...despite our vast mineral and oil and gas potential and the revenues Canada reaps from our territory.

The federal government often talks about how much they spend in the North. And yes, in per capita terms it sounds like a lot of money. We appreciate their contribution and we depend on it far too much. But the reality is that while we received over $18,000 per person in federal transfers in 2004, the federal government raised almost $16,000 per person in revenues in the Northwest Territories. That's the part they rarely mention.

So, Mr. Speaker, I want to close with two commitments to the people of the Northwest Territories.

First, I will do everything in my power to fight for resolution of three outstanding issues with the federal government: a better and more sustainable arrangement for territorial formula financing, an appropriate revenue sharing agreement to allow northerners to benefit from the development of our resources, and an increased borrowing limit so we can invest in meeting our critical capital infrastructure needs.

We've waited long enough. It's time for the rest of Canada to recognize the potential of the North, to understand that we can become a leading driver in Canada's economy and a thriving contributor to the rest of Canada, but only if we have the tools to chart the right course, make the necessary investments, and capitalize on the opportunities ahead.

My second commitment is to put in place a new economic road map for the Northwest Territories. I intend to build on the excellent discussion that occurred at the round tables in Yellowknife and Inuvik. Later today, I will table a report outlining what we have heard so far. After the budget, the next step is to bring people together again to discuss key issues and help us chart the course for our economic future. By the end of this summer, we will have developed a policy framework to guide our decisions and help us make the right investments and the best choices in the months and years ahead.

Conclusion

Mr. Speaker, we have our work cut out for us.

The next two to three years will be a critical time for our territory. It will be a time during which we will chart a clear economic course; a time when major economic developments proceed and open up our territory to a host of new opportunities; a time when we establish a more productive relationship with the federal government and the rest of Canada begins to understand the importance of the North to the future of our country.

And most important, a time when we begin to see the future as we've always hoped and dreamed it would be: a future where our proud traditions and strong cultures, respect for our environment, and hopes for our children come together to create a proud and prosperous territory.

Mr. Speaker, I look forward to meeting these challenges head on and to working with all of you to achieve the future we want for ourselves, our families, our communities and our territory. Thank you.

---Applause