Thank you, Mr. Chairman. I can respond at this time to a number of issues Members have raised. The macroeconomic policy would fall under our fiscal policy unit or section, but I can address a number of the issues raised at this point.
I know Mr. Ramsay had raised this in the past, about his concern of this development and he calls it a coincidence, or questions the fact that it's a coincidence. Well, let me confirm I think I did, as last year we went through this process, that it wasn't a reaction because we were taking one section of the department out. The fact that the macroeconomic policy was discussed I believe as far back
as the 12th Assembly and direction was given that the government should start looking at doing that. As the Member made a comparison to us as being an adolescent child, well, the fact is we have $1.2 billion being approved by this Legislative Assembly. We make tax decisions that would have a huge impact on how things flow in the Northwest Territories. We make spending decisions on non-renewable resource development and how we support that or don't support that, how we come up with funds for many of the other programs. Yes, we are boxed in a number of places; for example, our borrowing limit, which we're working with the federal government on increasing, as well as transfer payments. But the fact is we still have $1.2 billion and as we make those spending decisions, this macroeconomic policy unit will be the lens in which a government will need to look through as one of the tools of how we spend that money is it the best investment and where we make that investment. So those things are part of the process we need to do. So I would say we're far from adolescent children.
Although it is frustrating at times to know that when it comes to the revenue raising initiatives, ultimately we're negotiating with the federal government on a transfer payment, but so is every jurisdictions across Canada, including the provinces, around equalization. We're in the territories in the form of territorial formula financing. We do have initiatives where we can raise our own revenues, and that's either establishing new taxes or increasing existing ones.
As well, just for confirmation, we did table, as part of the budget day process, the interim report on consultations, Charting the Next Course. So that was tabled in the Assembly. In fact, when you look at it, the two roundtable discussions going towards some of the issues Mr. Miltenberger raised around what's in there and how will this unit start coming together and what focus it will have, as I said, it will be a lens that we will look at in making spending decisions or revenue-raising decisions. When you look at the two tables, one when Yellowknife was a business-orientated process and we had a questionnaire go out to each group. That side we had protecting the environment come up as item number four from the business side. The Inuvik roundtable was community leaders and NGOs, as well. At that table, educating our people first, number one, and protecting the environment was highlighted as number two priority as the government looked forward. So as part of this process, looking at the environment is going to be one of the things we go through on that.
Of course, Mr. Yakeleya raised the issue of the macroeconomic policy and the work we have been doing. In general, trying to get more revenues to our jurisdiction. The liquor revenue portion, when we get to that piece I will again go into a little bit more detail of how that is used. But right now we highlight it, it looks like there's $19 million sitting there. That money gets wrapped up into our revenues as a government and gets spent on a number of programs and services. So there isn't a pot of money sitting there on a yearly basis that we can tap into. That money comes back to the Government of the Northwest Territories and we use it as part of our revenue source for making spending decisions on all kinds of programs. Thank you, Mr. Chairman.