Thank you, Mr. Speaker. Mr. Speaker, I'm going to utilize my Member's statement today to comment on the financial reality that the Government of the Northwest Territories finds itself in. Mr. Speaker, let's go back five short years ago to a time when the NWT included the territory of Nunavut. The territorial budget at that time was approximately $1 billion. April 1st, 1999, brought us the creation of the territory of Nunavut. The NWT budget, five short years later for 2004-2005, is just shy of $1 billion. To me, this sets off many alarm bells, Mr. Speaker. Five years later and the budget is exactly the same as where it was when we had to administer and govern Nunavut in some of the most far-reaching places in this country; a scary story, Mr. Speaker.
The previous government was allowed to spend money at a sickening rate. Any windfalls were quickly spent with political promises and pet projects. They continued to allow the proliferation of boards and agencies throughout the territory. Some might even add that they're now seen as economic development in the regions. There are a number of professional board-sitters out there, Mr. Speaker.
Mr. Speaker, we must grab the reigns of our spending immediately. The Regular Members, because of the timing of the election, have not had the benefit of going through a complete budget cycle. We went straight into the review of the draft main estimates and, as a new Member, I must say that the process in and of itself was a real eye opener. I did know coming in that our financial situation was bleak, but I was shocked to learn really how poor it is. It certainly is a very scary reality if we continue to spend ourselves silly, in two years our accumulated debt will be a staggering $500 million. Yes, that's half-a-billion dollars. Running a government with an operating deficit is something that we must remedy, and remedy soon. It's just not right and should not be allowed to happen.
Mr. Speaker, this government spends approximately 35 percent of its total budget on some administrative overhead, a very scary number, as well. In the next four years, it is my goal to see that number reduced...