will need adequate financial resources to deliver programs and services and to make the investments we know are needed. We require devolution of lands and resources including the transfer of a fair share of non-renewable resource revenues.

We are beyond the stage of discussing whether devolution should happen and are on the way to discussing how and when it should happen. A year ago in this Assembly, the Honourable Robert Nault, Minister of Indian Affairs and Northern Development, committed to fast tracking devolution. Last December, Aboriginal Summit leaders met with the Premier, the Minister of Aboriginal Affairs, the Honourable Jim Antoine, and myself. The majority of leaders agreed to begin a formal process to determine how the transfer of authority over lands and resources will devolve to the appropriate territorial and aboriginal governments. We have commitment from all three parties. Devolution will happen.

We have the Intergovernmental Forum's support to develop proposals for devolution and resource revenue sharing. At this time, I am pleased to reaffirm this government's support for the Intergovernmental Forum process. This budget includes $330,000 to facilitate the participation of the Aboriginal Summit in the process.

Given our economic outlook and with control of resource revenues, our long-term fiscal outlook is bright. In the meantime, we will continue to press the federal government to make strategic investments. However, we must also bridge the gap between our present needs and our future potential.

There are many millions of dollars of investment required to ensure that Northerners receive the maximum benefit from the development of our resources. For example, our Non-Renewable Resource Development Strategy identified the need for investments in training, in infrastructure, in business development, in social mitigation and in protecting the environment. These investments must be made now. It makes good financial sense to make them now, since the payback, in terms of economic growth and social benefits, will be substantial. Therefore, we will, as necessary, borrow at reasonable and fiscally sustainable levels, to finance these investments.

Currently, the Government of the Northwest Territories has an authorized borrowing limit of $300 million. We are reviewing our borrowing capacity with the federal government as an interim measure until the devolution of resource management is complete. We believe that our economic and fiscal outlook justifies a review of this limit.

Our vision depends on working together with aboriginal, business, and community leadership. Together we can create our future.